How is data visualization an important pillar for decision-making
The human brain is extremely versatile. However, it cannot process an exorbitant amount of information in a short time efficiently. This is the reason why conveying information in bite-sized pieces through the use of pictures and charts can be helpful.
From a business perspective, extracting the most out of your available, historical customer information is required in order to make better decisions about your business and this can only be done through the effective use of analytics. To take the initial step, the company must make sure that the top executives can make good decisions from good data; they must ensure that the integrity of their data is not compromised by duplication, inconsistency or inaccuracy.
Data analysis and visualization is not limited in scope by any area of business and can be used to identify problem areas, find out the root cause for each problem, suggest ways in which a problem may be rectified and predict the changes in the sales with the applied modifications.
With the advent of advanced data management tools that are available today, like the services provided by business intelligence (BI) and customer relationship management (CRM), companies and businesses can maintain a centralized customer database that contains all the useful and relevant parameters.
Charts and Graphs, over Tables and Spreadsheets
The senior management of every company has a wide range of responsibilities that they need to focus their efforts on. This essentially means that they have very less time to read through large, complex spreadsheets in order to obtain the information that they’re searching for. As an effective alternative, managers prefer to condense and summarize all that information into simple visual charts and graphs, which becomes useful in portraying a lot of data in the most efficient way possible.
By using a CRM software service, managers can utilize the bundled automation tools to simply specify the parameters by which they require the data to be intelligently sorted. This significantly reduces the amount of time that is wasted on repetitive tasks like data sorting and entry.
By syncing your visual representations with your CRM database, any and all real-time changes are easily reflected on the visuals by simply incorporating it in the database, allowing for seamless data management. More often than not, when the appropriate type of representation is utilized, you can gain valuable, actionable insight that would have been buried, were you stuck perusing a table or spreadsheet.
Analyze Now to Improve Tomorrow
Every company works differently, naturally their metrics for success will also be radically distinct. For an effective measurement of business performance, the company can make use of a CRM software service to effectively track key performance indicators (KPIs), which are, as the name says, indicators of how well the company is doing in the market.
A lot of companies have a range of KPIs by which they can ascertain their success in the market. Displaying KPIs in a visual medium helps in understanding the areas in which the company is leading, where is at par with its competitors, and where it is lagging behind. As is common with most visual representations, this allows the company to easily study and look for hidden patterns in the data as well as make the most of the gained insight by charting emerging trends and working on those opportunities.