31 Jul How Data Visualization Enhances Business Decision Making
Do you know that data visualization is the art of our time? In today’s world where big data reigns, the art of data analysis is making sense of our world. Analysts are chiseling the bulk of raw data to create meaning, patterns, and associations, maps, and models to help us draw insights understand trends and even make decisions from the stories the data tell.
‘Data visualization is the graphical display of abstract information for two purposes: sense-making (also called data analysis) and communication. Important stories live in our data and data visualization is a powerful means to discover and understand these stories, and then to present them to others’
Tables, charts, and graphs provide powerful representations of numerous data points so that the insights and trends are easily understood by the human brain. That’s why data visualization is one of the most persuasive techniques to evangelize experimentation today particularly in an era of ever-decreasing attention spans.
A thoughtfully crafted visualization conveys an abundance of complex information using relatively little space and by leveraging our visual system whether that’s the optimal number of lead generation form fields or the potential ROI of your program throughout the quarter.
‘A data visualization is a display of data designed to enable analysis, exploration, and discovery. Data visualizations aren’t intended mainly to convey messages that are predefined by their designers. Instead they are often conceived as tools that let people extract their own conclusions from the data’
Data analysis allows Executives to weigh the alternatives of different outcomes of their decisions and data visualizations can be the most powerful tool in your arsenal, because your audience can see thousands of data points on a simple chart. Your data visualization allows your audience to gauge (in seconds!) a more complete picture so they can make sense of the story the data tell.
An organization should take little interest in evaluating and even less in justifying past decisions. The totality of its interest should rest with how its data can inform its understanding of what is likely to happen in the future. It can take an incredible effort to gather, sort, analyze and glean insights and trends from your data. If your analysis is solid, if your insights and trends are enlightening, you don’t want to muddle your audience with a confusing data visualization.
Remember: data visualization is only as impactful as its design is on your audience.