For centuries, people have used pictures to understand different types of data. With advances in technology, computers made it possible to process huge chunks of data within seconds. This made visualization of data all the more necessary. Today, data visualization has developed into a blend of science and art, set to transform the corporate landscape.
Business leaders have come to terms with the fact that big data plays a key role while making informed decisions. Today, all businessmen have to produce and comprehend insights from big data. However, this data would be just meaningless numbers unless you identify trends or patterns that give valuable insights. Enter data visualization. It helps to unleash the power of big data through charts, graphs and design elements that can be easily processed by the human mind.
In today’s highly competitive market businesses are under constant risk of losing clients and money. Customers are spoilt for choices and their expectations have gone through the roof. They prefer buying from companies that add value and provide personalized experiences. Data visualization is one way to deliver improved customer experiences. Deciphering critical messages from large volumes of complex data mandates the use of data visualization techniques.
Data visualization is nothing but the presentation of data in a pictorial or graphical format. It leverages comparison and statistical analysis to understand the pattern, content, correlation and trends buried beneath the data. The highly iterative nature of data visualization tools helps rapid exploration of data. Interactive visualization uses technology to drill down into charts and graphs for more details and present data in a better way.
Why visualize data?
For designing customer engagement, companies use analytical insights to provide a more engaging and differentiated customer dialogue at the point of customer engagement such as a mobile app, web page, email or point of sale. Visualization helps to rewire the customers’ experience digitally. However, showing data in the form of a chart is not an end-goal in itself. Adequate attention needs to be paid on how it would be consumed by users. Companies should deliver the results of their analysis in a way that helps customers carry out their tasks.
Data visualization requires a user-centric design so that it adds genuine value to customers. Today customers look for value from their digital interactions and the companies that have not yet understood this would find themselves losing out. A great customer experience design or UX design is instrumental to the future growth and development of organizations, particularly in today’s highly competitive economy. For more on this topic please refer to https://jscharting.com/blog/improving-customer-experience-with-dv/
Benefits of Data Visualization
Data visualization can help organizations to create data-driven customer experiences resulting in enhanced revenue generation, cost reduction and quality improvements. Let’s have a look at the benefits of data visualization:
- Improved customer interaction: Creating and maintaining a loyal customer base is vital for a successful and profitable business. For this, you need to understand how customers interact across all touchpoints, their preferences and behaviour. Modern Business Intelligence tools enable you to gather information from various sources and present it in the form of coloured graphs and charts. Presenting your customers’ statement in easy-to-view dashboards allows them to interact with the data. Customers can monitor their transactions, view summaries, search fir information etc. This provides more insight, encourages problem-solving and customer engagement with your company.
- Analysis of product performance: Data visualization dashboards help you to learn how your customers reacted to your product and find out if there are any specific issues to address. This will help you to increase the production and distribution of your most successful products and eliminate the ones that are not working. Thus you can tailor your efforts according to your customers’ likes thereby encouraging loyalty towards your brand.
- Pinpoint emerging customer trends: When presented graphically, extensive amounts of complicated data start to make sense. Businesses can recognize customer trends and recognize the parameters that affect them. Businesses can have an edge over the competition by identifying outliers that affect product quality or customer churn and take corrective measures before they become bigger problems.
- Ease of communication: Once you have gained insights from visual analytics, the next step is to communicate them with others within your organization or with your customers. Visually impactful representation of data can help you to easily communicate your message. For eg: Some energy firms visually represent how their customers can reduce energy consumption and their bills by following a specific type of behaviour. When customers receive such personalized experiences they tend to come back for more.
Businesses of all sizes can use data visualization to make sense of their data. However, before implementation, you need to lay some groundwork. You need to have a clear picture of your goals, requirements and audience. Following are some ways in which you can prepare your organization for data visualization technology:
- Understand the data that you want to visualize
- Understand your audience and how they would process the data that you are trying to communicate.
- Keeps things simple.
- Be aware of the challenges related to visualization of big data due to large volumes and varying velocities of data generation.
There’s no denying the fact that data visualization is a wise investment for the future of your business. Data visualization has changed the way we work with data by promoting an imaginative and creative approach. Thus, by using data visualization as a prime driver, organizations can stay ahead of the game.
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