B2B Organizing large datasets and presenting them in a concise and meaningful manner is now center of attention for all data scientists and organizations.
With more data available at the hands of small and large scale organizations, there is a constant and increasing need to find new ways to analyze datasets and convert Data -> Information -> Insight -> Action.
Understanding the basics of data
With a large amount of data available worldwide, it is shocking to know that only 6% of data comes through printed resources such as books. The remaining 94% data comes from digital sources. Moreover, about 90% data is not only created via digital modes, but stored digitally. An average count of 2.5 quintillion bytes of data is generated on a daily basis, being added to the earlier existing data.
What do we do with the large amount of data we have?
Why is there a need of Data Visualization?
The time duration for which humans are able to pay attention to a written spreadsheet is only about 8 seconds, making it difficult for many to read and comprehend the data. Hence data companies have come up with interesting ways to summarize a large amount of data, making it rather interesting to comprehend. The latest and new ways to visualize data are through infographics, charts and interactive maps. Through these interactive methods, the human brain, despite the reducing attention span, is able to comprehend the message effectively.
Convert data into actionable intelligence:
There is an emerging understanding that a visually represented data presented as interactive data is the way forward in data visualization. This isn’t entirely correct.
Though the data is available from many different sources, the analytical representation can happen in a rather monolithic fashion i.e. similar datasets are presented using a certain type of graphs. Few processes may be represented via infographics.
To generate value through data, organizations need to be clear about the following:
- What information you need
- How will this information be used
- The existing data collection tools ecosystem
- Amount of process and behavioral changes you need to bring about data-driven culture
Using this information, one can create a deeper analysis of data. We would also recommend aiming for predictive analysis using data mining techniques. Through this understanding, you will be able to understand the need of your customers, which will eventually help you in designing products on the same lines or make the required changes in your services.
The chart here defines Visualization of themes of novels nominated for the Man Booker Prize (by Johanna Kamradt and Christian Tate)
How to use data to grow your business
Understanding the various demographics and segments of data consumers is vital to an organization’s success with data representation. Organizations that generate a healthy understanding of data-consumer segments and use predictive analysis to understand consumer behavior are always found to be more successful in expediting the buyer’s journey cycles for their solutions.
Internally, data can be used to communicate messaging effectively create generation can be helpful for companies is to use these visuals for putting your point forth in front of
- Company stakeholders
- Employee training programs
Through proper data visualization by companies, an enterprise is able to grow and function better in a smooth manner.
Example: customer success story from Microsoft
Data – The key to business growth
Each and every set of data describes a story and is able to generate a clear idea based on a consensus of large people, thereby helping organizations understand more about their audience/customers and generating relevant products and services.
As the field of data science and the technologies surrounding data visualization continue to grow, it’s time to evaluate your organizational maturity towards creating and using actionable insight created using various tools.