In the era of big data, data visualization has become a key issue for companies wishing to take advantage of their data.
What is data visualization?
Data visualization is a science that deals with visually formatting a large amount of data. In particular, this allows companies to rely on reliable statistics to make decisions. However, knowing how to draw lessons from raw data requires some expertise. It is particularly in this perspective that data visualization becomes interesting: to make the data that matterscomprehensible to everyone.
Although data visualization is often used by companies to make strategic decisions, this method is also used in many other fields when there is a need to communicate clearly about statistics and figures.
The different uses of data visualization
In business, data visualization is a relevant means of communication, both internally and externally. Data visualization thus makes it possible to process large quantities of information at once, in order to more easily understand the operation of your business, as well as the results generated by the various actions implemented. This makes it possible to measure visually and concretely the impacts of the numerous actions implemented by the various players and employees of the same company. The stakes are high, since it allows the different branches of the same company, which do not all have the same expertise, to understand the actions taken by each. Thus, the departments of the same company are able to communicate effectively on their actions by having a global vision of the missions carried out.
Nevertheless, it is essential that the exploitation of the data and the realization of the various graphs are carried out by experts in data visualization, in order to avoid leading to erroneous analyzes and therefore false conclusions. When properly used, data visualization allows a global understanding of the actions deployed in a company and their results. However, this is not the only interest of data visualization.
Significant added value
In addition to the communicative aspect between the different departments of the same company, data visualization also allows significant added value when making decisions. Indeed, all the information available to a company feeds its decision-making tools. By taking all of this data into account, in a precise and impartial manner, it is possible to make better decisions. Again, this work should be entrusted to data visualization experts, so that only qualitative data is used, wisely. Thus, efficient, high-quality data visualization does not distort the information by displaying the results in a truncated or even inaccurate manner. In addition, the data used must be regularly updated, in an automated manner, in order to ensure the relevance of their decision-making utility.
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Reinforce the message to convey
Finally, data visualization also makes it possible to insist on certain visual elements, in order to reinforce the message to be transmitted internally or externally. Indeed, images have much more impact than words when transmitting information and storing it. Presenting results in the form of a diagram is thus much more striking and persuasive than a written report. However, this does not work with all types of diagrams, it is indeed necessary to opt for the display and the most appropriate graphics according to each situation. Here too, a mission must be carried out by the data science company. The stakes are high, since choosing a bad visualization can cause the opposite effect to that initially expected.
Improve knowledge of your own business
Using data visualization effectively allows a better understanding of the data held by a company. Companies that use data visualization can use it to improve their knowledge of their own business and working environment. It is however essential to use data visualization well, since a bad data visualization is likely to confuse a message, leading to an erroneous decision-making. Conversely, good data visualization allows the transmission of powerful messages which will be memorized by all. Actors and employees of the same company can thus have a global understanding of the actions carried out by their company and make decisions supported by this data.
Data visualization focused on the customer experience
With regard to customer relations, data visualization is also proving to be a powerful lever. Indeed, given that consumers expect an organization of transparency, as well as an instant and intuitive response, data visualization is then essential in this context. Many companies use it to collect and analyze customer data targeting their users.
Data visualization, for a qualitative customer experience
In fact, by promoting a quality customer experience, data visualization can meet growing customer demands, particularly with regard to two growing trends making the development of visualization tools crucial:
• On the demand side, consumers are hungry for better customer experiences. They are now expecting more engagement from the brands they use and have been used to the experiences of modern devices. They therefore expect instant and appropriate responses to their requests.
• On the supply side, it is essential to rely on data visualization to be able to obtain from a large amount of unstructured data relevant information adapted to a clientele. The use of data visualization techniques is essential here to understand customer expectations. For example, data visualization allows a brand to analyze the major appreciations emerging from millions of messages on social networks.
Nowadays, many organizations have understood that they must go beyond traditional dashboards and spreadsheets, so as to pay particular attention to the consumption of users. The graphs drawn from the data captured by a company are no longer an end in themselves, but the beginning of an in-depth customer analysis, allowing a company to add real value in its interactions with its customers.
In the banking sector, for example, data visualization allows customers of a bank to track their banking expenses and thus better manage their accounts. Another concrete example of what data visualization can offer consumers: in the energy sector, customers can visualize the expenses generated by their behaviors, and thus adapt them to save money.
As customers get more and more used to this type of digital interactions based on data visualization, companies that do not use it are inevitably led to lose market share. Companies considered to be leaders in the digital sector thus place this science at the heart of their offers, in order to improve their customer relations.