Importance of Data
Visualization for Your Business
Importance of Data Visualization for Your Business
Big data is an inexhaustible source of progress for business. Based on data insights, companies can improve their products, provide customers with more personalized services, increase performance, security, conversions, revenue and basically any business metrics that have growth potential.
Visualization and analytics play a pivotal role in leveraging big data. You see, as is big data can have little to no benefit for business. Often, it is represented by an enormous amount of unsorted and updating data in an unreadable form. Visualization and analytics are focused on turning big data into a comprehensible and practical source of high-value information for business.
In this article, we will find out about the benefits of data visualization and how to apply the technologies for data visualization in business.
In fact, there are plenty of data visualization definitions, and all of them convey the same thought. Data visualization meaning lies in the process of turning complex into simple.
Big data visualization implies using certain techniques and tools (we are going to talk about them later in this post) to translate relationships within data into visual language — charts, maps, diagrams, matrix, etc.
Originally, companies saw the importance of data visualization in business intelligence (BI) initiatives only. Today, however, the growing market of IoT services, solutions and products and tight relation between big data and IoT create a ton of new opportunities for the use of big data. Therefore, it expands the application of visualization and analytics of big data to basically any domain.
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With the right data processing and analytics in place, literally, every type or size of business can reap the benefits from big data. Advantages of data visualization are so varied, that any decision-maker, be it a small retail store owner or the management at large manufacturing company, can find the way to extract and use data insights for the benefit of one’s business. Here are some basic strengths of big data visualization.
- Facilitate perception and understanding. Human brain can process graphic information quickly and in much bigger portions than, for example, in spreadsheets or plain text. Visualization does exactly what our brains need — creates graphic content based on the given data and enables easier perception and comprehension of a large amount of information.
- Recognize relationships and dependencies. Not only does the visualization of big data help in interpreting information. When placing data sets on one map or chart, for example, you can spot relationships and dependencies between them, identify specific conditions for certain events or results, etc. Thus, you can extract exclusive insights, which could have been unavailable if not for visual representation.
- Find patterns at scale and make predictions. Combined with advanced analytics, big data visualization help in a business case that requires finding patterns in data sets and, therefore, patterns in the events. Some of these patterns can be seen with a naked eye, for example, on a bubble plot (see below). Others can be recognized only by smart algorithms. Using patterns, executives can make predictions, identify trends and build a strategy based on real insights rather than assumptions.
- Provide real-time monitoring, control and immediate response. One of the biggest advantages of big data visualization is providing transparency and visibility of the processes in a company or organization. Depending on what data source we are talking about, executives can monitor in real-time the employees’ performance, a customer’s purchase journey or something as trivial as electricity consumption on the premises. These capabilities make better control over the processes possible and help take immediate action if needed.
- Determine errors, malfunctions, risks. This advantage vividly shows why data visualization is important, even indispensable. In some cases, visualized data can show errors, mistakes or even help measure risks. Monitoring the performance of connected heavy machinery, for example, can help determine errors before they lead to malfunction or breakdown. In terms of people’s safety, it relates to prevented accidents at the workplace and, in some cases, even saved lives.
This is just a partial list of big data visualization advantages. In reality, any business embarked on exploiting big data and extracting insight can come up with its own advantages of big data analytics and visualization.
About IoT data analytics and visualization services
With the development of the tools and services for data storage, processing, analytics and visualization, it became easy to use visualization in big data and drag the value from it. These tools use cloud storage and databases as a source of big data, cleanse and organize it and then use graphic representation to display data in an easy-to-read format (on dashboards on other output elements).
Different data visualization services offer various capabilities. Some can automatically choose data visualization techniques (interactive charts, plots, maps, etc.) to better represent diverse types of data. Others include analytics, can determine correlations between different data sets and show ready-to-use insights.
What unites most data visualization solutions is rich configuration abilities which provide users with a wide range of opportunities for data analytics, interpretation, exploring and application.
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Big data visualization techniques and tools are diverse and keep on developing. In short, techniques are the ways of representing data using visual elements, such as charts, plots, maps, infographics, etc.
Big data visualization tools are mostly digital services or software able to connect to data source, extract raw data, process it and, using the right visualization techniques, display data on configurable dashboards or reports.
Some of the most popular and recognizable examples of visualization tools are Tableau, Power BI or Elastic Stack’s Kibana for more advanced work with data. The majority of these tools provide analytics services, including machine learning capabilities. Others focus on high-end data representation based on VR/AR, for example Virtualitics.
Recently, we’ve made a detailed review of different techniques and tools for data visualization. Check this article to learn about the types of data visualization tools. We have divided them into groups depending on user skills and the purpose of data analytics and visualization.
We believe that you can’t overestimate the importance of data visualization. At Digiteum, we have been working on various data visualization projects for different clients and had a chance to see the real benefits of interpreting big data and applying the results for business growth.
One of our clients manages a platform which allows augmenting user experiences on different services like Fitbit with audio background. Once we connected the system to the advanced data analytics and visualization, the client and users of the platform could get high-value insights on how end-users stream music, what events lead to conversions and where the system falls short.
As a result, decision-makers on both ends now use the insights to improve customer engagement, increase conversions and optimize both the platform and applications connected to it. Read more about the success of this business case here.
Another client, one of the leading photo printing laboratories in the U.S., had to deal with system overloads every year during holiday seasons. The lab’s online services couldn’t take the extreme traffic increase, slowed down and sometimes even crashed. It translated into lost sales and declined customer satisfaction.
As a primary technology provider, Digiteum took up the challenge and developed a system health monitoring and control tool based on the combination of Elastic Stack solutions. From that point, the management and support team could see the whole system in real-time on their dashboards, intervene if needed, make sure the system performs consistently and no order is lost. You can check this success story here.
Handling terabytes of data
Probably, one of the most unique big data projects we had to work with is building a language corpus. This project includes processing up to 15 terabytes of data per year at incredible speed. In human terms, it equals processing all news articles in English produced throughout the entire Internet daily within 3 hours.
In order to cope with all the data and keep the pace, we’ve configured the platform built on Microsoft Azure to visualize data pipeline in real-time. Today, the visibility of the workflow helps keep uninterrupted productivity — the system can take up to 10x overloads and still successfully process from 800k to 8 million raw documents per day. Find out more about the unique performance of Super Corpus Platform here.
If you are searching for a data visualization company to help extract value from your data assets or want to explore the use of big data and visualization in IoT and other technologies, contact our team. We can dig for the unique opportunities of data visualization and analytics for your company and help you build a real business case that will bring guaranteed results.
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