Whether they’re starting a company for the first time or maintaining an existing one, business owners are required to constantly develop new skills in order to keep up with an ever-shifting professional landscape. Obviously, research and careful planning are essential to success, especially in the early days of a venture – but that can be easier said than done.
That’s where data visualization comes in. Simply put, data visualization is a way to take complex concepts and use straightforward visuals to express them clearly and simply. Data visualization actually covers a litany of methods by which companies can communicate information clearly, effectively, and engagingly. Read on for some more great tips and information, courtesy of Miri Lenoff.
It Helps You Communicate With Employees
HEAVY.AI explains that data visualization describes the information that is compiled, interpreted, and presented in an easy-to-understand visual manner. Things such as charts, infographics, diagrams, and certain informational videos are all examples of informational graphics. By making info accessible to the layman, your staff can identify and act upon trends and common problems without the need to interpret mountains of raw data.
It Suits a Variety of Purposes
No matter what information you're trying to communicate, there's a format of data visualization best suited to your purpose. Simple charts and graphs are fine for internal communications and making quick points to small groups. As blogger Brandon Gaille notes, larger studies and campaigns may necessitate the creation of infographics.
Infographics are curated visual data sets with annotations and interpretations attached. These are best for identifying market trends and long-term courses of action. These graphics can be attached to physical handouts to be distributed amongst your team, added into PowerPoint presentations that can be shared online or embedded into videos and animations for public consumption.
It Helps You Make Better Decisions
In business, data is the heartbeat of your operations. Without accurate data retrieval, both when first acquired and when it’s analyzed, you’re left grasping at straws when it comes to how to perform a number of activities. For example, data provides you with the tools to better understand customer behavior, which drives how you market to your target audience. It also helps you streamline internal processes such as workflow and operating procedures. And, as noted above, visualizing that data allows you to share it for optimal efficiency and making the best business decisions possible.
On a related note, another way to stay on top of changes in our ever-changing business world is by pursuing a Master’s Degree in Data Analytics. That could give you a massive advantage over your competitors while also making it much easier to keep up-to-date on current trends in the workplace (not to mention advances in technology). And best of all, if you take advantage of the freedom offered by online learning, you can progress at your own pace, without constantly having to take time off work. Typically, most learners complete the degree in under two years!
You can also implement your lessons and see the results in real time, so there won’t be any question as to how practical the information you’re gaining actually is.
It Makes Advertising More Effective
Understanding the causes and solutions to common issues within your industry is vital to better serving your customers. Creating infographics detailing your most common complaint items, for instance, will point you toward the best actions you can take to resolve them. Collected timelines detailing waves of profits and losses can lead to discoveries regarding what products and services are in highest demand and which ones peak during certain times of the year.
Customer-minded actions and considerations are great, but data visualization is a powerful advertising tool when directed at your clientele themselves. Infographics showing what your business has to offer (perhaps in contrast to your competitors) can be added to flyers and distributed about your territory. Designing your own flyer has never been easier. Choose a free flyer maker and begin selecting icons and colors and arranging them with your specific text in the font of your choice.
It Shows Customers and Investors That You’re First Class
Data visualization can create flashy communications to improve your company's public image. You can take compiled information on how your company's performance compares to the averages of your industry and distribute them in an infographic. Showing off how your prices, services and profits stack against your direct competition will show potential investors the value in trusting your business with their funds.
Customers can also be shown such comparisons to cast the organization in a positive light. It's widely agreed that charitable companies have an easier time finding customers. A simple pie graph showing what percent of your profits is given to charity or community outreach can have a more lasting effect on humanitarian clientele than a generic TV commercial could.
These days, there are so many moving parts in your average business that business owners can find the process of just trying to keep up a little overwhelming. That’s where data visualization comes in. It allows anyone to communicate the most important bits of info unambiguously and in an easily acted upon manner, with the added benefits of improving communication with employees, making better business decisions, and making your advertising more effective. .