Data is the lifeblood of any business. When it remains untouched for an extended time, it tends to become invisible. And what use is data if it does not offer critical to business information? To be able to see and interpret information, data needs to be visualized which means turning the once invisible non-actionable data into actionable insights.
Data analysis and visualization is a quick and easy means to communicate ideas. Using data analysis & visualization, companies can look at data more imaginatively since it reveals intricate structural details within the information that is otherwise difficult to identify and absorb when sifting through raw data. In that sense, data visualization and analysis promote creative data exploration.
How businesses are using data analysis & visualization
Despite the scale of the business or which industry it belongs to, all types of businesses are using data analysis and visualization to help make sense of their data primarily to identify business improvement areas or ones that need attention, to determine and predict sales volumes as well as factors influencing customer behavior. The best use of data analysis and visualization is to:
- Comprehend information quickly - By using graphical and pictorial representations of business information, enterprises can comprehend large amounts of data in a clear and cohesive manner that helps to draw actionable intelligence. Business problems can be resolved much faster when data is presented in a graphical format when compared to seeing it in spreadsheets
- Identify patterns and relationships - Minute patterns and correlations get missed when data is presented only as numbers. Data visualization and analysis allow large amounts of complicated data to be presented graphically which facilitates in identifying highly correlated patterns as well as those which are not so obvious. Identifying such connections help enterprises pay attention to areas most likely to influence important goals
- Discover emerging trends - By spotting abnormalities that impact product quality or customer expectations, and resolving issues before they become a bigger problem, data analysis and visualization can help enterprises score over their competition and leverage the market
- Communicate the insights – Once new insights have been discovered through data analysis and visualization, the next step is to communicate those insights using visually impactful data representation techniques like charts, graphs, etc. which helps in engaging the intended audience and getting the message across quickly
Advanced visualization and data analysis tools have enabled businesses with the agility to identify issues and business trends and showcase them as talking points to board members and stakeholders. As competition continues to increase across industries, data visualizations can help provide refreshing clarity to organizations in terms of identifying drawbacks and improvement areas, and optimizing processes, thereby saving precious time and money for the organization.
iOPEX can help you tap into the reservoir of operational data to derive competitive advantage and become an analytics-driven organization by harnessing data and generating actionable insights for growth, accelerating value creation, and becoming a global leader.