What is data visualization: The practical guide for SME business owners

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What is data visualization The practical guide
for SME business owners?
Data visualization is going to be the future of
data analysis. Starting from small businesses to
large organizations none will be able to do
without it. The reason being - if a business
doesnt analyze the massive amount of data being
churned, it won't be able to survive in the
market. This article has shared all that an SME
needs to know before venturing into data
visualization. So let's start with what is data
visualization and its importance.
What is data visualization?

• Data visualization is the process of presenting
  data through visuals like maps, graphs, and
  charts. Thus, it helps you understand your
  businesss trend, market patterns and find out
  the outliers.
• Why is data visualization important?
• Some primary advantages and benefits of using
  data visualization are
• Through visuals and infographics, DataViz
  provides information very clearly. Thus, helping
  business leaders construe and make informed
  decisions more rapidly. It also helps in
  grabbing stakeholder's attention for a longer
  span.
• Analysis present through interactive visuals
  helps in encapsulating intricate information.
  Thus, making complex data easy to read.
• It helps in drawing a correlation between
  different market factors and business functions.
  So, leaders can take holistic business decisions.
• The web is full of customer information. All you
  need to do is collect them. And analyze them
  correctly to connect with your customers.
• Using DataViz to monitor KPIs (Key Performing
  Indicators), you can promptly understand market
  trends and spot shifts. In turn, it'll also help
  you to make quick, informed decisions.
• The future of data visualization
• Data visualization in sync with AI and Machine
  learning is slowly transforming the way leaders
  make business decisions. Under the current
  scenario, when digitalization is crucial for a
  businesss survival, DataViz has a promising
  future. So, implementing it in your business is
  sure to benefit you significantly.

How data visualization helps business

• Now that we know what is data visualization and
  its importance let us check out how it helps
  businesses.
• A business study by Wharton School of Business
  found that using DataViz in business meetings
  can shorten them by 24.

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• Managers who use BI dashboards have an 86 chance
  of finding the information more timely, i.e.,
  28 more likely than their colleagues using
  traditional reports and dashboards.
• A BI tool with data visualization competencies
  offers a Return on Investment of USD 13.01 on
  each dollar spent.
• Improves employee efficiency because when people
  get instructions with illustrations, they follow
  it 323 better than when instruction is in text
  only.

Top data visualization tools/software, best
practices, and poor examples

• Top four data visualization tools/software
• Microsoft Power BI
• Using Power BI, you can connect to a wide range
  of data sources to gather information and
  analyze your data. You can access real-time
  dashboards from anywhere. Furthermore, using
  Natural language processing, you can get explore
  data using standard texts. Very suitable for
  SMEs.
• Pricing 9.99 per user, per month.
• Tableau
• Tableau is more suitable for large organizations
  with massive databases and a sufficient budget
  for BI. It also works on the drag-and-drop
  feature. Thus, making it ideal for non-tech
  users.
• Pricing Starts at 35 per user per month.
• Google Data Studio
• Since Google Data Studio is free, it's ideal for
  small businesses with minimum funds for BI. It's
  a web-based tool using which you can prepare your
  dashboards with ease. Moreover, sharing these
  dashboards is as smooth as sharing Google Docs.
• Looker

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• Make dashboards simple and easy to understand.
• Keep dashboards minimalistic.
• Poor data visualization examples
• Not using standard y-axis
• Using irrelevant graphs
• Not using titles, and labels
• Giving too much color, images, and lengthy texts
• Putting too much information in a visual or a
  page
• After knowing what is data visualization, its
  uses, the best tools, etc., it's now time to make
  decisions. Let us help you through it.

Working with a data visualization company

• While non-tech users can also use the modern BI
  tools for data analysis, these tools have
  high-end analytics features. So, to use them
  optimally for your business, its best to partner
  with a BI consultancy firm.
• Benefits of working with a data visualization
  consultant
• They have relevant experience and expertise.
  Thus, it can give a better insight into your
  data.
• Instead of hiring a team, when you work with a
  consultancy firm, it helps in building the
  competency gap.
• Good data visualization firms have data analysts
  who know high-end statistical analysis.

To Conclude
Starting from what is data visualization to how
to select a BI consultancy firm, we have shared
all the necessary detail that an SME might need
to start working on a BI tool. But should SMEs
opt for data visualization? Yes, if you want to
enjoy a competitive edge, you must invest in data
visualization from the initial days of your
business. Start with the free versions and
upgrade yourself as your business grows. 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
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