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they would not be able to find through numerical representations. They also gain valuable insights into consumer behavior and business opportunities.
This guide will help you understand what data visualization business intelligence is. We'll also explore the best practices to create compelling visuals for decision-making and explore different types of data visualization business intelligence that can be used for extracting insights from datasets.
What is Data Visualization in Business Intelligence?
The Data Visualizations tool is an effective way to convert complex data into easily-understandable graphics. This allows for quick insights from information.
Data can be visualized in many different formats, such as pie graphs, comparison bars and demographic maps. This allows for logical links between the units to be seen easily.
We can then see the patterns and trends that are hidden in the data.
Data Visualization is being used by companies to advance their analytics. It allows users to quickly and easily understand quantitative data in an engaging, easy-to-understand way.
Modern tools that allow for self-service BI reports make it easier to share important insights with customers.
Companies can bring KPIs to life with interactive Data Visualization Tools. Combining these visuals and compelling storytelling can help provide an in-depth understanding of what drives success within any organization.
Businesses of every size and in diverse fields, including retail, science and finance, healthcare and the financial sector, use BI to analyze their data and gain better insights into business performance.
Data Visualization Tools are a great way to maximize the potential of this information.
Every business needs data. In a world with so much information, contextualizing it cannot be easy. It's hard to gain valuable insights for your business without context and visual data representation.
This problem is addressed by the visualization of business data. This article focuses on the importance of data visualization for businesses.
Data Visualization is Important for Business
When faced with complex data, Data Visualization can be a very powerful tool for gaining insight and understanding.
Global big data production will increase significantly by 2025.
To make the best of this expansion, companies must use tools that simplify data translation for stakeholders. Visual representation is a powerful tool that allows businesses to uncover insights quickly from a sea of data.
Visually engaging dashboards allow business users to explore data in a simple and easy-to-understand format. These tools, which use dynamic illustrations to make massive amounts of data understandable, provide managers with the latest insights into their company's growth and performance.
Data visualization is becoming more important for business as we collect ever more data. The data visualization helps viewers gain more insights through patterns and trends.
You can use business data visualization to benefit from six analytic features:
- Part-to-Whole: See how a data point (metric/channel/variable) fits into the picture. How much of your website's traffic is generated by email marketing?
- Comparison: Allows you to compare data on two variables. You can, for example, compare revenue from 2022 to that of 2021.
- Distribution: It shows the distribution of certain data. You can measure the frequency with which a particular feature is distributed or even how many users make use of it.
- Flow: Shows the order of data, tasks or steps. It's great for creating user-friendly workflows and guidelines.
- Time Change: See how certain metrics have evolved. See how the website traffic has increased over the past year.
- Spatial: Allows you to visualize spatial data. You can, for example, see which countries are ordering from you and where you should focus your efforts.
Enterprise IT is a term used to describe the software and hardware typically employed by large businesses and corporations.
By number, large enterprises make up a small percentage of all global business. They are also among the most profitable and largest businesses around the globe.
In the US and around the world, for example, over 80% of companies have less than 20 workers.
While enterprises represent less than 1% by volume of the global economy, their average employee count is between 100-1000, which gives them a disproportionate economic, technological, and political impact.
In the past, businesses had multiple locations. In the post-Covid era of work-from-home, this definition no longer holds.
Enterprise IT solutions and challenges are impacted by the presence of multiple teams in different locations.
The technologies allow multiple teams to collaborate globally, track services and products, and share resources.
Enterprise IT is essential for standardizing internal processes, such as messaging, HR, management, and other business functions.
The Small Business Impact
Small business managers and owners should keep up with the latest developments in the Enterprise IT Market. Many of the enterprise technologies will eventually be adopted and adopted by small businesses.
It is one example of technology "going down market". By the time technologies reach small and medium businesses, they are often fully tested, easy to use and more affordable.
The firewall is a good example, as it's the cornerstone for perimeter security. Firewalls became standard equipment for all businesses in the 1990s.
Cisco and Digital Equipment were the only two vendors.
In 20 years, firewalls are standard for almost all companies, and there are dozens of models from dozens of different manufacturers.
This blog will examine 10 types of enterprise technologies that are common in Fortune 500 companies. Each one will be explained, and we'll also explain why they are so vital for companies of this size.
What Is Enterprise Technology, And Why Do Big Businesses Rely On It?
