Data visualization is undoubtedly a popular field in the business/IT sector as companies are gearing towards digital transformation and growth. Data visualization is the process of communicating complex information with simple, easy-to-understand graphics and charts. It has the power to tell data-driven stories while allowing the audience to see patterns and relationships found in the data sources.
The rise of data visualization
Data visualization came to rise as companies identify challenges with the growing volumes of data being generated each day. There’s data on sales revenue, marketing performance, customer interactions, inventory levels, production metrics, human resources costs, and various other KPIs (key performance indicators). With an overwhelming amount of data to sift through, it can be difficult to see and analyze the story your data is trying to tell. That is the main pain point that causes companies and managers to scratch their heads in bewilderment. However, with proper data visualization tools and techniques, you can turn all that data into visually compelling business insights that tell you how your customers are behaving, and how you can adjust strategies to meet their needs better.
Benefits of Data Visualization for your team
- See the bigger picture: you will be able to recognize the broader context quickly and can easily identify trends and outliers with effective and simple-to-understand charts.
- Optimization of decision-making processes: with concrete data and tangible insights, managers can now make more effective decisions on allocating resources, budgeting, and finance for initiatives, and plan out projects in advance.
- Enhanced collaboration and information sharing between team members and departments
- Forecast market trends and identify customer behavior changes
Analytics and visualization in action
There are dozens of tools for data visualization and analysis, ranging from simple to complex. Not every tool is right for every company and the team looking for visualization techniques, and not every tool can scale to industry or enterprise levels. When choosing the right design and visualization to create an effective and engaging method, you’ll have to think about your target audience and the goal you want to achieve. Questions like “who is my audience? What questions do they have? What questions am I figuring out for them?”. Then you can choose a visualization format and layout to help achieve that goal and communicate the insights. Make sure to be mindful of the color cues that you are using to tell the story, and strategically use different text sizes and markers to prioritize important information for the readers. These are all pretty high-level best practices and tips, but, hopefully, they can get you started with the right footing before drilling down into the specifics.
At CloudMoyo, we utilize and specialize in the Microsoft Power BI visualization tool, creating dashboards for companies to map out their data efficiently so they can make informed decisions in a timely manner. While our current customers mostly exist in the AEC or transportation industry, we are slowly expanding our services to include other different industry verticals as well. We have created various Power BI dashboards that are available to sample and tailor to your own enterprise needs.
Explore multiple interactive dashboards for different industries: Power BI dashboards