Data Visualization: It is Time your Company get the Best from the Data

Posted by CloudGenX Solutions on 7/5/18 5:03 PM

What does your data mean to you?  Ever wondered how to draw strong insights from data? For a driven firm, it is quite important. The presentation of this data is vital for your team as its analysis directly influences the following actions. The issue though is not every firm is able to accomplish this task which hinders their success. Forrester found that while 74% of firms say they want to be data-driven, only 29% are successful in connecting their analytics to action.[1] This statistic demonstrates that this is a problem for a majority of firms.

These issues occur for varying reasons; one common cause is the lack of a learning culture coupled with employees being accustomed to heuristic methods. This deters focus on utilizing the data through technology thus leading to weaker insights compared to competitors. Another problem is the lack of tools which allow for efficiency in generating value.[2] The missing piece to solving all of this? The right technological solutions.

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What is Bad Data vs. Good Data: Use the Data to Make You Better Not Slower

Before continuing, it is important to understand that some data will not guarantee actionable steps which is a situation you want to avoid. The insights from the data which deliver action typically answer more than one question and propel you in a different direction. There are some key attributes of actionable insights; alignment which means strategic insights which act as responses for levels in your business. Another attribute is context as firms require a comparison or benchmark to fully understand the data. Furthermore, the more specific data is, the more insight is offered for actions.  Next is novelty which indicates that amongst these large amounts of data, novel insights will provide more of an advantage. Clarity is the last characteristic which stresses that data must be presented in an understandable fashion. These will allow the interpretations to be concise.[1]

It is argued that in order to interpret data in a concise and effective manner, visualization tools can help your company. By eliminating the query process, data visualization will reduce the time of this task. [2] These thoughts are echoed by many groups because good data visualizations illustrate insights more effectively while bad insights derail a presentation. There are tips which allow for more focus on the data like removing noise, or rounder numbers.[3] You could save your firm the time in doing this entirely by using programs which prepare your data ahead of time and present it in a clear way which is understood by all.

CloudGenX Solutions: Find your Data in Seconds and Succeed Even Quicker

CloudGenX can help you develop this system particularly through the Microsoft Power BI (Business Intelligence) which is an application which has business analytic tools that provide insights to those who need it in your company. A notable feature is the data in this program can be searched up in seconds regardless of the degree of specificity. This adds to the automation of your tasks because if one of your employees ever needs a piece of information to complete a task, they do not have a time constraint. The data also comes in a succinct fashion which is easily understood by the user. It will also touch upon all the previously mentioned characteristics of actionable insights. We will also help your firm each step of the way enabling a loosening from heuristic methods into futuristic.

Are you thinking well can this program be relevant to my firm? OF COURSE, IT CAN! This program customizable and is used in a number of different companies like retail, airlines, and manufacturing. At the end of the day, your data should tell a story and with the Power BI program, the story will be interesting and actionable.

Contact us today for a Free Customized Demo or a Quote, or any question you may have related to our solutions and your business needs.

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Bibliography

Dykes, Brent. “Actionable Insights: The Missing Link between Data and Business Value.” Forbes. April 26th, 2016. https://www.forbes.com/sites/brentdykes/2016/04/26/actionable-insights-the-missing-link-between-data-and-business-value/2/#bf36faf65fa2.

Maass Admin. “9 Tips for Building Actionable Data Visualizations.” Maass Media: A Hero Digital Company. March 6th, 2017. http://www.maassmedia.com/2017/03/06/9-tips-designing-actionable-data-visualizations/.

[1] McKinsey  & Company,.“How Companies are Using Data and Analytics.” McKinsey and Company. April 2016. https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/how-companies-are-using-big-data-and-analytics.

Nemschoff, Michele. “Data Visualization: Drawing Actionable Big Data Insights.” Big Data Made Simple. October 1st, 2013. http://bigdata-madesimple.com/data-visualization-drawing-actionable-big-data-insights/.

 

[1] Ibid.

[2] Michele Nemschoff, “Data Visualization: Drawing Actionable Big Data Insights,” Big Data Made Simple, October 1st, 2013, http://bigdata-madesimple.com/data-visualization-drawing-actionable-big-data-insights/.

[3] Maass Admin, “9 Tips for Building Actionable Data Visualizations,” Maass Media: A Hero Digital Company, March 6th, 2017, http://www.maassmedia.com/2017/03/06/9-tips-designing-actionable-data-visualizations/.

 

Topics: Power BI for Data Visualization