Visualizing Success: Unleashing the Power of Data

Blog / The Power of Data Visualization: 6 Ways to Succeed

Data is quickly becoming the currency of success. Organizations across virtually every industry both create and collect vast amounts of data, and these practices are growing exponentially.

However, unless you’re a keen student of data analytics and a master of statistical interpretation, this big data can be a struggle to understand. Businesses must find a means to uncover insightful analysis, create narratives, and include data in decision-making if they are to reach their full possibilities.

Data visualization becomes important exactly in this regard.

But what is data visualization, and what advantages do Kentucky companies get from including it in their operations?

The following tips will help your business understand the data revolution and grasp why data visualization is necessary for every data-driven project.

What Is Data Visualization?

Data can offer rather strong insights into the process of making decisions. However, it’s imperative to show this data in an appealing, graphic style if stakeholders are to understand this material.

Data visualization is the process of analyzing and summarizing data and presenting the results in an interesting, clear manner.

Without advanced analytics training, this process helps businesses to find trends, collect insights, and spot patterns. Data may be converted into easily readable charts, graphs, maps, and infographics—among many other formats. By using visualization tools like Tableau or PowerBI, you can help stakeholders grasp these challenging data sources.

Why is Data Visualization So Important?

According to Aberdeen Group research, when managers use visual data discovery tools, 48% of them can locate the information they need without help from IT workers.

This quickly provides people with the information they require, therefore saving time and money.

Examples of Data Visualization

What does data visualization look like in practice?

Let’s review a few examples:

Real-time financial dashboards: These dashboards compile information from many sources to give decision-makers an at-a-glance picture of financials.
Supply chain analytics: Through data aggregation from several supply chain points of view, companies can find inefficiencies, bottlenecks, and likely disruptions.
Healthcare analytics: Dashboards can compile information from patient records, test findings, imaging data, and more to inspire original ideas on patient treatment.

These are only a handful of the ways companies might use data to build simplified graphs and charts improving decision-making. The opportunities are actually unlimited; choosing the best ones for your company calls for considerable thought and professional advice.

6 Reasons Data Visualization Benefits Kentucky Businesses

Kentucky businesses can turn their underused data from a resource into a strategic asset by using strong data visualization tools. At every level of an a company, this can help promote better decision-making as well as provide enhanced efficiency and, finally, greater corporate results.

Using data visualization technologies helps Kentucky companies unlock:

1. Unlocking the Ability to Generate Custom, Real-Time Reports

Custom reports created in real-time are quite valuable for businesses. Real-time reports give your staff up-to-date insights that let them react fast to shifting market conditions or trends. For instance, pertinent parties will know right away and be able to access a report catered to their particular business requirement when a rapid decline in sales happens.

2. Discovering New Business Trends and Opportunities

When raw data is communicated through visualization into valuable insights that are easier to understand, businesses can recognize patterns and trends that may otherwise have gone unnoticed in traditional reports. By noticing these patterns in data, teams can unlock new opportunities for growth, such as untapped potential markets, possible product enhancements, or changing customer behavior.

3. Improved Operational Efficiency

Data visualization helps companies track important performance indicators (KPIs) and other pertinent operational information to rapidly spot opportunities for development and probable inefficiencies. This lets leaders act ahead of time, therefore lowering expenses and raising general output.

4. Leverage Richer Customer Insights

Visualizing consumer data gives companies better understanding of consumer demands, interests, and behavior. Usually, the result of this exercise offers priceless customer insights. Data visualization is the secret to knowing a client base from seeing trends in buying behavior or product preferences to guiding marketing strategies and product development.

5. Practice Data Democratization

Data visualization benefits not just leadership but also other areas. Easy-to-interpret data presentation helps staff members in many divisions collaborate to improve decisions and stimulate innovation. This helps not only with personal output but also promotes an organizational-wide transparent and cooperative culture.

6. Leverage Predictive Analytics

Historical data visualization allows companies to see trends and patterns, hence guiding future decisions. Forecasts of this kind enable companies to reduce risks and grab present possibilities as well as help teams predict market obstacles. Driven by data visualization, predictive analytics can be a road map for the future guiding businesses across the corporate terrain more successfully. This is also rather important in Financial Planning & Analysis (FP&A), a necessary financial planning tool for companies hoping for long-term success.

Data Visualization Services for Businesses

The data revolution for companies of all kinds cannot be powered without the capacity to create ideal visuals from data.

Data visualization has clearly benefits regardless of your business—construction, government, or healthcare. Data visualization is enabling companies to make better informed decisions that drive expansion, productivity, and efficiency from creating unique real-time reports to grasping sophisticated consumer insights.

Unlocking these advantages would enable companies all throughout Kentucky and Indiana to properly use their data to fulfill company objectives and propel success in a very competitive climate.

Here at LBMC, we offer companies the data advisory services required to maximize data analytics capabilities and create strategic decisions. We can work with your company’s requirements to create a customized strategy unlocking quick access to actionable insights.

Our offerings are especially suited to the requirements of companies all throughout Kentucky and Indiana.

Get in touch now to learn more about how LBMC might enable your team to maximize data visualization tools.

Content provided by LBMC Business Intelligence professional, Jon Hilton.