For any business enterprise to flourish well and stay ahead among its competitors, periodical self-scrutiny of business performance is of utmost importance. Assessing one’s own performance will help understand where the business stands in the comity of counterparts.
What is Data Visualization?
Data Visualization is the pictorial representation of vast business data of an enterprise, at various stages of business. A cursory glance at the charts, pie-diagrams, graphical representations or schemas gives the snapshot view about the performance of the business, at any particular situation. Huge heaps of statistical data, when presented in the traditional form of tables and in excel spreadsheets may sometimes add to bewilderment and discomfiture for business analysis specialists. Data Visualization picks up the key information and results, rearranges them systematically, draws inferences and brings out the final results to enable the policymakers to make crucial decisions at the top level of management.
Presenting the tonnes of the textual body of information and abstract figures in the form of graphs/pictures is not a new concept. Even in academics, school children are familiar with taxonomy charts, graphs from which the main theme of the topic is understood in an outright and lucid way. Data Visualization churns down cartloads of information and brings to the surface the cream/gist of the summary and helps in quicker comprehension of the subject.
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While it takes days and weeks to arrive at conclusions by studying a big stack of data in its conventional form pertaining to various departments of business firm, business analysts and chief executives of higher hierarchy find it quite easy to discern the state of affairs with much clarity and take pivotal decisions instantaneously by mere sneaking a peek at the images/charts submitted through Data Visualization.
It’s like a mirror
We can see for ourselves how good-looking we are by looking at our own image in the mirror. If there is a necessity for any makeover in our appearance, we can at once spring into action to spruce up and dandify our visage. We need not pay heed to the remarks made by outsiders about our appearance when we can very much infer independently about our own selves.
This is exactly what happens with the visual analytics of Data Visualization. The pictorial reports speak volumes about the current status of the business and enable to take corrective measures if required.
It includes all aspects of business
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Various departments of marketing, finance, quality control, human resources can be brought under the gamut of Data Visualization.
- Existence of potential market (region-wise) depicted graphically
- The extent of clientele tapped so far
- Unutilized customer base
- Demand for the product/service offered by your firm
- Existence of business rivals
- The extent of awareness about your product/services
- Changing marketing trends
- Viable goals
- Optimum use of financial resources
- Business expenditure
- Availability of financial institutions
- Extent of expenditure as against that of similar firms
- Periodical Performance ( Quarterly/Half yearly/Annual) with a comparative analysis within your own company as well as with other firms into a similar business
- Efficiency of product/services vis-a-vis that of other firms
- Durability of the product under various conditions (graphical charts)
- Lifetime of products manufactured by other rival companies
- Durability of the product under different climatic conditions of the countries exported to.
- Requirement of staff strength in comparison with that of other companies of the same business
- Productivity of staff in individual departments in different quarters of the financial year
- Expenditure on staff (by way of salaries, incentives, training, deputation) with a comparative analysis with other companies.
All the above aspects can be presented in the form of pictures, graphs, pie-diagrams, speech balloons to make the reports eye-catching, interesting and attractive to the management so as to take appropriate decisions without having to spend too long on the lengthy subjective and exhaustive reports.
Data Visualization is of great use to the management in the following aspects too:
- A comparative analysis spanning different periods of financial year highlights the shortcomings, if any, that need to be addressed immediately to prevent the organization from slipping down further into adversity.
- The sales turnover of the product/service over different periods of time allows the analysts to gauze the changes in the requirement pattern of customers, in accordance which production can be either enhanced or curtailed as per the need of the day.
- Visual charts can also reveal the region-wise consumption of the products or utilisation of the services offered by your company. This enables to bring about proper changes in the production pattern in the branches of your firm keeping in view the demand for your products/services at different locations.
- Reports on the volume of sales not only indicate the quantity of products/services sold but you can make a comparative analysis of your company’s share in the industry as a whole, the extent of contribution of other rival companies and the extent of the population in favour of your product/services.
In conclusion, it can be said unequivocally that Data Visualization is quite a convenient method which rearranges, realigns, analyses, depicts in eye-catching images and presents the massive business data into various presentable forms easy to understand for taking quick and timely decisions at the apex level to take the business forward and upward.