Is data visualization important for business or just another fancy gimmick?

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Is data visualization important for business or
just another fancy gimmick?
With the immense amount of data generated every
moment, you need to stay well-informed. And
DataViz precisely helps you do that. It enables
you to analyze your business, study market
trends, stay prepared for the future, and
improve brand image by giving you a clear picture
of your business environment. Thus, the
importance of data visualization has taken giant
strides in the recent past.
Data visualization
Data visualization is the process of collating
data from different sources, organizing it, and
presenting it through visuals. As a result, it
makes information more compelling and easy to
understand. In turn, it enhances business
decisions.
Why is data visualization important?
Analyze business performance Compared to a
lengthy report, even a simple line and bar chart
can give you a better picture of your businesss
performance. Moreover, the advanced features of
BI tools like Power BI can help analyze and take
critical decisions promptly and
accurately. Understand your market If you refer
to Google Analytics, you would understand why we
emphasize the importance of data visualization.
The massive amount of information you can collect
about your customers, their preferences, your
marketing strategies' performances, and so much
more is impeccable. In the absence of DataViz,
getting all this data wouldnt have been
easy. Intuitive presentation The human brain can
remember visuals with around 90 accuracy and for
a more extended period. So when you present your
stakeholders with reports highlighting crucial
data, it's more impactful. Moreover, everyone
wants data at their fingertips. So youll have to
make the information available on the go. And to
reap all these benefits, DataViz is
essential. Understanding correlated
data Business decisions depend on multiple
variables, and most of them are scattered.
Therefore, collating different reports to derive
a meaningful decision is time-consuming and not
cent-percent accurate. This is where the
importance of data visualization comes in. A
dashboard can bring in data from different data
sources in the most readable format. Thus, you
get all vital information in one place. KPI
measurement KPIs or Key Performance Indicators
give an overall picture of your business's
health. Measuring them correctly helps you
identify the best and worst metrics. Thus, you
can modify your strategies and take action before
the challenges aggravate.
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Forecasting Data visualization tools help you
analyze your historical data accurately,
empowering you to predict your future business
trend more confidently. Your business will have a
proactive approach than a reactive one, which is
sure to give your business a competitive edge.
Conclusion
An article published in Forbes highlights how
insufficient quality data can dampen a business's
ROI, customer relationship, and brand
reputation. So, while you gather the correct data
from the authentic sources, it's also crucial
that you analyze it correctly and thats
precisely why data visualization is
essential. For more details please visit our
website Address 308, Sonigara Landmark, Near
Chatrapati Chowk, Kaspate Wasti, Wakad, Pune -
411057, Maharashtra, India. 91 81497
61146 Email mailtoinfo_at_sranalytics.io