Any time we browse the internet, use mapping technology or make a purchase, we are generating all kinds of data that can be used by businesses or other entities to improve their marketing practices and products, ultimately increasing their sales.
Many companies decide to hire a data visualization designer to make the data they collect easier to understand, and this proves to be a worthwhile investment in many cases due to the uptick in sales they see after implementing subtle yet effective changes. Learn more about the benefits of data visualization below.
1. Data Visualization Makes Complex Data Easy to Understand
Instead of spending your time looking through spreadsheet after spreadsheet of data that your website or analytics provider has collected, data visualization can translate that data into a graph, chart, or infographic that can allow you to understand what your data is telling you in a matter of minutes.
Many companies go through the motions of collecting and storing data, but they don’t take the extra step to find a way to make genuine use of it to improve their company. Organizations that harness the power of all the data they collect will have a major leg up on the competition.
2. Data Visualization Can Help You Make Better Decisions
It’s not enough to collect and interpret your data, though that’s still many steps ahead of other organizations. Where data really comes in handy is allowing you to make better decisions about the direction of your organization. By taking a closer look at your data with data visualization, you can have a greater understanding of what your customers want, which parts of your business model work well, and which parts need improvement.
Running or leading a business successfully often boils down to making critical decisions at forks in the road, and some businesses succeed due to luck, while others make informed decisions based on objective data. Data visualization can empower you to make better decisions about the direction of your company that can allow you to swim rather than sink.
3. Data Visualization Helps Company Speed and Efficiency
A report out of Carnegie Mellon University states that those who use data visualization are 28 percent more likely to identify and utilize time-sensitive information than those who don’t. Having access to information quickly and accurately through data visualization can help your company act quickly on emerging trends or other key real-time information.
This can also give you a major leg up on the competition, as trends change rapidly. Those who don’t listen to the data and try to jump on the bandwagon too late often get left behind.
Data visualization may seem like an unnecessary investment, especially if you feel confident in your ability to analyze and interpret data. Data visualization is highly beneficial in allowing businesses to understand their numbers quickly and comprehensively in a matter of minutes instead of hours or days, and that can mean the difference between increased sales and stagnation.