Organizations gather data from multiple sources, but its appropriate implementation is still a nonobtainable goal for many firms. Data visualization makes data integration easier for companies; hence, it is an essential practice marketers can employ for business advancement.
Experts assert that data is the most valuable asset for any company, yet 95% of global enterprises fail to incorporate relatable insights due to a lack of understanding. Data visualization, as a segment of data analytics, can inevitably support marketers on such occasions.
In this content piece, we shall shed light on data visualization, its importance, and the factors to consider while choosing the best data visualization tools for your business.
What is data visualization?
Data visualization is a process of visually representing data to make it compatible with existing data, tracing relationships, composing illustrative depictions, and distributing it to the concerned individuals. Such tools and applications come with automation and AI abilities to monitor and analyze data in no time.
In simple words, data visualization interprets complex data graphically, which helps monitor valuable insights into big data sets of a business. The most common data visualization methods are charts, graphs, maps, tables, dashboards, and infographics.
70% of the globally operating companies consider data visualization very important for better data integration and faster decision-making processes. According to reports by CSG, which state that organizations leveraging advanced and the best data visualization tools are more likely to progress 24% faster than others.
Advantages of leveraging data Visualization tools:
Simplification of complex data:
Raw data can be complicated, contributing to enhanced comprehension difficulty. Due to the difficulty of understanding, companies fail to extract valuable insights from large data sets. Data visualization simplifies complicated data and presents it understandably.
Embrace predictive analysis:
The future of a business is unpredictable. However, a data-driven approach helps in making better predictions about the industry by identifying its trends. With the best data visualization tools, marketers can predict the threats and growth factors of an industry comfortably.
Real-time data assessment:
Timely and relevant insights are more valuable in business, and assessing real-time data is also important. Data visualization assists in analyzing the latest data in a short time, highlighting the most important details.
Identify probable risks and opportunities:
While running a business, companies must consider identifying its risks and opportunities. Risk identification helps in undertaking appropriate resolutions while encountering any challenge. On the other hand, tracing the opportunities aids in solidifying the growth aspects.
Earn a competitive advantage:
With the support of data visualization, marketers can make better business decisions by recognizing the probable threats and opportunities. Moreover, it also assists in making predictive analyses. All these factors together allow organizations to stay ahead of their competitors, earning a competitive advantage.
How to Choose the Best Data Visualization Tools?
Ease of usage: Ensure the tools are user-friendly and have intuitive interfaces. If there are complications in understanding the operations of the tools, users may not get efficient results using them.
Excellent visuals:
Make sure the tools are visually understandable while analyzing data. If its assessments are complicated to comprehend, then leveraging tools cannot benefit anyway.
Collaborations:
The best data visualization tools must allow users to collaborate with other team members while assessing a data set for excellence. This also helps with better data distribution.
High reviews:
Lastly, choose the tools that have helped your competitors to grow. Such tools will surely have positive reviews on the internet. Considering credibility is the utmost factor when choosing the needle-like best data visualization tools in the haystack-like competitive market.
What are the best data visualization tools?
- Tableau
- Zoho Analytics
- Power BI by Microsoft
- Google Charts
- QlikView
Summing Up!
Data visualization is important for companies while analyzing data, tracking patterns, identifying business threats, opportunities, and trends, as well as making better business decisions. Nevertheless, choosing appropriate and the best data visualization tools for an organization can be problematic as many options are available.
Consider the factors mentioned above to choose the most suitable tool for your business. Read our blogs to stay updated with the latest marketing and tech trends.
Also Read:
Top Data Visualization Tips and Resources for Beginners
How to Use Entry-level Data Visualization Tools? A Beginner’s Guide