Business leaders make crucial business decisions daily. These decisions have a direct role in their and their employees’ lives. Luckily, data analytics and visualization help them make better data-driven decisions. Professionals are now busy searching for the best data science certifications to understand how data science can help them grow in their careers.
Learning of Blog
- Introduction
- What is Data Visualization?
- How can we make better decisions?
- 4 Ways by Which Data Visualization Helps in Decision Making
Introduction
It is believed that a picture says thousands of words. The easiest way to understand complex concepts is with images or visuals. The last decade saw a massive surge in the amount of data produced, popularising data science training courses. Businesses need professionals to visualize large data sets to make quick decisions in this dynamic world.
Data visualization helps businesses transform raw data into meaningful insights. It is a powerful tool that business leaders can use to make better decisions and stay ahead of their competition.
What is Data Visualization?
Data visualization is the method of using visualization tools for the processing of large data sets. It empowers the leaders to see the bigger picture of the future, molds their path to achieve the desired results, see the future market trends, identify the areas that are performing good and those which are not, and the like.
How Can We Make Better Decisions?
An average human being makes around 35,000 choices every day. We have been making decisions long before the introduction of big data. Experts have been studying the human brain and decision-making techniques. They have been trying to find ways to make the right decisions and avoid bad ones.
Our decisions are sometimes biased or based on previous experiences and memories. Even business leaders find it hard to make logical and data-based decisions, limiting their ability to make the right decisions.
4 Ways By Which Data Visualization Helps in Decision Making
Below are some ways by which data visualization can help limit bad choices.
Quicker Decision Making
In this fast-paced world, information travels from one place to another within seconds. One small delay can mean the loss of an opportunity or worsening of a tiny problem. That’s why business leaders need to be quick in analyzing the data and make necessary decisions. This is where data visualization steps in.
For example, the HR department can identify the areas of improvement with the help of a simple bar graph. Then, they can decide to recruit new resources with matching skills or train their existing employees and enhance their skill set.
Quicker Identification of Patterns
Have you ever tried to conclude huge Excel sheets? Data visualization absorbs such complex data and transforms it into actionable insights. The users can see new trends and paths, identify purchase patterns, and come up with plans which were impossible to imagine with tabular data.
For example, a shoe company can use a heat map to identify the purchase pattern of its customers within different months of the year.
Better Accuracy
What if all the facts and figures are not available? What do business leaders do in such cases? They fill in the blanks with assumptions because they need to make accurate decisions, even if the desired information is not available.
These assumptions are known as heuristics. They can also be called as mental shortcuts that individuals take to come to a final decision quickly. These shortcuts work sometimes but can also lead to disastrous results.
As a business leader, your priority should be to make business decisions and not waste time analyzing numbers to come up with assumptions. Data visualization gives a broader picture of what’s happening and what’s going to happen, minimizing the need to assume things and make accurate data-driven decisions.
Better Communication
A decision is never implemented properly until it is appropriately communicated. After a decision is made, all the team members and concerned people must be adequately communicated about their roles and responsibilities.
For example, the HR manager may find in a report that some of his team members are weak in data analytics. He can then arrange for a professional data analytics certification course for all of them.
But, this is not the end. The employees will not have many ideas about why they are going for the training unless the graphs and charts are shared with them. There is also a possibility that they may think that the team leader does not like them. But, if the graphs and charts are shared with them, they’ll know why the decision has been taken.
Bottom Line
Data visualization is the key to make better and quicker decisions. Companies and their leaders use data visualization tools to come up with decisions to achieve the target.
If data visualization is so beneficial, is it not a good idea to become a data science expert? Global Tech Council offers data science for beginner courses and data science training for professionals willing to enhance their skills.