The main objective of data visualization is to communicate information clearly and effectively through graphical means. It doesn't mean that data visualization needs to look boring to be functional or extremely sophisticated to look beautiful. To convey ideas effectively, both aesthetic form and functionality need to go hand in hand, providing insights into a rather sparse and complex data set by communicating its key-aspects in a more intuitive way. This chapter analyses the following aspects of data visualisation. First, it describes data visualisation. Second, it describes the importance of data visualisation in business. Third, it describes different types of data visualisation methods used in business and familiarises some tools available for data visualisation. Last, it describes the recent developments in data visualisation and its future research directions.
TopImportance Of Data Visualisation In Business
There are huge importance and benefits for data visualisation. That includes quicker action, identifying patterns, better analysis, finding connection and emerging trends (Kirk, 2016).
Quick action The human brain has the capacity to recognise and analyse visual information much faster than text-based data and this will lead to quicker action. It also helps managers and higher authorities alert promptly of new data changes and take appropriate decision accordingly.
Identifying patterns A visual representation of data recognise quickly correlations and find link between the different functionalities and performance.Visualised data helps out to find out market trends very easily and thus help for boosting profitability and competitive advantage. Understanding and analysing these patterns allows the analysts and decision makers to give attention on key areas which demands focus in data, hence help them to recognise the importance of that selected areas to run business successfully.
Better analysis Data visualisation leads to key dialogue on the business including the pace of improvement, expansion, and direction of business. Efficient data visualisation should be informative, efficient, appealing, interactive and predictive (Kirk, 2016). It also helps to analyse reports regarding different functions of management such as marketing, finance etc. Considering the analysis, the decision makers can check the functions that need a focus to enhance profit, and thus making the business efficient .
Finding connections and errors By arranging data visuals in a purposeful way, it helps the users to understand the relations in a single view. Spotting out errors in data is much easier in data visualisation. Such prompt actions of data visualisation to spotting erroneous data helps user to remove that particular data from analysis and to avoid wrong actions on predictions.
Emerging trends Data visualization helps to understand and analyse the new changes and trends in business to produce quality goods and services . This also helps to identify the issues before it arise. Being highly efficient among the current techniques, it helps to increase the effectiveness and efficient nature of the business.
TopData Visualisation Methods In Business
Data visualisation methods can be broadly classified into- data visualisation methods for two dimensional area, multidimensional, hierarchical data visualisation, network data models and temporal visualization. Figure 1 depicts the types of data visualisation methods.