Visualization is a word that you must have heard once or more than one time in your life. You must also have used it in your day-to-day life from a minor thing to a significant thing.
Visualization means preparing the imaginary image in mind. It could be any object, thing, person, situation, or into IT or in a working professional, then you can do Data Visualization as well. Yes, you read it correctly,” “Data Visualization.”
Data visualization is a graphical representation of information or data. Some of the Data Visualization elements include:
- Charts
- Graphs
- Maps, and many more.
From childhood to adulthood, we all have used the visualization technique from studying to playing, from selecting a stream to selecting a career path. It has always helped us to develop a more logical mind and think logically and have analytical decisions.
Data visualization plays a vital role in assisting companies to analyse the data and make real time decisions.
Firstly, the data is collected and then converted into a suitable visual layout so that it can be analyzed and important information can be traced from it and effective decisions can be made. It assists companies to save time and resources and utilize them to enhance the productivity and growth of the company. It assists in looking at the project from all aspects and analyzing it thoroughly.
Thus, it shows that in every field, stream, or industry, data visualization is used to make effective decisions. It helps the decision-maker to take the decisions wisely and logically.
Now let’s get into the depth of Data Visualization and know the four ways how data visualization can improve your decision making in business.
What Is Data Visualization?
Data visualization refers to the techniques used to communicate data or information by encoding it as visual objects (points, lines, or bars) contained in graphics.”
Data Visualization benefits you in taking the decision logically, and it is a part of critical thinking. The concept of visualized information has been put into practice for centuries.
Since the early 2000s, innovations in data visualization technology have advanced to the point where the practice is now employed throughout the business world.
At meetings and showcases of prominent corporations, presentations that utilize BI tools and techniques have become vital components of communication between different business entities.
As such, the technology behind data visualization has become an essential part of the business arsenal in today’s corporate environment.
What are different data visualization tools
The Data Visualization tools are:-
- Tableau
- Qlikview
- Fusioncharts
- Highcharts
- Datawrapper
- Plotly
The above visualization tools are used in business analysis and thus helps in decision making effectively and efficiently.
Presentation of data and information is not merely about picking any data visualization design. Matching data to the right information visualization and selecting the right tool is the first key to any decision making.
- Charts
Bar charts organize data into rectangular bars that make it a breeze to compare related data sets.
You use bar charts-
- While comparing two or more values in the same category
- You want to compare parts of a whole
- You don’t have too many groups (less than ten works best)
- You want to understand how multiple similar data sets relate to each other
- Maps
Maps are a fantastic visualization to add to your dashboard if organizing data geographically tells an essential story for your business.
You use Map when Geographical location is essential for you.
How Data visualization enables decision making
Data visualization plays an essential role in strategic decision making. It enables companies to analyze the project from all aspects and assists them in doing real-time analysis.
In data visualization for data science, firstly, the data is being collected and then presented in graphs or tables or charts or any other form in signs or percentage. This is a kind of statistic that helps your business in making decisions by knowing the past trends and predicting future trends.
Every day the business tycoons are responsible for decision-making, enabling them to survive and earn profits as per their productivity. Suppose you want sales of 5000 units next year, then for that you have to check your past trends and make strategies accordingly. All this can be done with only Data Visualization.
The following are the four ways data visualization can help you in improving the decision making-
- Increase speed
These days, everything is fast-paced, so do managers have to quickly make critical decisions for their business. Sometimes, in a short span, they have to make crucial decisions; in that case, the data helps them make the right decision. Thus this increases their decision-making speed.
- Improve accuracy
Having data besides you will give confidence in the calculations as well as decision making. This results in accuracy and makes managers make effective decisions.
- Simplify communication
The data on charts, graphs, and other data visualization tools shows the confidence that it is accurate and communicates the subconscious decision. Depending upon it, significant decisions are taken.
- Empowers collaboration
It is said that a team that handles well leads to winning the game. This is true, and in the case of data visualization as well, it is entirely valid. The data shown to the team empowers the bond, which leads to an effective and efficient decision as your team will be on your side.
Thus, these are how data visualization helps in decision making.
Conclusion
It can be concluded that the four ways data visualization can improve your decision-making lead to the path of winning the team and market as well. These ways include improving the accuracy, simplifying the communication, empowering collaboration, and increasing the speed.
Keeping all this in mind, data visualization benefits you in many ways by using the proper tools. Thus, why not adopt the data visualization in your day-to-day life and benefit yourself in leading a great life that you wished to have and better your business.
To know more on how data visualisation can empower your business, reach out to us at sales@ndz.co!