What do we do with it?
All of us are quite familiar with the buzz words, 'Big Data' and 'Data Analytics' by now. Data is being regarded as the new oil of the 21st century. As per a report, 72% of organizations admit that they collect data but never use it because of its complicated nature despite a high 'Return on Investment' (ROI). A 10% increase in data accessibility can result in more than $65 million additional net income for a typical Fortune 1000 company.
Does the question then arise how one could unleash the potential of this asset? How could it be used to maximize the returns?
One possible solution is to create a conducive environment to allow people to read data and draw inferences in real-time.
Data Visualization techniques help serve this purpose. These techniques help in spotting trends, identifying correlations, and unexpected relationships while developing a compelling narrative and help one make data-driven decisions. It has become an essential tool to make sense of the trillions of rows of data generated every day.
A typical visualization could be in the form of charts, tables, graphs, maps, infographics, and dashboards.
Data visualization has gained momentum in a short period due to its diverse use across industries, including STEM, business, marketing, sales, etc.
Several online tools can help these mesmerizing visualizations, such as Tableau and Visme. These tools allow you to create visualizations from scratch and are customizable. One can also adjust for real-time changes or a specific period in Tableau. These adjustments will enable you to analyze temporal data.
Data visualization is a powerful tool for designers who like to engage in story-telling using data and design. It also allows you to develop an informed process of your design, which can further be improved with several iteration cycles.