Why Do We Need Data Visualization in our Business Strategy?

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Why Do We Need Data Visualization in our Business
Strategy?
You may not know the importance of data
visualization until you come across raw data in a
spreadsheet or Excel format. You can only stare
at the data blankly, hoping that a data analyst
does the magic to make processing easier. Now,
this is where data visualization applies. In its
simplest definition, data visualization is the
process of visually representing raw data in a
format that is easy to understand. The visual
formats are charts, pie charts, graphs, Likert
scale, Scatter Plot Generator and images,
infographics, etc. Importance of Data
Visualization According to research, the human
brain processes images within 13 milliseconds.
That's how fast our brain is. Think about how
easy it is for you to notice details from a graph
rather than plain data? For example, you have a
spreadsheet with the digital marketing spending
for the last 3 months. You now want to find out
if you're making an ROI. How will you determine
this from the raw data? Will you present this to
your top management? It's definitely a no, right?
So, what's the secret? Now, this is where data
visualization applies. It helps to solve complex
data problems. In our example above, you can
represent the data using a chart or graph. But
that's not the only importance of data
visualization. Let's find out more below 1.
Visualization helps in data storytelling Visualiza
tion makes it easy to tell a story through data.
You can make comparisons faster with visual data.
For example, if you were to identify the
differences in data for a specified period, it
would take you longer to make sense of the
data. But with visualization, you only need to
represent the data in a visual format. 90 of
data transmitted to our brain is visual.
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• It is easier for anyone with little business
  knowledge to understand your business data. Data
  storytelling makes it versatile. You can use it
  in videos, brochures, case studies, and social
  media posts.
• Data visualization helps in decision-making.
• Presenting visual data to the top management
  helps in making better business decisions. It is
  easier to identify weaknesses and strengths in
  graphical data than plain numbers and texts.
• For example, you can represent data in an
  infographic. It gives an overview of complex data
  by highlighting essential information. The
  decision-making process is fast and effective as
  the data is simple to understand.
• It is easier to communicate data.
• The importance of data visualization is that it
  helps to communicate data. Instead of presenting
  chunky data, you only represent the essential
  part of it.
• When you're creating a business strategy, it is
  easier to communicate facts using visuals.
  Visualization helps to engage an audience, ask
  questions, give a review, and make necessary
  changes.
• Visualization helps to represent complex data.
• Although slightly mentioned earlier, the purpose
  of visualizing data is to communicate complex
  data. You can identify the patterns,
  relationships, and differences based on a visual
  representation.
• For instance, you want to communicate results to
  the senior management about your research
  findings. Of course, they are not interested in
  every detail of the findings.
• So, you can use a visualization tool to generate
  a chart, pie chart, or infographic to communicate
  specific information.

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• By identifying trends, it's easier to identify
  issues and prevent future problems. Visualization
  helps to stay ahead of your competition. That
  way, you are able to maximize your business
  profits.
• Simple to understand
• Graphical data is easier to follow as compared to
  any other form of data. Data in a spreadsheet,
  for instance, can be hard to understand.
• Information on a graph or pie chart is attractive
  to the eye. It is easier to make conclusions and
  timely decisions. Data in visual representation
  conveys a message to an audience faster.
• It drives engagement
• The importance of data visualization, as
  mentioned earlier, is to help with communication.
  By engaging your audience with visualized data,
  it results in different views and opinions.
• Visualization drives engagement and the various
  ideas help to come up with better strategies.
• It gives you customer insights.
• One of the ways businesses manage to maintain
  their audience is by checking customer data. For
  example, Google Analytics presents data in a
  visual format, making it easy for anyone to
  understand.
• It is easier to discover customer data like age,
  location, and gender. You can pick the
  information and use it to maintain your customers
  and create new marketing strategies.
• Tips to Using Data Visualization
• So far, you can tell that data visualization
  plays a crucial role in a business. It helps to
  represent information in a visual format when
  dealing with complex data.

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• Keep your visualization simple enough for your
  audience to understand. Remember, the purpose of
  using data representation is to communicate
  effectively to help in decision-making.
• Have your audience in mind. Are you presenting
  data to people with little business knowledge,
  decision-makers, or top management?
• Use visualization tools like Tableau or Microsoft
  Power BI when generating the graphical and
  pictorial formats.
• Take time when representing data. You do not want
  to miss out on important information that can
  help make future predictions.
• Final Verdict
• And that's it for the importance of data
  visualization. Data plays a crucial role in the
  success of a business. Identifying ways to
  communicate the data goes a long way in
  decision-making.
• There are various types of data visualization.
  You can use a heatmap, pie chart, line graph,
  infographics, or tables to represent data.
• Data visualization helps to discover new trends,
  create relationships, predict future trends and
  make better decisions. If you're wondering
  whether you need data visualization for your
  business strategy, there you have it. You can now
  transform data into a simple format that is easy
  to understand.