Let's define IT and its importance to businesses before we get into 10 different types. Enterprise technology is any software, hardware, or system that large companies with over 100 employees use.
It could be anything, from CRM software to applications for big data.
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Enterprise applications and software are vital for large companies, as it allows them to manage data and processes better.
They can gain valuable insights into their customers and maintain tight controls over their key internal processes.
Today, There Are 10 Main Types Of Enterprise Technology.
Let's now dive into the multitude of big business management and application systems which make up the enterprise IT systems most commonly used today:
- Software for Enterprise Resource Planning: It is software that helps large businesses manage processes like payroll, inventory, accounting, and customer service.
- Applications of Big Data: Big data applications enable businesses to gather and analyze large quantities of data coming from a variety of sources.
- CRM Software: This type of CRM software allows large companies to organize their customer data in a centralized database.
- Tools for Business Intelligence: These tools allow businesses to analyze their business operations in real-time and make informed decisions about how they can improve their services.
- Network Security Solutions: Large businesses require robust security measures to safeguard their data against malicious cyber-attacks, viruses and other online threats.
- Software for Collaboration: This software type is vital to large businesses as it enables teams from various locations to collaborate and communicate with one another.
- Platforms for Cloud Computing: Platforms for cloud computing allow organizations to securely store information and access it quickly without investing in costly hardware or software. Cloud apps, storage of data and content generation and management platforms can all be included.
- Supply Chain Systems of Management (SCM): Big business uses SCM to monitor the flow of goods in their supply chains and ensure that they are delivered on schedule.
- Enterprise Mobility Solutions: These Solutions allow businesses to provide their employees with access to data and applications at all times, from any location.
- Artificial Intelligence Technologies (AI): AI technologies are used by large companies to automate routine tasks, such as data entry or customer service. This allows them more resources for important operations.
What is Business Data Visualization?
All the data about a business and its activities is collected in the form of business data. Data collected by a business can include everything from data on customers to brand attributes.
The visual presentation of information and data is called Data Visualization. Data is presented in a graphical format to provide a better understanding and context.
Imagine hundreds of pieces made of cardboard, wood and plastic. You would first sort them by material and then put them all together to make different puzzles.
Data visualization is no different.
It isn't easy to make any kind of conclusion without properly visualizing the data and information you collect.
Business Data Visualization Examples
You can choose from a wide range of different types of data visualization for business. Below, we discuss them. You might be wondering how they would look on a dashboard or report.
Three examples of business data visualization.
Report on Marketing Analytics
Here is a sample report that was created using data imported from Google Analytics. This report focuses on the user's behavior.
It contains a variety of data and information ranging from pageviews and page title popularity.
Marketing data visualization can be used for identifying patterns of customer behavior and spotting pages that aren't performing as well as they should.
Sales Lead Dashboard - Customer Base Overview
Sales departments work with data just as much as the marketing department. Sales dashboards, for example, are a common way to visualize data.
This dashboard allows you to track your dynamics and see your lead sources to manage better and predict your sales efforts.
HR Applicants Pipeline Report
Human Resources is another department that relies heavily on data. HR specialists must know the number of people hired, the rate of turnover or retention, and the cost per hire.
The applicant's pipe report includes all this information and is easier to read and analyze.
What can Data Visualization do for a Business?
Data visualization is a way for businesses to visualize data in a visual format that makes it easier to understand.
They can achieve various operational or strategic objectives by using data visualization.
Data on customers, for example, can be crucial to most businesses as it provides an overview of customer behavior.
You can make better decisions.
An eCommerce platform, for example, can identify which products are bestsellers while others are collecting dust and should be replaced.
Data can be used to make forecasts and decisions by converting simple demographic or geographic data into charts and graphs.
According to the report also, data visualization is 5x faster than other methods to help companies make decisions.
Data Visualization has Many Benefits for Business
The impact of data visualization is significant, particularly in the area of business intelligence. Here are some benefits of using data visualization for your business.
Decision-Making
Data visualization helps to make data more understandable for professionals. It has an impact on decisions. You invest in LinkedIn Recruiter, for example, to increase your hiring.
You will then need to make a comparison between the newly hired employees and the previous ones. You should check not only the new employee count but also the acquisition cost to determine if the tool is a fit for your budget.
Patterns and Trends can be Identified
Data visualization is also great for identifying trends and patterns. It is a great tool for retail businesses. Why? It allows you to see the changes in the shopping habits of your clients over time.
