What exactly does interactive visualization of big data mean for the corporate world?
Big data is essentially revolutionizing the business world in every category. It has made it possible for companies to more accurately predict what their customers will want to purchase and when. In fact, across every industry, including healthcare, NGOs, crime prevention, data science is being used to operate more efficiently and make strategic movements. Data-driven decisions can help organizations decide what to produce and what kind of content to create. Big data is also effective in helping to improve the operational running of a company.
No matter how much data a business has, the raw data is of no use unless it is analyzed effectively. There is simply no point in capturing lots of data if it isn’t being used to improve the business and its operations. There is a lot of valuable information and data being wasted, or not properly analyzed. Inaccurate data or data that is not correctly analyzed can cost businesses around 30% of their revenue.
Visualization is the most compelling way to get employees to engage with data. Though data visualization has mostly been static to date, interactive data visualization is growing in popularity. This is because it really allows users to dive into the details of the data, and offers the power to control and refine what they see like never before.
What is Data Visualization?
When visual elements are used to express big data, this is referred to as data visualization. It can include charts, tables, graphs or interactive displays. Through data visualization, it is possible for those who don’t know much about statistical analysis to comprehend big data.
Though data visualization can include something as simple as a spreadsheet, it is the more interactive visual forms that are more exciting. And, let’s face it, most employees don’t enjoy staring at spreadsheets all day. Static methods such as spreadsheets simply don’t offer the same amount of insight that a more interactive method can.
Not only does the interactive element give you quick access to data, it means you can compare information, review relevant slices, and use functions such as forecasting and predictive modeling to make more informed decisions.
Benefits of Interactive Data Visualization
We live in an increasingly visual world. And in this case, visuals are more exciting than a million numbers and graphs. So how is interactive data visualization encouraging efficiency and innovation in the workplace?
There’s More Time for Action
With the use of interactive data visualization, business operations can become more refined, leaving more time and energy for innovation. With live data updates, any situation that needs immediate attention can be dealt with. Not having to wade through extensive data reduces time and effort, meaning there is more time to take action on the information that the data presents. There can also be a greater level of collaboration if a team has access to the same data visualizations, leading to quicker identification and solutions of problems.
Interactive Data Visualization Clearly Displays any Patterns and Trends
You can get a lot of valuable information from data to help you understand your customers and your market. It also helps to look back at past patterns and understand what is working and what isn’t.
With the depiction of patterns, it is easier to identify trends and analyze data to innovate. These patterns would have been difficult to spot had the user been presented with data on a spreadsheet or static graph.
It is More Easy to Get to the Specifics You Need
Interactive data visualization makes the data simpler to understand and easier to navigate. Users can choose to look at the bigger picture, or zoom into the details using just one visualization. The data can also be manipulated to focus on specific things – so users don’t have to sift through reams of data to find what they need to know.
It Tells a Better Story and is Share-able
It’s been said that our brains can process images much faster than text. Therefore, it seems to be a waste of time to and share more complex data and concepts through text. Interactive visualization is an effective method of explaining complex ideas and conveying the meaning of big data in an easy to digest format. It tells a clearer story than a string of numbers, which again promotes a deeper understanding of what the data conveys.
These type of of visualizations are widely shared on social media and are impressive in their ability to manipulate complex streams of date to tell an interesting story. Your audience is more likely to be engaged with the information and remember it when it is presented in an interactive visual way.
Greater Insight Leads to Greater Innovation
Through data visualization, users have the ability to get significant value from their data. Even if the necessary data science work has been done, if it can’t be comprehended then there is no value to it. The most valuable thing about a company’s data is their employee’s ability to understand it. And interactive data visualization is the most effective way to do so.
Through data interaction, companies can compare specific time periods and focus on specific areas to understand more about what’s working behind the scenes and why. This means organizations can choose to focus and innovate in those areas that show potential for growth.
Employees Get a Better Grip on Company Performance
Using interactive visualization methods, companies can show off annual figures without boring their audience. Understanding these figures will mean that all employees will have a better grip of the company’s standing and where they succeeded/failed. This gives different departments a good idea of where to focus innovation.
Users can learn more about the company’s performance, and glean enough insight to be able to surmise where improvements are needed. It can help decide on the best place to allocate budget, and be used to support arguments on funding allocations in front of stakeholders.
Interactive Data Visualization Methods
Here are some of the ways in you can improve workplace innovation with interactive displays and big data visualization:
- Use live data to showcase the story of your company.
- Use interactive data visualization charts and graphs
- Create interactive annual reports
- Create interactive presentation: Using interactive displays such as touchscreens, you can display data in presentations in an interesting and engaging way. By making it easier for employees to digest information, you’ll find that they are understanding it better. You can also present different forms of data, be it a case study or product sales data, on one interface.
- Interactive visualization of financial data: For employees to understand key company figures such as their market share and year on year sales growth, interactive displays can be a great way to get them to grips with the numbers.
These are just some of the ways that you can use interactive data visualization to transform communications in the workplace. There are countless other opportunities to use it in in training, investor meetings, product briefings etc.
It remains to be seen how corporations will take advantage of all the data on their hands to remain innovative. Interactive visualizations definitely give a company a competitive advantage, by offering them a deeper understanding of their customers and their business like never before.
About the Author
Simon Harris-Briggs is responsible for promoting the Avocor brand across Europe and the Middle East, working with leading system integrators and consultants to position the Avocor product portfolio to end user clients.
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