Learn how data visualization can help you gain insights into your business
No matter your company’s size, scope, or industry, you are unquestionably collecting a vast amount of information in order to run your day-to-day operations and make strategic decisions. Making sense of thousands—even millions!—of data points is now the norm. But evaluating massive amounts of data is often a challenge.
Back in the day, sci-fi fans were wowed by the dazzling optics and applications that allowed heroes in Star Trek, The Matrix, and countless others to solve problems using futuristic visual tech. Imagine if that same Hollywood magic could be imbued into your business? With analytics visualizations like data dashboards, it can!
A data dashboard is an information management tool that visually tracks, analyzes, and displays key performance indicators and data points to monitor the performance of a business, department, or specific process. A data dashboard incorporates interactive visualized data, such as graphs, charts, and progress bars, that can be easily color-coded, sorted, and modified to deliver information.
Utilizing dashboards to display data can benefit your business in many ways. Here are what we think are the top 5:
1 – Visualized data is processed faster
Visualization works from a human perspective because we respond to and process visual data better than any other type of data. It is reported that the human brain processes images 60,000 times faster than text, and 90 percent of information transmitted to the brain is visual. Therefore, having data presented within a dashboard enables users to process and understand the data much quicker.
2 – Enhanced decision making
Dashboards allow users to easily see how departments within the business are performing. This can highlight areas that need to be focused on and can also assist in budget planning and financial reporting. Dashboards can be completely customized to show information relevant to the user and include the ability to drill down into various levels of detail. These aspects help users to make quality data-driven decisions.
3 – Improved collaboration and sharing
Data dashboards can be easily shared amongst peers and allow for a consistent view of the organization. This should result in more accurate and reliable reporting across the business, as well as providing a new platform for collaboration.
4 – Enhanced ad-hoc data analysis
Despite a complex back-end, the intuitive design of data dashboards allows for data to be quickly and easily analyzed by anyone in the business. Where previously an employee may have had to trawl through rows of data to conclude their own outcomes, dashboards automatically show trends and patterns within the data set. This means that data can be analyzed and decisions can be made based upon data much more quickly.
5 – Better exception reporting
It’s important to be able to see oddities in data, or where numbers just aren’t quite adding up. Dashboards allow users to see these anomalies that could ordinarily be missed when using traditional reporting methods. Dashboards use predictive analytics to gain insights into your data and highlight trends that would otherwise go unseen.
Those are just five of the reasons that we believe data visualization can benefit your business, but there are many more! At Chateaux, we have over 22 years of experience creating dashboards and have the knowledge of pulling data from many different sources. We work with multiple platforms, such as Microsoft’s Power BI, SAP BusinessObjects, QlikView, and Tableau. If you would like to implement a dashboard in your business, or would like to know more, email us today! One of our experts would love to help you!