How bright is the future of data visualization in the next 10 years?
Over the years, data visualization has made a significant impact not just in large organizations but also in medium and small enterprises. All thanks to the data generated at a break-neck pace. Each day 2.5 quintillion bytes of information are generated globally, which will go wasted if not put in a proper framework. Thus, making the future of data visualization robust!
Phil Simon, in his new book, The Visual Organization: Data Visualization, Big Data, and the Quest for Better Decisions, says, “The Visual Organization is fundamentally about how progressive organizations today are using a wide array of data visualization (DataViz) tools to ask better questions of their data – and make a better business decision.”
We all know the importance of Big Data and its prospective future. Let’s now take a look at data visualization’s future. Companies have started focusing on enhancing data visualization’s scope. Because only the right framework helps understand the data correctly and utilize it optimally.
Is data visualization only for IT companies?
Though the stalwart BI (business intelligence) enterprises like IBM, SAS, SSRS, and Cognos are still around, they aren’t the only market players. The advent of advanced BI tools like Power BI, Tableau, Visual.ly, etc. has made data visualization and analytics possible for non-technical consumers, too.
While discussing the future of data visualization, we cannot ignore these new tools’ contributions. These have not only reduced the dependency on IT but have also reduced the expenditure on DataViz substantially.
Despite a large number of BI and data visualization solutions, most SMEs are doubtful about using them. They fear cost escalations and have misconceptions that BI tools are too advanced for their business size.
They are still under the notion that BI tools are for large organizations, and they do not need them. However, any organization, be it big or small, is sure to benefit from analyzing its business data.
Some of the benefits of data visualization are as follows:
- According to the American Management Association statistics reports, data visualization saves time by reducing business meetings by 24%.
- Leaders can make decisions more independently without having to rely on their IT department.
- Dashboards and reports developed using BI software are more comprehensive, and help leaders make real-time, accurate, and informed business decisions.
- A study by Nuclear Research claims that practical data visualization tools provide an average ROI of $13.01 for every dollar spent.
Instead of looking at dashboards with fragmented views of business and its surroundings, such as the markets, customers, competitors, etc., a data-friendly architecture is sure to help SMEs see the broader horizon.
In fact, it will be easier for them to implement these technologies than larger organizations due to their lesser technological & data baggage.
Industries that benefit from data visualization
There’s no such industry where data visualization is not required. So, how does data visualization benefit various industrial sectors? Let’s take a look at some of them:
The travel industry has always depended on data for providing service to its customers. For instance, using the historical data of customers’ journeys, a flight company can predict when there will be more demand, and they can accordingly plan their marketing strategies and pricing.
Banking & Finance
Maths plays a vital role in the banking sector for calculating the different rates. They collate data from various sectors to help customers and traders. Using data visualization, they can get the data from disseminated sources in one place and perform complex algorithms to benefit all the stakeholders.
The health industry needs to provide the right healthcare solution at the correct time. So, to discover trends, they need to analyze large and up-to-date datasets. By following the current global situation due to COVID-19, one will understand how vital DataViz is in the healthcare sector. Starting from studying the trend to gearing up to deal with the pandemic; data is required in every step.
Education has one of the largest markets worldwide, and it, too, can benefit significantly by using data visualization. If the students’ information can be presented on one page, it’s bound to help educators and teachers immensely. They can find out the progress of the students and help them improve in their lacking areas.
Retail & eCommerce
Retail & eCommerce is another industry that depends extensively on the demand and supply dynamics. And data has always played a crucial role in this sector. With online retailing gaining prominence, analyzing the data, and utilizing it on a real-time basis has become more critical than ever.
The Future of Data Visualization
Organize & manage data better
With the large amount of data being generated every minute, we must use it to benefit our business. And an organization can do it effectively by using data visualization tools. They extract data from different sources and help the organization structure the same. And, it also helps generates real-time, comprehensive reports.
Add more meaning to data
Data is meaningless until it tells a story. The advanced BI software helps organize data collated from different sources. It presents in a meaningful and more understandable form. Best of all, visual data is easier to interpret for all levels of seniority and technical awareness within the employees.
Make better decisions in lesser time
We all want quick solutions. Leaders have to make prompt and accurate decisions. This can be much better achieved when they embrace data visualization. It makes the results of complex calculations more comfortable to understand. Recognizing patterns, identifying trends, and finding out the key factors takes much lesser time with data visualization.
So, have you ventured into the vast universe of data visualization yet? If not, don’t worry! We have just the right guidance for SME businesses who want to improve their business operations. Check out the following guide –
In case your organization does not have the required skill sets, partner up with agencies like us, and be a part of the thriving future of data visualization.