The Benefits of Data Visualization in Business Analytics
As the amount of data has continued to grow, companies have continued to gather and analyze more and more information. Data visualization has become an integral component of Big Data solutions, as it provides a way to visually represent the analysis in a way that’s easy to understand. People process images much more quickly than text and robust visualization tools that provide clear insight into the data provide a better representation of information than one dimensional spreadsheets or reports. Stratifyd has developed a fully interactive and collaborative data visualization tool that presents a clear representation of the analysis our AI powered platform creates. There are four points on data visualization that we feel demonstrate both its necessity and its benefit.
1 - Visualization creates understanding: The volumes of information that companies of all shapes and sizes are analyzing is overwhelming. Without an interactive visualization, even an in depth analysis is more difficult to understand. Through big data visualization, analysts and decision makers are able to see the relevance in the data and comprehend exactly what they are looking through multiple viewpoints. A quick understanding of the results leads to a quicker time to action.
2 - Visualization augments human knowledge: Even the most complex analysis may not reveal everything that a data set has to offer. Sometimes, human intelligence needs to pivot on certain points and create more depth from the analysis. Data visualization allows analysts and decision makers to apply their knowledge and experience on the subject matter to gain better insight into the results. Visualization allows for augmentation of human intelligence through machine learning.
3 - Visualization facilitates collaboration: Having all the major players on the same page creates unified understanding of the analysis and helps those individuals work together more effectively. By enabling the easy sharing of data dashboards and even specific parts of the visualization, analysts and decision makers can collaborate more efficiently and leverage insights into action more quickly.
4 - Visualization identifies patterns and holes: No matter the volume of data analyzed, not every analysis is fully complete. Visualizing the data can help individuals recognize patterns that pop out in the graphs and charts, or it can help them see gaps in the information that are not being recognized. Additionally, the most important thing that data visualization can provide is identifying important insights that were previously unknown.
Data visualization is an integral part of Big Data Analytics and facilitates the necessary understanding of deep dive analysis. By visualizing data we augment our intelligence, we gain better understanding, and we recognize important insights that we may not have been looking for.