How Data Analytics and Visualization Can Help your Business?
Value of data
The need of the hour is to understand data (past or historic data, current data and future data) which is of utmost importance for improving the efficiency and productivity of the business operations of enterprises worldwide. Data helps to drive the business approach and improves its performance.
The data when analyzed and visualized can produce tremendously powerful insights and stunning outcomes. These outcomes can be leveraged by management leaders and decision makers to make better, well informed and quicker decisions that will optimize cost and performance of the organization infrastructure.
To extract the greatest value of data it is important to have a good mix of the data analytics tools, resources such as big data scientists, business analysts, technical experts, Data, and the intent to be data driven with proper processes, and structures to support analytical decision making.
How visualization will change the way one thinks about business?
Just as Data Analytics is important, similarly data visualization is equally critical to any enterprise. Instant access to data is not enough, data must be presented in a meaningful, and visually appealing manner so that everyone can comprehend it quickly without much trouble.
Data visualization helps to accurately and easily communicate information to the wider audience. It allows detecting current market trends, various patterns and vital correlations in businesses that might be ignored or undetected otherwise.
Visualization of data is possible by using advanced data visualization tools. These tools have the capability to enable sorting, filtering and completely drilling down data visually. Visualization of data provides accurate visual solutions collated from diverse sources to give deeper business insights.
Visualizations have helped businesses in transforming their production, operations and marketing functions via sophisticated data visualization tools. The potential gains that any business can achieve leveraging Data Visualizations are beyond measure. It helps them grow sales, drastically improve quality while reduce operating costs.
How data analytics enables switch to gain rich profits?
Data analytics and its innovative findings are capable of leading to highly effective marketing, better customer service, improved and high operational efficiency, new revenue opportunities, and gaining of competitive advantages over contender enterprises and many more business profits.
How can an organization get richer benefits by using data analytics?
There are a few obvious and rich benefits that any organization can gain from the use of Big Data Analytics. If the organizations leverage the latest cutting edge Big data technologies such as Hadoop and cloud-based analytics, it can definitely provide significant cost advantages to the organization. Big Data Analytics facilitates organizations in taking quicker and better business decisions. The high speed of Hadoop along with in-memory analytics, several companies are mainly focused on speeding up existing decisions. Last but not the least, big data analytics helps to create new products and various services for customers.
Big data is generating new and dramatic business opportunities for enterprises. It is important that the organizations understand the benefits and go ahead in exploiting the full potential of Big Data Analytics.
Some other great benefits to enterprises by leveraging Big Data Analytics are safety of data, ability to perform risk analysis, generation of new revenue streams, deriving enterprise wide insights. Big Data Analytics also has the ability to personalize website content and the look of the website in real time as per the customers visiting your website.
How big data summarization increases lead generation?
Big Data summarization techniques mainly help to reduce complexity and size of large datasets to more managed parts. These smaller portions can highlight just the right aspects of the data with better clarity, precision and context. This leads to more logical visualizations, and more accurate visual analysis. To derive true benefits of data summarization, so that it can be most effective during visualization, the users of the system need to completely understand and participate in the entire summarization and visual analysis process. Data summarization allows developing messages that are customized to each segment of customers, which is effective for lead generation and closing sales with those leads and also help in creating new business with existing customers.
Conventional summarization and records
A few drawbacks or concerns of the conventional summarization and records are lower scalability and performance, added maintenance, hardware and software costs to manage large data sets, lack of a consolidated analytics platform and custom analytics compared to the Big Data Analytics tools that are available today.
Whereas Data analysis empowers organizations from different industries like healthcare, finance, telecom and retail etc, to use disparate data. It provides organizations with a deep understanding of influencing factors such as customers, buying behavior of a customer and sales performance of a product, and other important things. Analytics allows a business decision maker to get insights into multiple aspects of a business.
Data analytics and impacts in the business results
Let’s have a look at how Big Data analytics creates substantial impact on business results. The first and most important step for enterprises is to evaluate their business landscape and available options to best match their context and requirements.
Big data has proven itself in almost all fields, if we consider the Healthcare domain Big data has been able to provide patient records to doctors in a manner that they can gain insight and identify patterns in diseases. There is ample data in Healthcare, that comes from diverse and multiple sources, the challenge is synthesizing the available data into real time information and making proper use to take further actions. Big data provides insights to healthcare organizations for measuring and improving the quality of treatment, increasing patient and doctor satisfaction, improving revenue management and in controlling soaring costs. A few benefits are decreased mortality rates, lowered insurance costs and better quality of life with accurate diagnosis and right treatment.
Another example of Big data success is the Retail industry, where the retailers are now able to run through numerous records of consumer data in order to derive in-depth consumer insights based on shopping trends and preferences and campaigns ultimately heading to increased revenue and hit rate. Big data is beneficial for both the retailer as well as the consumers. The retailer avails growth in revenue and customer loyalty, where as the consumers get customized information and offers as per their interest.
One more example is the telecom industry. Mobile connections are expected to be on a continual rise. The data available is massive and the telecommunication companies can mine this data and make it work to their advantage. They can create a big impact by studying subscriber persona their usage patterns and work out targeted marketing campaigns. Big data analytics can also help telecom companies find what additional services can be offered to the subscribers from which they can derive maximum benefits based on their personal interests. Telecom companies can offer value-added services like location-based services that will definitely lead to better customer service.
How visualization helps to prevent the spread of deadly bacterial infections in a company?
Visualization helps organizations to eliminate all the unwanted or junk data also referred to as bacterial infection. There are a few methods through which visualization eliminates all bacterial infections in a company:
Data visualization provides accurate and clear understanding for its audience by measuring the impact of workings and operations of businesses or by providing visual insight. If data visualization is utilized efficiently, it can produce great results that can facilitate managers, and internal as well as external stakeholders that are involved in taking business decisions thus avoiding the spread of junk data.
Visualizations have a better impact compared to text or numbers, as humans can easily relate to visuals as they are more strongly hinged to the memory. These visualizations empower the decision makers to not only achieve organizational goals but also uncover the potential of data and do away with junk data.
Data visualizations help decision analysis, the important factor being unbiased data to aid well informed and correct decision making by the relevant decision makers. When accurate and unbiased data visualizations are input into the organizations decision-making tools, the managers have the ability to make better decisions for the enterprise.
Data visualizations are extremely powerful, and the right utilization of visualizations in any organization or business has sweeping consequences that can have either a positive or negative impact. Wrong or misinterpreted data visualization leads to wrong decision-making, but rightly applied data visualization results in clearer and in-depth insights, powerful messaging, and supports the decisions that have been made.
Both Data analytics and visualizations together can work wonders for enterprises if they are implemented and leveraged correctly. Enterprises can reap maximum benefits and gain tremendous growth, efficiency, power and profitability in the years to come.
A great combination of analytics and data visualization forms an integrated component of any business intelligence (BI) initiative. Such initiatives facilitate users to discover data, and apply analytics to understand or get deeper insights. These insights can then be shared in visually appealing or aesthetic ways in-turn empowering business decision makers to take actions quickly to improve business. Data visualization tools used for any business solution needs to be easy to use for IT staff. Some key features of analytics and data visualization solutions should ideally have:
Easy to use and Interactive graphics
Best practices of both worlds data analytics and visualization
Easy report generation capabilities
Integrated and intuitive yet approachable analytics capabilities
In-memory processing capabilities
Ability to widely distribute insights across the web and mobile devices