Data visualization is a fundamental element of Business Intelligence (BI). It involves graphically representing complex data to make it understandable and accessible information.
Ultimately, the goal is to provide a clear and concise visual representation of data, facilitating its analysis, interpretation, and understanding. Therefore, data visualization is a crucial component of business analysis and the presentation of strategic information.
However, data visualization is also highly important for another reason.
Nowadays, companies handle massive amounts of data generated from various sources, making data management a powerful tool to address managing data and effectively utilizing it.
Data Visualization and Business Intelligence: a destined duo to understand each other.
Deploying business intelligence tools for companies is not only about extracting, organizing, and storing data to generate a list of corporate reports.
It also involves delivering impressive, interactive, and immediate reports to the user.
It’s about providing all the necessary information in a personalized manner, in one place, with mobile access if needed, automatic updates, and the freedom to explore and discover new perspectives.
When we can see something, we internalize it quickly.
And that’s what data visualization is about – representing information and figures through visual elements—charts, graphs, maps, diagrams, timelines…
It sounds easy, but it’s more complicated than it appears.
That’s why it’s essential to value Business Intelligence, a set of techniques, technologies, and tools that help organizations transform raw data into meaningful information and actionable insights.
Features of data visualization
When we combine BI and data visualization, it becomes the strongest support for business analytics.
It provides a graphical representation that instantly amplifies understanding. In other words, it allows one to delve into vast amounts of information at a glance, enabling the exploration and comprehension of its meaning within seconds.
To better understand how this system operates, let’s now examine its characteristics.
Clarity and Comprehension
Data visualizations transform numbers and statistics into graphs, tables, and diagrams, facilitating the understanding of patterns, trends, and relationships that might otherwise go unnoticed in complex datasets.
Increased Agility and Varied Perspectives
Data visualization not only aids in quickly identifying patterns, trends, correlations, and outliers in extensive datasets but also offers users various perspectives on the analyzed data.
Real-Time Monitoring
Users can track performance and key metrics instantly. This facilitates the early detection of issues and timely corrective measures.
6 Benefits of Data Visualization
You’re already familiar with some basic features of data visualization, but let’s focus on what really matters: how does this benefit your company or organization?
1. Unlocks a vast amount of data and saves time
Inefficiencies in storing and analyzing large volumes of data are reduced or eliminated when you can capture them instantly and with little effort, optimizing task time and enhancing team productivity.
2. Enhances reporting
It’s one of the most fundamental benefits.
Data visualization makes reports more engaging and easy to comprehend. Graphs and infographics allow information to be presented more visually appealing, thereby increasing reader interest and retention.
3. Enables identification of opportunities and threats
When data is visually represented, it’s easier to detect patterns, deviations, and anomalies that can indicate opportunities to enhance a company’s performance or address potential threats.
Gaining a clear view of business performance helps prioritize actions and prevent wasting time and resources.
4. Facilitates and speeds up decision-making
By presenting information clearly, biases are reduced, and decisions can be based on concrete data. Furthermore, data is understood more swiftly, streamlining the speed of decision-making processes.
Ultimately, data visualization forms a solid foundation for action and decision-making.
5. Boosts collaboration and alignment
By sharing visualizations, different teams and departments have a common source of information and can work with the same data, basing their discussions and decisions on a shared understanding of the data, preventing misunderstandings and improving alignment within the company.
6. Improves communication
Thanks to BI (Business Intelligence), complex and detailed information can be communicated simply.
Instead of presenting extensive tables or text reports, a variety of visual elements are used to convey clear and concise messages and tell stories with data and information. When the message is clear, communication flows more effectively.
In conclusion, based on all the points mentioned, we can affirm that leveraging data visualization in a Business Intelligence environment enables organizations to reap significant benefits.
Data Visualization Tools in Business Intelligence
In the final stretch of this post, we are going to talk about various tools we use to help clients represent information effectively.
The most prominent one is Microsoft Power BI (here’s a quick guide to unleash its full potential).
Power BI is a highly popular tool from Microsoft that enables users to create interactive reports and dashboards from various data sources. Its integration with other Microsoft applications makes it an attractive option for those already using products from this company.
Would you like to know an example of its use? Let’s dive in.
A human resources team can use Power BI to visualize hiring metrics, employee turnover, and performance, aiding them in making informed decisions about talent management.
Moreover, Power BI focuses on model optimization, performance, DAX queries, advanced analytics, and simplifying Data Storytelling in a more human yet functional manner.
Other notable tools include:
- Tableau: Connects, visualizes, and shares data in a simple and effective manner. Its interactive features and wide range of graphics allow users to explore complex data and gain insights quickly.
- QlikView: Offers highly flexible data visualization capabilities. Its associative approach enables data exploration without constraints, discovering relationships that might have gone unnoticed with other tools.
- Pyramid: Focuses on Business Analytics and provides self-service analytics along with BI systems.
- MS Excel: Although not the first tool that comes to mind when discussing data visualization in a Business Intelligence system, it is the most widely used analytical tool by business users due to its high accessibility.
In summary, data visualization in Business Intelligence is a fundamental pillar for decision-making and a powerful tool that transforms complex data into easily understandable information.
This system leads to improved performance and business success, something we have witnessed and experienced with Bimex Analytics clients because, with this tool integrated into our portfolio, we help companies make the most of it.
Data visualization is a fundamental element of Business Intelligence (BI). It involves graphically representing complex data to make it comprehensible and accessible.
Ultimately, the goal is to provide a clear and concise visual representation of data, facilitating its analysis, interpretation, and comprehension. Therefore, data visualization is a crucial component of business analysis and strategic information presentation.
However, data visualization is also very important for another reason.
Today, companies handle massive amounts of data generated from various sources, making data management a powerful tool to effectively manage and utilize the data.
Data visualization and business intelligence: a destined duo to understand each other.
Deploying business intelligence tools for companies isn’t just about extracting, organizing, and storing data to generate a list of corporate reports.
It also involves providing users with impressive, interactive, and immediate reports.
It’s about offering all the necessary information in a personalized manner, in one place, with mobile access if needed, automatic updates, and the freedom to explore and discover new perspectives.
When we can see something, we internalize it quickly.
That’s what data visualization is about—representing information and figures through visual elements such as charts, graphs, maps, diagrams, timelines, and more.
It sounds easy, but it’s more complicated than it seems.
That’s why it’s important to emphasize Business Intelligence, a set of techniques, technologies, and tools that help organizations transform raw data into meaningful information and actionable insights.
