How Information Visualization Helps You Harness the Power of Big Data
There are few topics in the world of business management and growth that see near-unanimous agreement. But when it comes to the power of data, a stunning 99 percent of businesses agree that data-driven decision-making provides them with a competitive advantage, according to a 2019 report from information services company Experian.
That’s an impressive testament to the power of data.
But that power is limited when it’s not accompanied by strong data visualization. In fact, 89 percent of the companies surveyed said that managing their data was a challenge. In large part, that’s because it’s hard to gain any real value from looking at a spreadsheet chock-full of numbers. And many people feel uncomfortable creating accurate data viz.
One in three of those surveyed by Experian said their company lacked the skills to manipulate the data in a way that would help them gain meaningful insights from it. So let’s take a look at some ways data visualization can help.
As I’ve already said, a spreadsheet of raw data just doesn’t cut it if you’re looking for real insights. That’s where graphs, charts, maps, and other types of data viz can help.
When your data is visualized accurately and thoughtfully, you’ll no doubt begin to notice trends and patterns instantly. Maybe your site traffic tends to decrease at the beginning of every month. Or perhaps you notice a correlation between sales numbers and geography. Whatever the case may be, a visual representation of the numbers makes patterns immediately apparent.
Meanwhile, you may think you’re able to glean insights from a spreadsheet, but it’s just as likely that you’re interpreting the numbers inaccurately. That’s because it’s simply impossible for most people to hold that many data points in their mind simultaneously. So without data visualization, there’s an added danger of drawing false conclusions.
Once you’ve noticed these patterns, you’re better equipped to ask the kinds of questions that will make a real difference for the future of your business.