You can then make more informed decisions, such as when forecasting inventory. Identifying patterns can also help businesses adapt strategies to include new marketing or sales tactics.
Find Correlations
All departments in a business, including sales, marketing and finance, collect data differently. Marketing focuses more on website traffic and conversion rates, while sales focus primarily on revenue, lead generation, and closed deals.
All of this data is important, but it can also be helpful to find correlations among different metrics.
You can use data visualization to find correlations, such as between recurring revenue and conversion rates or the number of qualified prospects and churn.
It isn't easy to make an informed decision without knowing how certain metrics impact other metrics. You may see misleading examples of data visualization that show correlations when there is none.
Data Should Be Made Available To All Stakeholders
It can be not easy to communicate with other stakeholders the specific information hidden in the raw data, even though each individual knows the metrics they track and analyze.
You can easily make the data accessible for stakeholders and other teams who may not know what metrics are being tracked.
You don't need to create reports and dashboards manually to share with stakeholders, either, because data automation is available.
Cyber Infrastructure Inc. offers a simple tool that allows you to export data from apps such as LinkedIn Ads and Asana into Excel, Google Sheets or BigQuery.
Read More: Implementing an Enterprise Mobility Solution: Top Four Benefits
Data Visualization: How Can It Be Used In The Business World?
Data visualization can be used in a variety of ways, from strategic decisions to automated reports. Cyber Infrastructure Inc., a platform for data analytics and automation, can cover your needs in visualizing data.
Our data analytics service can help you with any issue relating to data, whether it's building an auto-updating data dashboard or setting up data management infrastructure.
Let's look at the common uses of data visualization for business.
Data-Driven Decision Making is the Future
Data-driven decisions are those that use facts and metrics, as well as data, to help you make strategic business decisions aligned with your goals.
Data visualization can help you to make data-driven, objective decisions, even if you are not objective about what you suggest.
Imagine you have proposed a content marketing strategy that focuses on the creation and distribution of videos through different channels (Instagram or Facebook).
This trend may work well for B2C companies, but it is not the best choice for B2B SaaS products. You can determine if your approach is successful by analyzing metrics and data, such as the website traffic coming from social media.
Information Sharing Between Teams
Business data visualization can be used to communicate information or business insights among teams and members within a business.
Marketing and product teams, for example, must collaborate to grow the business.
The marketing team focuses on metrics such as cost per acquisition and return on investment. Product teams, on the other hand, focus on lifetime customer value, product usage, and churn rates.
The raw data that each team collects from its sources is the basis for their actions. They must share the information they have collected efficiently to achieve their goals.
The product and marketing team can use data visualization to turn raw data into a report or dashboard that shows complex correlations and relationships between the churn rates and qualified leads.
Reports and Analyses
Data visualization helps everyone digest the large volume of information compiled into one report. You might not be able to convey your point in just a couple of days if you brought all the data from a report to a meeting.
These reports are easy to understand and can help you spot trends. They also show where there is growth or work that needs doing.
Validate New Channel/Approach
You need to know the results of a paid campaign or new marketing strategy before you can decide whether it is right for your company.
You can use data visualization tools to see the results of new approaches over time. You decide, for example, to run a paid campaign on Facebook, LinkedIn and Twitter.
You might be interested in seeing some performance data after a month to gauge how well each platform performs. LinkedIn ads tend to have higher costs but bring in more qualified prospects.
In contrast, Facebook or Twitter may bring you more traffic and a better return on investment but a lower conversion rate.
You can compare results using different metrics and see the performance of each channel. Depending on your company's needs and budget, choose which channels to use for advertising.
Making Forecasts
Forecasting is another way to use data visualization. Any type of business must be able to make predictions. You can, for example, forecast your budget by looking at data collected in previous years.
Forecasting is important for SaaS companies. SaaS forecasting can help you predict and understand how much revenue you will generate over time from your product sales.
You will become motivated to grow your business by constantly forecasting revenue.
Business Data Visualization Types
You can select from a variety of business data visualizations depending on what type of data and information you want to see:
Bar Chart
It is often used as a data visualization. This type of data visualization is easy to comprehend and allows for comparisons between different data.
Bar charts can be used to display sales or traffic over time.
Line Chart
Line charts are another great way to visualize business data. It is easy to make and can display a variety of data.
This is ideal when you need to show and compare the changes in certain data over time.
