Data visualization is critical for decision making in enterprises. Orgranizations are spending huge amounts of money to ensure that they have best-in-class data visualization tools and solutions to enable their senior management team to make informed decisions seamlessly.
By pictorially representing key aspects of very large data sets, data visualization can make analysis and decision making easier and faster. As human beings, we are wired to process images and videos better. With the proliferation of cloud computing, data storage has become cheap, and data is now omni-present. Digital interface has become more immersive, and data is now presented in a much better and easily comprehendible formats – thanks to the power of data visualization.
Also Read: Transform Data into Insights with Predictive Analytics
Let’s look at the top 5 data visualization trends that will impact the future of business as we enter the new year:
- Video Visualization
Millennials want to learn anything through a visual medium. With cost-effective and ubiquitous internet available at their disposal, people are constantly trying to learn things by watching videos. It is also a prime form of entertainment with movies, sports, news etc. being consumed in the form of videos.
Brands, influencers, and content creators are interested in knowing how video and advertisements work for them. It is interesting to keep a tab on the number of impressions garnered, views received, watch hours per video etc. It also gives an idea on the engagement quotient of the video with comments, likes, shares etc. Further, interesting analytics such as the ‘average number of minutes viewed’ of the video that has been watched by users or subscribers also gives a sneak peak into the interest and engagement.
It is a clear indicator that video will be used as a means of education, awareness programs, relevant content, and advertising.
- Self-serve Visualization
Visualization tools are being made seamless and easy for non-technical users. It will now enable users across departments such as HR, Finance, and Marketing etc. to start using these tools on their departmental software such as ERP, CRM, HCM etc. and gain deeper insights into the data sets using self-serve visualization tools. It will not only reduce the dependence on IT and development teams but will also enable such non-technical users to derive insights for decision making much faster. Self-serve visualization is well complemented by low-code development platforms which are enabling non-technical users to create the reports and visual dashboards they want without having to rely on programmers.
- Listening and Alerts based on Visualization
Insights from data have a shelf-life. It is relevant only if it is acted upon almost instantly. With new age data visualization tools that can connect directly to the data warehouses, even the ones on the cloud such as snowflake, data is no more contained in siloes but comprehended in a connected manner. The visual dashboards can cut across large data sets from various departments of the enterprise and present visual dashboards which can aid real-time decision making. Such dashboard can also listen to organization’s external stakeholders such as their customers and investors, and identify and resolve issues or concern in real-time. Such visualization augments the value of the brand and enables it to come across as trustworthy and dependable.
- Mobile App Visualization
Everything from shopping to health to education to finances is now on our fingertips. There is very less that we don’t do through our mobile phones and hence the time spent by the consumer on the device is very high. Brands are now displaying various patterns and trends for their customers. This including their spending habits, their previous buys, the offers they used, etc. in neat and visual representations. The idea is to aid quicker decision making and enhance purchases. Brands have now started clubbing merchandise with a claim that people who bought product ‘A’ would also buy product ‘B’ and are hence inducing a purchase behaviour.
Often, the brands that retain customers and do repeat business are very strong on their visualization as compared to the brands that don’t.
As the consumption of data through videos, mobile phones and social media increases, data visualization – both for enterprise decision making and for influencing customers to visually envision benefits of a product/ service and induce a purchase decision – will find an exponential increase in usage.
- AI and Machine Learning based Data Visualization:
We live in the ‘smart’ era. Machines can be taught how to respond and react. When machines that interact with customers are made intelligent, they enhance the customer journey and present options as per the customer’s preference and choices. Such systems can also sort, and bucket feedback and concerns raised by customers into visual formats and enable the customer experience and service teams to address issues faster, thereby enhancing loyalty and delight.
We have already entered the ‘information’ age. Businesses that can collect, understand, analyze, and react to data and insights faster can become leaders in their areas of operations. Data and insights will separate the best from the rest.
Are insights enough? The answer is no. The way the data and insights are presented, can enable faster and accurate reactions to it. Such well-informed reactions or decisions will augment the growth and profitability prospects of any business.
Have you built an efficient data warehousing and business intelligence engine? Have you empowered your users with self-serve analytics tools so that they can mine insights and make well-informed decisions faster? Have you also facilitated data visualization tools and solution so that the time to comprehend data, understand insights, and take decisions can be instant and in near real-time? These are among the most critical questions which, if answered correctly, can catapult your organization to unprecedented success.