7 Powerful Benefits of Data Visualization for Your Small Business
With a lot of data comes a lot of responsibility to make effective use of it, and derive insights from it. Data visualization is a great way to not only present your data but also interpret and analyze it accurately. Here are a few definite advantages that small businesses can enjoy through data visualization.
Having a small business can often mean you have to compete with giants to earn your place in the industry. Regardless of how good your product or service may be, it is undeniable that using data as a tool is a game-changing strategy.
That being said, 97.2% of organizations around the globe are already investing in big data and artificial intelligence. This means that if you have not yet leveraged a data-first strategy, it is high time that you do so.
But with a lot of data comes a lot of responsibility to make effective use of it, and derive insights from it. Data visualization is a great way to not only present your data but also interpret and analyze it accurately. Here are a few definite advantages that small businesses can enjoy through data visualization:
#1 Declutter Data Management
Management of huge data volumes seamlessly along with the usual business functions is one of the most pertinent challenges that organizations face today. You can organize your data in spreadsheets all you want but when you are dealing with data in terabytes and exabytes, you need data visualization to aid the process.
Data visualization can make it easier for your business to keep all the necessary data organized and arranged in a visually accessible way. Combining a lot of data into a single graph and storing it can be much more practical than having to stuff your sheets and servers with redundant data that you might not need much longer.
#2 Present Forecasts More Effectively
Presentations can be quite stressful — whether they are external or internal. Especially forecasts that are based on rigorous and lengthy calculations and formulas.
While the hard work that goes behind collecting data and calculating forecasts can not be trivialized, it is always a good idea to find better ways to present such data. Data visualization is great because it can help businesses present forecast reports in a much more legible and cogent manner. Not only can businesses break down complex data with relative ease, but there is also an undeniable aesthetic advantage.
Through data visualization, important data can be presented with the help of bright colors and patterns which can stand out from the rest and demand attention instantaneously. So in your next forecast meeting, use bold colors to emphasize the metrics that you want to draw the most attention to.
#3 Easy Analysis of Reports
It only takes 13 milliseconds for the human brain to process an image. This goes a long way in highlighting why data visualization is the right way to go while analyzing reports.
Reports whether they are for marketing, sales, or accounting can have quite a few insights and data on various areas. Putting all this data together and making an impact with it can often get more challenging. Data visualization can make it easier by highlighting the areas that need improvement and the profitable metrics in a simpler way.
By having data in an easily accessible format, companies can analyze reports much faster and take corrective actions in a timely manner. This can especially be crucial when it comes to the analysis of risk management reports in organizations.
#4 Boosts Online Visibility
Images not only play a strategic role in redefining the way we look at data, but they have an additional benefit too. Images provide you with an easier opportunity to rank higher on Google search results.
For instance, if you are a SaaS company operating in a highly competitive landscape, ranking organically with text-only content is tricky. However, capitalizing on data-driven images to build a reputation can be a great way to approach content marketing for your SaaS company.
Plus, did you know that 20% of all Google searches take place on Google Images?
Any SEO expert will tell you that the time you spend optimizing your images for SEO is a great investment that can pay off in terms of faster rankings. So, the next time you publish a blog that is rich in data and statistics, consider creating infographics to represent the data and optimize them for SEO.
#5 Improves the Decision-Making Process
Needless to say, better data representations and reports lead to improved decision-making processes. Not only does the process get faster, but even the quality of the decisions can also substantially improve.
For executive decisions to take place in an efficient and timely manner, easily comprehensible data should be available at your fingertips. Data visualization can add stronger statements to your data vocabulary that you can then use to convince your stakeholders.
And of course, it is important to consider the fact that data visualization can help moderate the smoother transition of data from one party to another, thus facilitating better decision-making processes.
#6 Motivates Higher Engagement
Quality content regardless of the format is what matters, right? Not entirely true. A study by Nucleus Research suggests that when you disseminate data with visualizations, they can offer an ROI of nearly $13 for every dollar spent.
If you are wondering why it is purely due to higher engagement which then translates into actions pretty quickly compared to plain text. The use of charts or graphs within the content is a proven way to increase the interest of your readers as they are more engaging to look at, more easy-to-understand, and offer more context than just text.
#7 Establishes Data Relationships Easily
The biggest advantage that organizations can get out of data visualization is the fact that it makes the understanding of data relationships and patterns so much easier. Without visuals, complex datasets can look like an array of digits and numbers that only geeks can decode.
But if the same dataset is then presented in a visual form, more people will be able to identify and understand the relationships between various parameters. They would also be able to portray concrete patterns which can then be used by managers and teams.
Having such clear representations of data and visualized insights can facilitate better decisions and save a ton of time for people who are interpreting this data.
With the advent of big data technologies, companies need ways to better understand their large datasets. An effective way to segregate and manage the data is through visualization.
Not only does data visualization provide effective insights and an easy way to identify patterns, but it can also aid in decision making and user engagement. So, start leveraging data visualization for your business right away.