Unlocking the Power of Data Visualization for Business Success: 5 Critical Benefits
In an era of growing complexity, the human brain stands as a remarkable computational powerhouse, capable of performing a staggering billion calculations per second. However, while the human brain can process vast amounts of data, it can still greatly benefit from a helping hand.
Enter the transformative practice of data visualization. This powerful technique involves the art of converting extensive data sets into easily digestible graphics, such as maps, charts, and graphs. The fundamental idea is to visually represent complex numbers, facilitating quick comprehension and enabling us to pinpoint trends, outliers, and patterns with ease.
Busy executives need to manage their time wisely. By quickly turning raw data into concise, actionable visuals, leaders can produce better, more strategic, decisions. Clearly identifying patterns in real-time allows companies to pivot if needed, double-down where they’re seeing the greatest ROI, and remain nimble enough to stay ahead of the competition.
How data visualization can transform your business
The amount of raw data available to modern leaders can be vast. Data visualization is the art of taking that data and weaving it into a comprehensive story. Examples of data visualization in business include tracking sales performance by region, finding out where ROI was greatest last quarter, monitoring product performance via online engagement online, or charting changing customer demographics.
Presenting these metrics in a visually appealing way has a number of benefits:
1. Enhancing Transparency
Departments don’t succeed in silos. There are inevitably times when data needs to be collated from different teams to get a bird’s eye view of what’s happening internally. Data visualization makes this easy by putting the numbers in a format that everyone - not just those with a data science background - can understand.
Data visualization tools also make it easy to disseminate the relevant information between departments and stakeholders. Rather than sending a deluge of numbers to colleagues, you can share charts and graphics that quickly get them up to speed on exactly what they need to know.
2. Spotting Patterns
The average adult has an eight second attention span so being confronted with vast amounts of data at once makes it easy to miss things. Displayed in a concise, visual format, data becomes easier to parse and you’ll instantly see any red flags or issues worth exploring.
This allows decision makers to stay nimble in how they respond to results, giving them the ability to pivot when needed, address a potential crisis, or just drill down in a particular area to gain more insights.
3. Democratizing Analytics
For organizations that want to make data driven decisions, data visualization platforms are an accessible jumping off point. These tools democratize data, taking it out of the realm of advanced mathematics and into consumable insights that can help drive smarter and better informed decisions.
4. Driving Strategy and Performance
Data visualization is a powerful tool for business leaders to find efficiencies, maximize resources, and enhance workflows within their organizations. This information can then be used to enhance strategic decision-making, powered by accurate insights gathered in real-time.
Furthermore, data can be tailored to suit every operational level, providing a holistic view of your company’s overall performance or narrowing the focus to a specific task, department, or project.
According to a recent survey from Deloitte, 49% of executives say analytics are a key factor in better decision making and 96% feel that analytics will become more important to their organizations in the next three years.
The Role of Data Visualization Tools
Data visualization is the next logical step in the rise of big data. As companies become more aware of the link between performance and data analytics, they need more ways to interpret that data.
But there’s more to data visualization than pouring numbers into colorful charts. The best data visualization tools have a clear objective and a defined target audience. They also avoid falling into the trap of displaying too much information at once, clearing the clutter to focus on what’s relevant.
Employee productivity monitoring solution Prodoscore is an easy to use data visualization tool that presents engagement and productivity data in a succinct yet comprehensive format, allowing managers to immediately identify potential concerns and better understand employee contributions over time.
The innovative dashboard streamlines and presents critical data about how employees interact with cloud-based business applications such as email, CRMs, project management software, and more. This information is then converted into productivity scores for organizations, departments, and individuals. These scores help visualize trends over time so that managers can make better decisions around skills training, wellness initiatives, workloads, processes, and more.
With Prodoscore’s data-driven Employee Productivity Monitoring (EPM) solution, managers have all the information they need to motivate employees, boost their team’s performance and enhance their company’s competitiveness.