Why Is Data Visualization Important?
Data is the new oil! No matter in what business you’re in, data visualization helps in delivering the insights effectively for decision making.
Data visualization provides a crisp outline of the information through graphs and maps (Longitude & Latitude). This enables the data more powerful for human brain to understand and associate with the patterns, trends, outliers, missing data within the data sets. Benefits of data visualization
Your business can reach to next level with an interactive visual data representation. Here’s a list of reasons on how data visualization helps an organization:
Easy to understand : A unique way to interpret huge data quantities, which is effective to understand the data and draw conclusions. It helps to capture important metrics for managers and decision-makers.
Storytelling : Your dashboards can be narrative through graphics and pie charts with visual analytics, which discovers new insights.
Correlation: It could be challenging to identify correlations between the independent variables without data visualization.
New acquisition: The data inspection gives a clear picture of customers’ purchase history and their preferences. With this insight it helps to come up with new customer acquisition strategies by discounts or offers.
Risk factors: Risk metrics is a key in visualization and it can easily pinpoint affected areas that requires action.
Data visualization techniques
There are various techniques that makes visualization interactive. Different types of tables, graphs, and charts are utilized to create a dashboard for interpretation. Some visualizations can be generated by both, manually and automated. Here are a few types of visualizations, such as:
Histogram: This is recommended for trends over time, where data is distributed numerically. It’s done using an automated data visualization to display range of values.
Bar /Pie charts: This is commonly used to compare things between different groups over time. Pie charts are used to display percentage of certain quantity.
Heatmaps: It helps to highlight numerical data points in light colors to indicate if the data belongs to low-value or high-value.
Area charts: These are preferred to determine time-series relationship. If you’re want to find profit or sales numbers over the individual departments on monthly or yearly basis.
Data visualization provides immersive benefits to sales, marketing and most importantly for business decisions. Visualization helps to keep the organizations ahead with marketing trends by obtaining information quickly. Data displayed on a interactive dashboard allows business to take necessary actions for further developments.
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