How to use data visualization in business intelligence to transform dry reports

Eight seconds – that’s how long it takes to tie a shoe it’s about how long it takes Bill Gates to make $2,000 and it’s just under the amount of time it takes Usain Bolt to run a hundred meters. It’s also the length of the average human attention span and when it comes to playing dry business reports it’s likely even shorter today with 65% of the population being visual learners. It’s more important than ever before to grab someone’s attention right away data visualization can be a major key to help that majority process information quicker and easier. 

First, you don’t want to create a data chart just because you must understand why the chart is necessary in the first place. It’s a visual tool that can help decipher complex data discover patterns identify trends and most importantly it can drive a point home and deliver a strong message now it’s important that your numbers always add up. And it must be scaled appropriately with just the right amount of variables and data points let’s stop into. A few examples from various departments to help you visualize what your next report could look like if you work in an accounting department. 

There’s a couple of ways to redesign standard-reports let’s start with that always joyful expense report. Well, I put a monthly expense report into words that could easily be overlooked when you can visualize the data to discover patterns and areas in need of improvement. You can categorize each expense by comparing usage to the allowed budget a line chart can clearly show the differences over time and pictures can help organize that data. Take a look at this chart this chart can be presented to an accounting department head to help them immediately understand where expenses are rising you see the overall spike between July and September. And even the recent shipping expense of sixty-seven hundred dollars by organizing these numbers in visualization will be much less likely to receive pushback when you want to implement spending limits. When presenting revenue profit or expense data as a whole a financial dashboard can be a great guy, not all employees understand big data so they’ll just be lost looking at a document of nothing but words. And numbers but with the data visualization, anyone can understand the direction of a company no matter how comfortable they are with the analytics. With charts and graphs employees can see the differences over time, yeah sure numbers are down from last month but profits from a year ago are much higher, and with companies moving towards more transparency. It’s common to see these interactive dashboards for employees to log in to at any time the information can be updated constantly making the company’s performance available to be viewed whenever. And when it comes to your turn rate revenue new customers or any other key performance indicator visuals just like this. One can work perfectly how much money are you spending on marketing and as a result how much profitability have you gained this is a familiar question that marketers face on a monthly basis. Here postcard mania examined the differences in revenue versus marketing costs over a 13 year period by using a line chart it’s easy to understand the differences between the two lines the money spent on ads. Email engagements or website views prove a positive correlation in respect to revenue in other words your boss is super happy. Not only because of the product but because you made their life easier by submitting an easy-to-read data visualization. Another example comes to us from information gathered from Google Analytics this visual here is communicating web traffic but not just total traffic coming into the site. This breaks down the incoming traffic from the original source and reveals indicators that reflect the bottom line such as registrations and conversion rates the generation can be a pretty tricky process. It’s difficult to measure engagement and conversion rates but data visualizations can help mapping charts of your lead generation process can help discover roadblocks or on the other hand help assess where leads are most likely to convert. 

As you continue to visualize data from your CRM software the most common passive purchase will emerge use that info to create journeys and personas. This will inform your strategy going forward.If you’re looking to promote an employee or maybe on the other hand maybe lay one-off data visualizations can help you identify individual performance as well after all the most important asset of any company is the people and it’s easier now than ever before to compare them to one another. For each department, you can get a better idea of where to look when it comes time to hire again for example maybe those in your IT department are hired from job boards. While those in your marketing department come by referral this will minimize wasted recruiting tactics that result in unqualified applicants clogging up that application four chances are you’re using a ticketing system to report issues to your IT team. And then you have to track that problem until it’s resolved sure you can note the number of tickets and time it took to reach a resolution but there’s even more that could be done is there a certain piece of equipment that falls consistently how is that issue resolved. We don’t know but we could if we tracked it more thoroughly by using a data visualization we can easily notice when an incident is occurring and perhaps even predict when it could happen again rather than fighting fires. You’re now preventing them business leaders are go-go-go they might not have time to read through crowded reports before addressing investors or clients that’s where we bring in data visualization. Given how easy it is to digest info through the use of visuals business leaders can strategize appropriately without sludging through a report or if you present to an investor data can showcase what’s the most important in an easy-to-read format that doesn’t require guidance.

Going back to those interactive dashboards they can save a Board of Advisors from checking numbers for the first time in quarterly meetings as they can check that information in real-time and strategize accordingly okay that’s all the examples I have for you today trust me by using a data visualization you’ll grab and keep your viewers attention much easier than with raw data alone and in a world where we check our phones 80 times a day it’s more important now than ever before. 

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