Mapping is one of the strongest data visualization tools available today. Maps tell stories, they can reveal trends and insights that cannot be seen in spreadsheets.
In today’s business world, there is an abundance of information and data. With technology today, the amount of data being created is growing exponentially as people and business are increasingly connecting online. Because of the massive amount of data available, businesses are becoming more number driven in the decisions they make and in providing results to stakeholders.
Organizations use countless metrics to keep track of their sales and customers, from their order history, value, and size to geographical location, gender, and age. However, the majority of this data just sits in spreadsheets, where it is no use to anyone. To get the most from data, it must be organized and most of all is able to be interpreted. Data Visualization offers a way for businesses to quickly present this data in a visual way to reveal valuable hidden insights. It’s been proven that managers that use data visualization tools are 28 percent more likely to find relevant information compared to those who do not. Therefore, it is something that businesses need to be aware of. Below are just some of the ways Data Visualization tools can benefit your business:
1. View and understand information easily
Data Visualization tools like mapping software are easier for people to understand and interpret, this shouldn’t be too much of a surprise as 90% of all information transmitted to the brain is visual. Therefore, Data visualization enables users to understand vast amounts of information such as sales and market information more easily. By visualizing your data from Excel and spreadsheets onto an interactive map, you can quickly optimize and visualize your data in an easy to use way to communicate and share with stakeholders.
2. Identify patterns and relationships between operations and performance
Data visualization software allows you to discover patterns and relationships that occur between day-to-day operations and the overall business performance. Mapping your data can provide an easy way for you to see how your daily sales and marketing activities impact your overall business performance in a more vibrant way. This allows you to compare the current performance with past performance, and plan for the future. You can even break it down into different components, such as sales by various geographical locations, or the demographics of your customers. This allows you to identify potential reasons for either a growth or dip in the market and plan on resolving it.
3. Discover trends in your data faster
The large amounts of customer and market data that companies gather today can provide key insights into new business and potential revenue opportunities. To avoid drowning in this pile of data, it needs to be presented in a simplified manner. Data visualization enables your organization to quickly spot changes in customer behavior and market conditions faster. For example, using heat maps, you can quickly spot opportunities for expansion or market gaps, not visible in spreadsheets. Radius maps allow you to take two sets of data and let you focus on their spatial relationship, by plotting them both within a radius circle. This is a great way for achieving greater business efficiencies, planning, or over-supply. While territory mapping allows sales teams to see their territories and make sure they’re balanced and aligned.
4. Directly interact with data
Data visualization software enables you to interact with real-time data directly, unlike graphs and tables generated from spreadsheets which can only be viewed. For example, a spreadsheet may tell you that overall sales for a particular product are up, but on a map you may see that these sales are from a particular area, while other areas are under-performing. Using data visualization software such as territory mapping, you can quickly drill down further into a specific region and realign or change sales territories, or reassign a sales person through the software to cover the under-performing market. With technology today, this can be done on the move from any internet-connected devices such as smartphones, tablets, or laptops, perfect for people on the go or for presenting at a meeting.
5. Empower your business
Data visualization can empower your business and employees by giving them new ways at looking at your organization’s data, enabling them to make better and more informed decisions from all aspects of the business, from junior members to senior management. In this era of information and data abundance, data visualization tools allow you to gain insights, target and analyze the essential data to drive your business forward.
These are just some of the benefits of data visualization tools for organizations. You can see more features here, but the best way of finding the benefits for your business is to try it out for yourself.