Scatter Plot
It is used as a data visualization to show a relationship between variables. Scatter plots are best used when there are only 2 variables with few data points.
The graph becomes unreadable with more data.
Donut Chart
Doughnut charts analyze the ratios of parts to holes. You can, for example, create a chart of expenses by the department to see the department with the largest budget.
Pyramid Chart
Pyramid charts are another form of data visualization that shows the ratio between parts and holes. You can tell from the following example how many visitors made a download of content.
Funnel Chart
A funnel chart's main purpose is to show a process in a logical order. This is a great way to show the various stages in a funnel.
Marketing teams use it primarily. You can write more on your blog about Looker Studio's funnel visualization.
Charts and Flowcharts
Flowcharts help you to visualize all the steps and tasks required to get from point A to point B. They are best used for workflows or to show the hierarchy of data.
Gantt Chart
Gantt charts can be very useful, particularly for planning events and managing them. Gantt charts allow you to see at a glance when certain tasks need to be completed, who is responsible for them, as well as how they fit into the overall picture.
What Categories Are There Of Data Visualizations?
The six main categories of data visualization are:
- Compare - Take a look at how your performance has evolved over time or across dimensions. This will give you a deeper insight into the operations of your company.
- Composition - Explain the composition of your data, such as pie charts or bar graphs.
- Display - Show the distribution of values by dimension, time and value.
- KPI - Highlight the current status of your metrics
- Relationships - Display the relationship between metrics using a scatter plot.
- Locate - Display your data in a floor plan or map.
To create an effective Data Visualization, you must have a plan. You need to know what information is important and how it will be used.
By identifying these specifics in advance, you can help your team, and users understand how to best share the information using a visual medium.
Data Visualization Tools for Business
After we have covered data visualization, its importance, and the types you can choose from, let's look at a few of the tools that will help you to create customized reports and dashboards.
Google Data Studio (Looker)
It is one of the best business data visualization tools, particularly for marketers. This tool can pull data automatically from Google Analytics or Search Console.
You don't need to import and export data.
The templates are predefined and will simplify your work. Create different reports from YouTube, BigQuery and Google Analytics.
It is free and web-based, so it's suitable for even small agencies or businesses.
Microsoft Power BI
Microsoft Power BI is another powerful tool for data visualization that will help you to create informative reports.
Microsoft Power BI Migration will work best for those who use Microsoft Office. It has a simple interface and built-in AI features. These are easily scalable with your business.
Tableau
Tableau will provide you with an intuitive experience. Tableau has a set of visual best practices built in that allows you to make charts and graphs which perfectly represent the value of your data.
Tableau offers enterprise-grade protection for customer data, which is sensitive and should not be in the hands of unauthorized individuals.
Cyber Infrastructure Inc.'s data analytics service benefits from these advanced tools to provide businesses with reporting and analytics.
You can define your needs for an auto-updating customized dashboard for your project. This includes the BI solutions you would like to utilize. Our data experts will handle the rest.
The Best Practice Data Visualization For Business Intelligence Reporting
When designing Data Visualizations for BI Reporting, there are many best practices to follow.
Define your Audience
When designing a Data Visualization, you should first understand the people that you want to engage and inform. Design your Data Visualization with the needs of those you want to engage and inform in mind.
This will motivate them to act on their insights.
Consistency in Colors and Fonts
Fonts and colors create an intuitive visual guide. Use strategic colors that will draw the user's attention and help them understand data.
Select complementary themes for a consistent look. This helps to keep your users on track with important information.
Context is Key
Include a story that contextualizes your data to maximize its impact. Tell your audience that their actions are important - combine attractive visuals and compelling storytelling to inspire action.
Sort and Format your Data
Sorting and formatting data platform development can help you create a logical order.
Bars, labels and icons are useful visual cues that help users understand information.
When to use Hero Tables
Visualizations usually capture the attention of viewers in dashboards. Tables can be just as powerful depending on the dataset.
Use sparklines and conditional formatting to create an engaging display.
Values are Presented Accurately
It is important to present accurate values. Only show connections between data points when the relationship is supported.
Line charts, for example, are not always necessary. It is often more sensible to use bars or columns instead.
Conclusion
There are several techniques and tools available for creating effective data visualizations. You and your team must understand and use the right tools.
The data presented must be accurate. To create dashboards that best meet your business goals, you should also carefully design the layout, color, text and dashboard interaction.
