A Primer on Data Visualization
Data analysis has become a powerful strategy for companies striving to optimize their processes and achieve financial growth. By poring over numbers and spreadsheets, data analysts are able to pull out relevant information that leads to important findings. But how do you represent that knowledge in a visual way and make a bigger impact for your business? That’s where data visualization comes into play, and here’s a brief summary of what it entails:
What is Data Visualization?
Data visualization is the process of turning your raw data into graphs and charts by inputting it into a tool which will manipulate it and make it visually palatable. That new data representation will help the viewer get a better grasp of what it means. You can produce graphs representing your sales numbers, revenue, customer satisfaction, inventory, and many other metrics and KPIs that will tell you how your business is performing. But data visualization can go beyond showing you a picture of your business performance: it is also a tool you can use to grow your company and increase your revenue by pinpointing areas of concern and highlighting improvements.
How Does Data Visualization Benefit Your Internal Operational Processes?
Looking at raw data can be confusing for lay people. And while more and more businesses implement BPM solutions to monitor their processes, an ever-increasing amount of data is being gathered by AI. Data visualization allows you to better represent that data via graphs and charts, and your numbers can be turned into interactive visuals that allows you to dig even deeper. Bar charts and column charts will make it easy to compare items; line charts are perfect for showing changes over a period of time, and pie and donut charts are best used when you’re dealing with percentages or segments.
How Much Value Does Data Visualization Add to Your Business?
You’ve heard the saying, “A picture is worth a thousand words.” Developing visually-pleasing, easy-to-understand infographics can help your investors see how your business is performing. By being transparent and giving them insight into your KPIs, you’ll have more chances to turn potential investors into strong business partners. And by creating infographics that represent your brand and help you tell your story, data visualization will also give you the opportunity to share what your products and services are about with existing and potential customers.
What Helpful Data Visualization Tools Are Available to Businesses?
You can turn spreadsheets into interactive graphs using data visualization software. Many options are available on the market, some free and some for purchase, so make sure you start by deciding what your end goal is and what kind of return on investment you’re expected to get before you invest in that technology. Some tools are more user-friendly than others, so if you’re planning on generating your own graphics instead of hiring a professional to turn your raw data into charts, ask for a demo and see what kind of customer support is available. There are also free online tools that let you design your own infographic that you can then share on your social media channels, on your website or on a number of promotional materials to showcase your brand and deliver your message.
Data visualization is a powerful tool you can use to illustrate your business performances. If you want to make a big impact, it will allow you to deliver infographics showcasing your strengths while being visually appealing to your audience. So take advantage of it and start creating great content!
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