Every Wednesday, we at Adqlo spend a lot of time discussing about data visualization. That’s because we believe businesses should incorporate story-telling, to help their employees, and stakeholders to see meaningful patterns so they can take action accordingly. In other words, data visualization is important.
As we are in the age of big data, and fast heading towards IR 4.0, data visualization is a powerful tool, especially for analysts and data scientists. At times when brands are getting overloaded with information, and struggling to look at the right data, visualization drastically affects the way we interpret and understand big data sets.
According to the International Data Cooperation, the global datasphere will grow from 33 Zettabytes to 175 Zettabytes by 2025. Imagine all these data laid out in a straight line; it could wrap our planet a couple of million times.
Chances are, the amount of data your company collects is impressive. Yet, most of the time you spend hours understanding the scope of the data available to you.
Visualization allows you to make sense of seeing the right data points plotted on a chart, where trends and impacts are rendered visible. All of a sudden, the huge pile of data you have becomes digestible.
We live in an inherently visual world, where images speak louder than words. As more companies are investing in machine learning to collect mass amounts of data quickly, they also need ways to sort through, comprehend and explain the functionality of the data in a way that makes sense.
The collection of data is a result of complex algorithms working in the backend and it is much easier to understand when the data is represented in a visual format as opposed to lines and lines of text and numbers.
Comprehend information quickly
By using graphical representation of business information, you are able to see large amounts of data in a clear, cohesive way. It is then easier to draw business related conclusions from that information.
It is also significantly faster to analyze information in a graphical format (compared to spreadsheets), which saves business valuable time to address critical problems or answer questions in a more timely manner.
Identify patterns and relationships
Even massive amount of complex data start to make sense when presented visually. This helps businesses to recognize crucial parameters that affect decision making. On top of that, data visualization permits the senior leadership to channel their organization’s efforts on areas most likely to influence their most important goals.
Spot emerging trends
Gaining the edge over competitors by discovering upcoming trends and ultimately affecting the bottom line. Huge data sets have hidden gems all over it. With the right data visualization, it becomes easier to spot outliers that affect product quality, or customer churn. This giving companies the heads up to address issues before they become bigger problems.
Data visualization reveals unnoticed information, especially in large data sets, gets you faster answers, and helps businesses make timely decisions to have the upper hand over industry competitors.