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Tuesday, December 5, 2023

Why Should We Care About Data Visualization?

Data visualization affects any industry’s decision-making process

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Data visualization is a key element of data analysis. We’ll explain why should be care about data visualization but first let’s have a gist of data visualization.

Data visualization

It’s a method to represent data graphically that highlights trends and patterns and enables viewers to get insights at a rapid pace. The size, brightness, color, motion, and shape of visual objects are used to explain the information. By data visualization, decision-makers are enabled to see a visual representation of analytics. Visual elements like maps, graphs, and charts are used as data visualization tools to put up an accessible way to see, understand and process patterns, outliers, and trends in data.

Importance of data visualization

Irrespective of the career or business you’ve selected, data visualization can be extremely helpful in delivering data in the most impressive way. As one of the most crucial stages in the business intelligence process, data visualization uses the raw information, shapes it, and delivers the information so that conclusions can be understood. In advanced analytics, machine learning algorithms are being created by data scientists. The goal is to compile important information into visualizations that can be easily understood and interpreted.

Most importantly, data visualization uses visual information to communicate data in a way that is effective, fast, and universal. This practice can be helpful for companies to identify which fields to be improved, which elements impact customer satisfaction and dissatisfaction, and what should you do with certain products (where should they travel and who are the ideal customers). Visualized data provides business owners, stakeholders, and decision-makers a better forecast of future growth regarding sales volumes.

Read: Virtual Company: How Does It Work?

Perks of Data visualization

Data visualization affects an industry’s decision-making process with synergistic visual representations of raw information. Businesses can now identify patterns more rapidly because they can understand data in pictorial or graphical forms. Here are some more certain ways that an organization can leverage from data visualization:

  1. Trends & patterns over time: although it may look like a definite use of data visualization, it is also one of the most worthful applications. It’s impossible to forecast anything without having the essential data from the past and present. Patterns and trends according to the time predict where should we go.
  2. Correlations in building connections: without data visualization, it is difficult to recognize the correlations between the link of independent variables. If we understand all independent variables, we definitely can choose the better option.
  3. Observing the market trends: data visualization captures the raw data from various markets to give you a gist of the audiences to pay attention to and which ones to avoid from.
  4. Frequency: closely associated with trends over time. By observing the rate or how frequently customers buy and when they purchase gives us good vibes for how loyal new customers might act and respond to customer acquisition and different marketing strategies.
  5. Reaction to the market: to be enabled to gather data easily and quickly with data showcased clearly on a functional dashboard permits businesses to act and react to discovering things swiftly and assists to prevent from making mistakes.

Read: Future of Online Banking: What Can We Expect in The Next 10 Years

Why should we care?

Data visualization is applicable in all industries for sales growth with existing potential clients and to target new demographics and markets for more customers. The WARC (World Advertising and Research Center) predicted that in 2021 half of the world’s money will be spent online. As an essential step in data analytics, companies can have critical analytics through data visualization. Now you don’t have to work on those thousands of spreadsheets’ rows, with a visual summary of data, you can easily identify patterns and trends for your business.

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