We all know the value of data, but how do you make the best use it? Here’s how you can use every scrap of data to maximise on your insights return, helping you to make the most data-driven decisions for your business.
With an appropriate business intelligence solution, a business can collect, organise and analyse data. Most importantly, it can be transformed into actionable insights. And when you can transform data into decisions, you can enhance efficiency and boost business performance.
Business decisions based on data-led insights, can give you that essential competitive edge. But business decisions don’t simply come from access to data. Something else needs to happen. The data has to be understood – and here’s where data visualisation comes into play.
This is why data visualisation is essential for your business:
The importance of visualisation
Before words there were pictures. And these pictures told a thousand words. As humans our brains are hardwired to interpret images – in fact, our brains process images 60,000 times faster than words. Data visualisations that tell a visual story are easy to understand, with evidence suggesting that they are more likely to be remembered too.
Action occurs much quicker
Data visualisation provides an element of simplification and transparency which enables decision makers to comprehend the data and take meaningful actions quickly.
By leveraging big data visualisation tools, business leaders can use real-time information to make effective decisions. The capability to make decisions quickly and in real-time enables new opportunities to be identified fast. Can your competitors make these decisions at speed?
Find the outliers
Data visualisation enables you to quickly see the outliers in your datasets. As these tend to drag down data averages in the wrong direction, it is essential to both find and eliminate them from your analysis. If you don’t, your results will be skewed.
The use of graphics quickly and simply illustrates any outliers, enabling you to understand the root cause of them and to discount them where necessary.
Keep your teams data-driven
Ensuring your sales and marketing teams are data driven is essential for any business. In reality, however, what does this mean? Your teams might have an abundance of customer data, campaign data and market research at their fingertips, but are they really gleaming the relevant insights from it? And how are they sharing this with each other?
Data visualisation provides users with a swift, effective and easily accessible way to identify important patterns. Sales and marketing teams can respond in real-time and tweak campaign activity in line with key insight. This is how agile teams can work together effectively.
Forget the need to employ a data scientist
Data visualisation tools should promise simplification and ease of use. Importantly, by putting the power of data at the fingertips of anyone within your organisation, non-data scientists can prepare data, build machine learning models, and find insights from both structured and unstructured data.
Complement your existing reporting
Reports and dashboards will always have their place, but often data visualisations offer the strongest approach to provide valuable insight. This is because they are capable of relaying large quantities of information in small spaces. Where once it would have taken someone days, potentially even weeks to delve into large data sets, data visualisation allows for fast and efficient interpretation.
It’s important that your data visualisation tool isn’t standalone. It must be integrated with your existing ways of working and enhance your current workflows. For example, if you can quickly connect Excel queries, data models and reports, you can gather, analyse, publish and share Excel business data at speed in new and innovative ways.
Increase collaboration between teams
With quick data visualisation and increased opportunities to efficiently share insights, there is the opportunity to promote collaboration between business analysts, data engineers and data scientists.
If you’re keen to learn more about enhancing your business analytics, data and reporting, please get in touch today in the form below.
by Steve Pownall – check out my LinkedIn page here and say hello 👋
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If you’re keen to learn more about enhancing your business analytics, data and reporting, please get in touch today.
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