How Businesses Benefit from Data Visualization
People say, ‘data is power’, but what they don’t often tell is how — How to look at data? How to organize data? How to analyze data and turn it into an intelligent resource? Without the understanding of data and how to optimize it, data is merely an unorganized chunk of complex facts with no significance by itself.
For businesses, data comes in various forms such as numbers, texts, observations, or figures. Flooded with a constant stream of raw information from customers’ preferences, identities, to commercial behaviors, businesses have more big data than ever at their disposal. Defined by its high volume, high velocity, and high variety, big data can be too complex for traditional agencies to compute and optimize. But as organizations and investors increasingly seek and rely on the power of data, strategizing data becomes indispensable.
What Big Data Means for Businesses
Big data can unlock value for businesses in a variety of ways from better-informed decisions, discovering hidden insights, expanding analytic skills, identifying business risks, to promoting a more pragmatic approach to investing.
A glossary of data provides more than just a basis for businesses to track and analyze past performance. It is a rich resource that provides deeper insights into a business and how to better serve its customers.
Stored data, when properly gathered, organized, extrapolated and visualized allows businesses to form networks of even more consumers, as connections previously unseen are revealed to help entrepreneurs make informed decisions, and not just rely on “gut-feeling”.
Dynamic data is the insight entrepreneurs need to run their businesses well, just how pilots rely on instrumentation to fly their planes safely, not just by looking out the window.
The answers to all business endeavors lie in the fabric of data, once businesses know exactly what to look for. It is essential that businesses have a proactive system that enables them to effectively monitor and manage data, identify data sources, and integrate technologies and intelligent analytics.
Visualize Data, Visualize Business
Connecting Founders has developed a robust data collection and visualization system that helps businesses sitting on swarms of data discover insights that were previously unseen or unavailable to them.
With the power of technology, Connecting Founders’ dashboard collects essential data for businesses to track their financial and impact performances, and create viable growth plans that align performance with their strategic goals.
Whereas usual financial report presentations are static and feature obsolete data by the time of publication, data visualization displays dynamic information which can be updated in real-time, showing multidimensional performance of a business. The sophisticated but simple data organization allows businesses to explore their own data in a holistic way magnifying their budgets, expenses, losses, profits, consumer bases, and more.
Nutchapon Kongsrisak, Connecting Founders’ Business Associate, explains that data visualization is not a solution for entrepreneurs, it is rather a validation of their business performance and a key that unlocks sound financial strategies.
Small and medium-sized businesses can take advantage of data visualization from the ground up, which can be more cost-effective at the early stage, to set a solid foundation for growth, Nutchapon said.
Strategizing data is a powerful resource, and an actionable intelligence tool that business can benefit from. As we live in data-driven economies, it is important to run business by making data-driven choices.