Data visualization has been a part of human lives since the cave ages. The ancient civilizations used diagrams and other pictorial representations in the caves as a form of communication system.
Now, along with humans, the visual way of communicating has evolved, and we use data visualization as a key feature in business communication. It’s been a long history and incredible evolution from drawings to dashboards.
Visualizing the art, shapes, symbols, forms, and colours and interpreting the message it conveys have been a part of everyday life; that’s why the visual way of communicating helps in better and easy understanding of a message to be conveyed.
Data visualization as a core stream has exponentially evolved in the last decade. Business and marketing communication, leaving back the boring static way of conveying a message, have moved on to using pictorial and infographic storytelling methods.
This article will take you through what data visualisation is, along with its importance, benefits and impact on business.
What is Data Visualisation?
Before explaining data visualization, let’s dive into data science and understand it. Data science is the process of analysing raw data with the purpose of drawing insights and conclusions about that set of data using statistics and machine learning techniques.
The insights and concussion drawn are used largely for data-driven research and decision-making. But everyone can’t understand statistics, numerics or large chunks of written conclusions, so visualization came into practice to make the insights and conclusions understandable to all.
Data visualization is the graphical representation of information and data in a graphical format like charts, graphs, maps, timelines, flowcharts, etc. Data visualization tools give a clear idea of what is a message with its visual content, making it easier for the human mind to comprehend. It also makes it easier to identify trends, patterns and outliers within the large data sets.
Why is data visualization important?
Let’s put ourselves in a situation. You spend 10 hours collecting data on the marketing strategies used by your company and your competitors. You collect the data, organise them and also successfully draw conclusions.
Now you have to present it to your boss and investors, and you put out junk numerical and written data at their sight; they end up not understanding anything and are overwhelmed with the data. And all your 10 hours of work go in vain. When you convert the data table into a graph or lime-line, demonstrating the result of every strategy used in the past, it would have made it easy for them to understand.
So, data visualisation is essential to assist businesses in identifying the data trends, understanding the insight and planning their actions accordingly. Not just for businesses, even for individuals and government organisations, information is the most significant leverage. With visualisation, one can prolifically convey their message and derive the desired output from it.
Along with this, visualising the data will enable the people to interrelate the data to understand and interpret the message conveyed most accurately. So the importance of data visualisation can be briefed into three major points.
Analysing data in a better way
Visual representation of data helps businesses accelerate their growth through better research, analysis, and data-driven decisions.
Faster decision making
There is no doubt that ‘one image equals 1000 words.’ The human brain processes visuals better than any other form of communication. So if decision-makers understand the data easily and quickly, it will accelerate their decision-making, and ultimately business helps in business growth.
Understanding of complicated data
Businesses may obtain insight from the massive volumes of data by using data visualization. Recognizing new patterns and mistakes in the data is beneficial to them. Users can pay attention to places that represent red flags or progress by understanding these patterns, which they can use to make better decisions in the future.
Uncovering the benefits of data visualization
Though the primary benefits of data visualisation are to make a data-driven decision, there are other benefits organisations leverage from it.
Understanding the Correlations
Without data visualisation, it is challenging to understand the relationships between various independent variables in the datasets. To make a profit report for a quarter, you need to understand various variables such as sales, expenses, outstanding, etc. and also know the relationship among them.
Studying the trends
Data visualisation helps businesses and marketers decode the trends over the past and fore upcoming trends also. It will help them check upon the past decisions which have worked in favour and which haven’t. This understanding of trends will impact the decisions to be made.
Market and Competitor Examining
Data visualisation uses data from various marketplaces to help you understand your customer’s needs, helping you with targeting the right audience. In the same way, you can examine how your competitors engage with your prospective audience. These analyses will help businesses and marketers build unique strategies to persuade the targeted audience to make preferred decisions.
Analysing the data to understand the risk matrics needs expertise as it is highly complicated to interpret spreadsheets and numbers. So, when the data is converted into visual form, it becomes easier to pinpoint areas that may or may not require immediate attention.
Data visualisations help in preparing tailor-made reports and presentations with an added feature of storytelling. If the insights are conveyed through a narrative, the message will reach the audience perfectly. The tailor-made reports will also enable optimising and retrieving data in real-time.
Data visualization is all about presenting the data in a visual manner that can help humans register the data easily in their brains. The aesthetic value that data visualization carries will represent and convey a clear message to the audience. And businesses highly depend on data visualization to understand the trends and make data-driven decisions.
How can Relu Consultancy help you!
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While collecting data is the basic step in data visualisation, we rule over designing web scrapers to collect data! Write to us, and start extracting the accurate, rich data that can help you in making the perfect data-driven decisions.