22 Jul Why Data Visualization Is Important
Firstly, you need to know what data visualization is before grabbing the importance so I will start by telling you that visualization is the presentation of data in a pictorial or graphical manner. It makes decision-makers to properly understand analytics that is presented in a visual format, grab concepts and understand new patterns.
With interactive visualization, you can take the concept a step further by using technology to drill down into charts and graphs for more detail, interactively changing what data you see and how it’s processed. Computers made it possible to process large amounts of data at lightning-fast speeds. Today, data visualization has become a rapidly evolving blend of science and art that is certain to change the corporate landscape over the next few years.
According to Simon Samuel Head of Customer Value Modeling for a large bank in the UK ‘Data visualization is going to change the way our analysts work with data. They’re going to be expected to respond to issues more rapidly. And they’ll need to be able to dig for more insights look at data differently, more imaginatively. Data visualization will promote creative data exploration’
Because of the way the human brain processes information, using charts or graphs to visualize large amounts of complex data is easier than poring over spreadsheets or reports. Data visualization is a quick, easy way to convey concepts in a universal manner – and you can experiment with different scenarios by making slight adjustments.
Data visualization can also:
- Identify areas that need attention or improvement.
- Clarify which factors influence customer behavior.
- Help you understand which products to place where.
- Predict sales volumes.
Even extensive amounts of complicated data start to make sense when presented graphically; businesses can recognize parameters that are highly correlated. Some of the correlations will be obvious, but others won’t. Identifying those relationships helps organizations focus on areas most likely to influence their most important goals.
Once a business has uncovered new insights from visual analytics, the next step is to communicate those insights to others. Using charts, graphs or other visually impactful representations of data is important in this step because it’s engaging and gets the message across quickly. Using data visualization to discover trends both in the business and in the market can give businesses an edge over the competition, and ultimately affect the bottom line. It’s easy to spot outliers that affect product quality or customer churn, and address issues before they become bigger problems.