Leveraging Business Intelligence solutions with Data Visualization

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Leveraging Business Intelligence solutions with Data Visualization

Data Visualization is not just a simple feature that Business Intelligence providers use. It is a term that describes using visuals to express the importance of data better. In a world full of information, it would be a waste not to use it to our advantage. It is said that companies efficiently analyze only a small part of the world’s data, and often, getting the most out of that information is merely a matter of understanding data visualization.

Why do graphs and charts get the message across better than tables? Well, according to neuroscience, humans are naturally programmed to process visual indices rather than written language. In other words, we do not learn how to understand what we see, because we already know how to do so. And that is why technological solutions such as Business Intelligence evolved in this visual way.

The most significant advantage of using data visualization is that it makes it possible for decision-makers, especially those without a background in computer science or statistical analysis, to comprehend data effectively. It can also save all employees a massive amount of time. According to a Salesforce Study, 52% of employees spend too much time updating spreadsheets and understanding data. But what specific advantages can Data Visualization give to companies that implement Business Intelligence solutions? Here is a list of the most obvious benefits that help companies leverage each piece of information they draw from the analyses.

1. Increased assimilation of business information

As we mentioned before, humans find it much easier to process information presented through visuals and images, rather than texts or numerical figures. However, many business reports are still loaded with static tables that don’t make the information vivid enough for the management teams to view. In contrast, data visualization enables users, regardless of their experience with data analytics, to receive a significant amount of information about the business operations. Besides, the executives will have the opportunity to see the big picture and connect multi-dimensional data sets. This approach will reveal valuable insights about the business and its future development.

2. Fast access to relevant insights

By adopting visual data analysis and discovery, companies can improve their ability to find the information they need at any specific moment while being more productive than other companies in the same industry. According to a report created by Aberdeen Group, business managers from organizations that implemented BI solutions with visual analytics potential reported that they are 28% more likely to find information on time than those who do not have access to data visualization tools and rely only on classic dashboards. What is even more interesting is that almost half of the executives reported in the same study that they are now able to analyze data without needing any IT staff involvement.

3. Predicting trends

Using the massive amount of data that each company gathers about its customers and the market, managers can see how trends are going to change. For example, an e-commerce platform that uses Business Intelligence can spot valuable opportunities such as a shift in customer behavior. In this way, organizations will have enough time to adapt to emerging trends and maintain or even increase their revenue streams.

Furthermore, executives can identify various patterns when it comes to sales and can carry out advanced predictive analytics described visually, helping them view up-to-date sales figures. Companies can determine what triggered their consumers’ preferences in a determined period by comparing their sales with their competitors’.

4. Emotional analysis

Emotions are essential when it comes to determining one action or another. By using data visualization, companies can dive deeper into customers’ sentiments and other data connected to emotions, to discover emerging opportunities for them. For instance, companies could analyze those data and understand if they must launch new services or products to meet current needs. Once again, organizations could leverage those opportunities to stay ahead of the competition, and the visuals will make things clear for decision makers.

5. Drill-down sales

Mapping is one of the most beneficial techniques when it comes to determining how things work. Data visualization maps let executives illustrate how product groups or services are performing. Let’s take an example. A retail company could identify during data analysis that pet-care products are underperforming, but also the fact that higher-income consumers are responsible for most of the sales for this category. Those insights could be used to target promotions for this segment of consumers so that the conversion rate would quickly increase.

6. Interaction and customization

Customized solutions have recently become a trend, and that is not because it is something that is nice to have. In fact, customized Business Intelligence solutions are preferred thanks to their capacity to suit company requirements perfectly. Data visualization can also be applied to customized reports and analysis. From changing forms and deleting unnecessary items to browsing deeper into some variables, anything is possible. This is an excellent way to attract business managers’ attention and provide better communication.

Data visualization also lets users interact directly with their data in a personalized manner to discover new elements; so bringing actionable insights to the surface is one of the most significant benefits of data visualization.

There are many other benefits that data visualization could give any companies, regardless of their specific industry. However, one thing is clear: visuals can help everyone understand data better and faster, which will determine overall data-driven decisions. Once again, customization should be something to consider before implementing a Business Intelligence solution, and that is because the approach of data analytics and visualization is unique from one company to the next.