Data visualization and reporting

SYNOPSIS
Data visualization and reporting can be interpreted as a pictorial view of information collected, with a corresponding report.  Data visualization represents the ability for an individual to create a graphical overview of large and small data, which contributes to improvement in business intelligence for corporations and other business interests. Using the right tools to report data can be beneficial to those who are employed to analyze the information that is generated.
Having the right tools to present data is important especially with the growth of business intelligence; knowing what you are searching for is very important in making decisions at a strategic level.  Digital visualization and reporting normally conducted it its simplest form through Microsoft Excel using pie charts and bar charts. However, like the maturity and growth of technology reporting is done on a platform basis especially for businesses that have multiple sets of data to generate with the intent of analyzing to make decisions.  



Dashboard
The platform used for data visualization in business intelligence is called a “dashboard.”  According to The Big Book of Dashboards “A dashboard is a visual display of data used to monitor conditions and/or facilitate understanding.”(pg.14)  the dashboard is used in multiple areas in reporting data. Designing the dashboard is important to ensure that it meets the standard or carries out the intended goal that the organization has set.  To achieve a desired outcome, would mean that an organization has to create a format that will enable them to get the correct data that supports a particular area of the business.
Visualization seeks to portray in a way that allows an organization to see data in its raw format, where pattern, deviations and discovery can be observed. Looking at a set of data presented does not necessarily mean a person has understanding. The individual is required to know the specific information they require and needs the skill to make an interpretation. It is imperative to be knowledgeable of what you are visualizing to make constructive decisions. Using a graphical format allows businesses to view large data in a clear way and allows them to draw conclusions from the information retained. In a graphical sense information can be analyzed faster because the information comes over in real time.  Businesses can see can visualize patterns through graphical presentations which will enable them to report more effectively on trends and status of various areas in their organization.



There are positives to data visualization and reporting which includes; (1) identifying and acting on emerging trends faster to stay ahead of the game.  (2) Absorb information in new and more constructive ways for example Organizations that use visual data discovery are more likely to find the information they need when they need it and do so more productively than other companies. (3) Users are able to interact with data I real time and have the opportunity of making quick analysis which leads to faster decision making from executives. Misinterpretation of graphical data can lead to reporting incorrect information that may affect a business negatively. An individual need to know what the intended goal is for formulating data before an end result of decision making is done.  However with the continuous rise in technological advancement worldwide the use of data in decision making will continue to grow.
 Analise Polsky a thought leader SAS Best Practices states “There is no going back. The flow of data will not shrink in the near future; in fact, it will continue to grow exponentially. Time is doing us no favors, and we may not always have access to or the resources for all the technical experts that we think we need. Today we can use data visualizations and the advanced analytics that supports them to meet these challenges head on.” https://www.sas.com/en_us/insights/articles/analytics/why-your-brain-needs-data-visualization.html




Comments

Post a Comment

Popular posts from this blog

Predictive Analytics in the Financial Marketplace

Retail banking in recent times  focuses on enhancing the experience of their customers and fulfilling their aspirations. Financial institutions have multiple tools abundant to accomplish their goals of meeting their customers’ expectations through data generation and analysis. The industry is at a point where they need to utilize data to satisfy the needs of their customers and gain trust from potential consumers.  Predictive analytics shows the available sources of data, it examines the state of marketing analytics, techniques being applied and also the effect digital interactions with customers will have for growth and change for the future. With the large amount of data financial institutions have the ability to collect and store, it is important to decide which data is important to make strategic decisions that will lead to growth and profitability for the future. The digital world is an important asset for financial institutions that can be used to engage with consumers inter
Read more

Big Data Storage

Image
Data storage is essential and covers different areas. These areas include management, scalability, economics, performance and protection. To gain an advantage the areas listed will need to be monitored at the highest level. In the area of management it is important to have a system that supports all data types also optimizing data performance and cost through capacity planning, storage utilization and data placement. Managing data properly also includes the process of moving data between systems without disrupting users or applications. The area of scalability ensures that the system functions efficiently when there is a change in size or the volume of data that is present. The system should be fully equipped to handle any sudden change which technically is possible because there are no set amounts of data that may become available. Economics is important especially in the area of business because lower cost operation leads to savings and potential higher profits. For
Read more

Status and future of Big Data in an industry

Big data is the collection of large amount of data through different sources including technological devices like phone, lap-tops tablets and gaming systems just to name a few. The data collected at a fast pace and is normally analyzed with the main goal of gaining insight of for the running of an organization; with the intention of satisfying the needs of all stakeholders involved. “According to EY Building a better Working World” there are Big Data is characterized by 4 V’s “ • Volume: the amount of data being created is vast compared to traditional data sources • Variety: data comes from different sources and is being created by machines as well as people • Velocity: data is being generated extremely fast — a process that never stops, even while we sleep • Veracity: big data is sourced from many different places, as a result you need to test the veracity/quality of the data.” http://www.ey.com/Publication/vwLUAssets/EY_-_Big_data:_changing_the_way_businesses_operate/%24FILE/EY-In
Read more