The importance of data visualization for your business
Petabytes…zettabytes…these terms were virtually unheard of a decade back. But with the massive data deluge, these terms have become mainstream for many businesses, including online retail ventures. Hence it is no surprise that there is 40 trillion GB or 40 zettabytes of data in 2020, according to IDC. Imagine if we were to deduce key takeaways, patterns, and trends for this volume? Seems impossible, right?
Data visualization makes it possible for us to grasp large amounts of information in a manner that our brain can handle and comprehend. It is no surprise that visualization is increasingly being integrated into viable business intelligence tactics. Such implementation helps bring about efficient business decision making that directly impacts the firm’s bottom lines.
How to use data visualization to improve the business?
Are you interested to know the immense business USP offered by data visualization? Then you should read ahead!
Large data can be easily digested
The maxim ‘A picture can be worth a thousand words’ is apt for data visualization. It is the most impactful technique to present complex issues in an easy to understand way with visuals and graphics. In this age of social media and the internet, readers prefer digestible, bite-sized visual representations of large stacks of data.
And this is where data visualization comes in as extremely handy. With this powerful tool, you take a big step in transforming to be a data-driven eCommerce company. Many complex trends become easily apparent with this method.
Take the example of a supply chain strategy to know how can a business use data visualization to identify new trends. Employing suitable data visualization will help you determine which product needs to be present in which time of the year (for seasonal products). Such insights drive decision making synthesize data into digestible chunks without losing their essence and underlying meaning.
Enables quicker response
Every department has executives who need crucial data in real-time. Tools like Wersel Data-Hub enable decision making in a quicker time for sales directors, on-site field support, marketing managers and customer support team.
Take the case of the sales manager function to see how data visualization is used. They can quickly encapsulate key points of past success stories when making a pitch in front of prospects. They don’t have to face a situation where prospects ask for past case studies, and sales managers say that they have to go and retrieve information accordingly. Data visualization helps them have the numbers on their fingertips. This impresses the prospects and improves their likelihood of winning the account.
Trends are easier to spot
Imagine going through thousands of lines of mere numbers in an excel file trying to post a trend? The brain would give up traversing through so many numbers row after row. Now cut to another scenario where all trends are visually shown to help the analyst compare and spot trends. That is the power of data isolation on your business.
Using data visualization helps users to comprehend the meaning behind the numbers and unearth hidden patterns that spell opportunities for business growth. The decision-makers get to see KRAs and performance with the help of graphical representations in the form of charts, mind maps, infographics, animations, bubble, pie, and heat maps.
Users get to see the big picture sans the clutter and noise around the numbers. Data is simplified with data visualization so that users can interact with only that component of overall data which matters to them.
Enhances inter-team collaboration
Data that impacts the entire organization is shown to the authorized set of people in real-time. This aligns with the synergies of various teams. They know what steps to take collectively in order to move the organizations in its intended direction of growth. Every team has the information it needs to collaborate to a better degree with each other.
Collaboration presents teams the opportunity to know about the strengths and skillset of various team members. When these disparate teams come together, magic happens.
And this is exactly what data visualization strives to achieve in your company. Their combined skills make it easy to address problems quickly, bring about a greater degree of innovations and use team-wise data to avoid ‘re-inventing the wheel’.
A classic case is the data visualization of customer and field support teams. CMOs and marketing managers can utilize this information to tweak their marketing and outreach campaigns. This way, they know what problems are eroding brand performance and market share, and take corrective measures with such information made available to them. Such an instance provides plenty of evidence on how data visualization is used by one team to benefit another.
Better accuracy in decision making
Making high impact decision cannot be a function of guesses and biases. Decision-makers need ample data to support the justification behind intended paths to take for the next few years. It is true that decision-makers may have the power of big data to help them out. But how effective is this big data in the raw format? It provides nearly zero value.
C-level officers and business managers simply cannot spend their entire time going through thousands of lines of Excel spreadsheets to discern patterns and understand the next steps to take. It will be too time-consuming and an unreasonable expectation with such laborious methods.
The information needs to be presented in a format that is easy to digest, simple to understand and motivates decision-makers to take an accurate decision. This is exactly the underlying premise of a good data visualization solution.
To sign off
In simple terms, data visualization helps in real-time decision-making, uncovering trends, and mitigating risks. These points make it amply clear how data visualization can improve your decision making.
Bring on board a competent data analytics expert like Wersel to power up your data visualization decks. We help make insight generation an impactful endeavor with our AI-driven data capabilities and custom eCommerce solutions like Wersel Data-Hub.