“A picture is worth a thousand words,” an English adage by Frederick R. Barnard holds good still today. Bet yourself! This article has 690 words, 3 images, and one video. Which one would you pick first?
Unconsciously, we scan through images and videos first! This is because our brain processes images faster than text, say, 60,000 times. 90 percent of our information transmitted to the brain is visual. While words express preciseness, pictures and graphics highlights patterns, relationships, trends, exceptions, and a lot in one go. Visualization works from a human brain perspective and this dominant idea forms the basis for data visualization.
Data visualization is the translation of abstract numerical and statistical information into attributes of vision – shape, size, color, motion, position, and so forth to communicate, analyze, and make decisions. Organizations have humongous data collected from various data sources such as websites, the Internet of Things (IoT), social media, mobile, cloud, and many more. The global big data and business analytics market is forecast to grow to 274.3 billion U.S. dollars by 2022, with a five-year compound annual growth rate (CAGR) of 13.2 percent as per statista.com.
Data visualization helps to translate these data, which our brains can understand and interpret easily. This is important for a business to make quick sense of the story and plan the future. Some of the benefits include:
Figure 1: Benefits of Data Visualization
Here are the ways analytics can boost your business.
- Information is a critical enterprise asset and analytics is an essential competency – 90 % of organizations strategy by 2022
- Data-driven organizations will acquire 23x more customers, retain customers by 6x, and gain 19x profits.
- 63% of organizations agree that data and analytics creates a competitive advantage for their business with a 60% operating margin
- 73% of businesses have already received measurable value through big data initiatives.
- The average ROI for businesses using analytics and business intelligence is 1300%
Data visualization adds value, only if it is simple, clear, intuitive, insightful, and highlights patterns while supporting the decision objectives of the business. So, the platform you use also plays a role. Get introduced to Bizintel360 visualization platform, one of the best platforms available in the market here.
Visualize Your Organization’s Data with Bizintel360
Bizintel360 is an AI-powered self-service advanced analytics platform from Bizdata Inc. It is a search-engine based data discovery and analytics solution, available for both Android and iOS platforms in Google Play Store and Apple Store. It is a cloud-native platform that requires no ETL tools and data warehouses. All business-related prescriptive, descriptive, diagnostic, and predictive analytics can be done on this single platform easily.
Video 1: An introduction to Bizintel360
The advantage of Bizintel360 is that it reads data from your SQL databases, RDBMS databases, enterprise cloud applications, flat files, digital marketing platforms; adds all to the data lake, and derives real-time visualization and analytics from it.
The platform covers Dashboards, Reports, Transaction Reports, Pixel Reports, KPIs, Alerts, Enterprise Social Collaboration for Collaborative Decision, Real-Time Data Streaming, Interactive Click Events, Auto Relationship between various visualization types, and a Powerful Search Engine at Dashboard.
Figure 2 Bizintel360 Visualization use cases
It comes with a powerful search engine for metadata, data, KPIs, and natural language search. Take a look.
Scope of data visualization for business
In this big data era, organizations generate a vast amount of data. Data visualization enables businesses to read those data and leverage it for business benefits. Organizations can translate any textual information into visual content. It alerts operations, sales, marketing teams, and internal teams about a new product launch, promotion, and more in real-time. It helps business leaders to take quick and informed business decisions, measure business growth, solve problems (if any), and plan for profitable moments ahead.
Is your business presenting data visually? If yes, how effectively? Let us know in the comments. If you like to know more about Bizintel360, write to us at firstname.lastname@example.org.