Data makes the business world go around. Informing decisions going forward, the ability to analyse and act on information collated by data is becoming increasingly important to businesses as they’re required to quickly react to changing demands.
However, going one step further, data visualisation has become progressively important in the corporate world. Rapidly becoming relied upon to investigate deeper into results and findings, data visualisation enables key decision-makers to view visually presented analytics to grasp challenging concepts and recognise any new patterns.
But why has data visualisation overhauled the business world to such a degree?
The mind processes visuals more efficiently and effectively than words
Data visualisation is essentially quicker and easier to interpret. We’re all aware of statistics highlighting that the human brain retains visual information for longer, while also processing it around 60,000 times faster than text. Therefore, using charts and graphs to visualise large amounts of complex data is far easier on the eye and brain than attempting to decipher numerous spreadsheets and reports.
Identifying areas in need of improvement and attention is easier
As a result of the information being easier to interpret, analysts and managers can act upon these areas of development and growth much quicker. This will not only place them ahead of competitors, but also help to raise their revenue and increase profit margins.
Sales volumes are more accurately predicted
Business intelligence has been used to forecast sales and profits since technology became integral to how companies operate. Although the traditional way of looking at numbers and figures does offer reliable results, visual data allows for more accurate results. After all, it has long been said in the business world that business intelligence is most effective when presented in user-friendly formats – like imagery.
Clarification over consumer influencing factors are clearer
The driving force behind businesses and their decisions is the customer. Everything a business does is to generate more leads, open up additional opportunities or retain current customers. And data visualisation makes this task infinitely easier and more effective.
Big data becomes more meaningful
‘Big data’ has been the buzzword of the business world for the last few years. Providing the answers to questions that companies didn’t even know they had, big data provides a point of reference for making key decisions, changes and undertaking opportunities. And as big data looks at the bigger picture, displaying findings and research with imagery will make it easier to grasp and evaluate for all.
To discover more about how your business can benefit from data visualisation tools, register free to attend Big Data LDN at Olympia London on 15-16 November 2017. The event will host data visualisation exhibitors and presentations from data visualisation experts.