Ok Seriously, How Important Is Data Visualization ?
Can you name a Data Visualization tool, used by almost 99% of the world population? It’s a tool that not only helps you understand your environment, but also predicts outcomes and prepares you accordingly. A visualization tool that forms as an important tool in most arsenals, one that defines advantage for any given strategy. Any guesses?
Well, it’s the Window
The Window, a construction with infinite advantages. Though considered as a structural weakness, this edifice has numerous critical functions that make it indispensable. It keeps you updated of changes around you. It helps you predict weather, and aids in forming relevant decisions. It keeps you updated on visitors, (serving you with time and excuse to escape those you do not wish to chance upon) neighbours and hawkers alike. A simple tool with unlimited possibilities that drastically increases your advantage be it at home or in a battle field.
Now imagine a similar tool for your business, a “window” that helps you identify market trends, understand your consumers and recognize inefficiencies in your business process. Imagine a tool, like a window, that showcases changes in your market scenario, demonstrates what your competitors are up to and even predicts how trends are changing; and all in real-time. It is this function that Data Visualization achieves to accomplish. A profound tool that keeps you updated of every slight change be it in your business or your market. Data Visualization comprehends business data, which is otherwise complex and laborious. It simplifies reporting creating transparent communication between departments. Such a structure helps to identify issues from the grass root level, focusing on creating an efficient work environment.
Data Visualization has significant impact on an organization’s productivity and efficiency. Let’s take a retail company as an example. With Data visualization, the manager gets a bird’s eye view of all activities happening in the company, he gets to check on any issues down to the aisle, section and maybe even product, responding quickly to resolve any and all issues. Further he can keep track of consumers, their shopping practices. This will enable him to create relationships between products, consumers, season etc. Based on these the manager can plan his product placements, better strategize his logistics requirement and create a better shopping experience for his consumers. The possibilities are endless for the manager with data visualization. With this tool he can identify actionable insights, underlying patterns and relationships in his business. He can also gauge market trends, then plan and execute informed decisions that are apt for his business.
Regardless of your industry Data Visualization can be utilized to gain measurable returns. Like the manager of the retail store, many managers and decision makers such as you have recognized the importance of Data and have formulated strategies on how best they can take advantage of it. Data Visualization has become the key to decisions that craft your organization success.
In this competitive market, organizations have realized that they cannot afford to ignore data any-more. Visualization has transformed into a key defining factor for competitive advantage. I am sure that you would agree it is always better to be in a room with a window than in a room without one. The same applies to organizations, they need to take up this “window of opportunity” to craft and define their business success. Without Data Visualization, you are indeed planning blind strategies for your organization.