With each passing year, the amount of data being created is growing by leaps and bounds. According to a report by IDC, global data center traffic will reach to around 15.3 Zeta Byte by 2020 with around 92% of all workloads being processed in the cloud.
Despite of having this lump sum of data traffic, executives and other decision makers have a tough time finding the right insightful data for their business. All the more, Business executives find it really hard to extract the valuable data from this heavy workload, thus, this deepens their problem. This problem will be keeping increasing unless you make your data gathered, organized and interpretable.
To stay ahead in the competition, Business leaders should be able to make informed, quick decisions by being able to access and interpret the data in real time. This is not possible with text-only formats. Data Visualization helps the executives with new approaches to analyze the data for strategizing the business outcome. It gives a more insightful view towards the critical data which may otherwise be able to escape from our mind. By doing so, we could have a prime focus on the most significant data and could build up our competitive edge.
“Organizations with realtime visualization are able to obtain critical information within the decision window 78% of the time, or 22% more often than organizations without realtime visualization.” - Aberdeen
Benefits of Data Visualization
Understand large amount of data in one go
The primary advantage of Data Visualization is that decision makers are able to process a large amount of data at a single point. The use of great visuals makes them grasp and understand a huge pile of data which otherwise could take more time. They can have a single view for a multi-directional data set in no time.
Better Understanding of business flow
With highly interactive visuals, decision makers could easily understand the flow and make out the correlation between the business processes and activities.
Data Visualization helps them to better analyze the operations and increase the productivity by strategizing the activities.
Hold your audience interest longer
Whether your audience is your team who want to understand the project flow or it is your customer, graphics helps them hold the interest in the topic. Charts, graphs and visuals make them better understand the insights.
To foster a new language for your business
If you convey your story in the form of stats and graphs, it would be more effective than simply giving a text doc. Using heat maps to demonstrate your product’s up-sale and under-sale would surely be more impactful.
Identify upcoming trends
Bundles of data are gathered by companies to analyze the market. This data helps them to get the insight of what’s trending and what could help them generate more revenue. If this data is in the form of visuals, it could help the leaders understand the market more quickly and in a better way.