How Finance Can Use Data Visualization To Support Business Decisions

How Finance Can Use Data Visualization To Support Business Decisions

There is literally no meaning to the peta bytes of data generated via different web process without visualizing it. One can imagine the tedious number crunching that happens in the world of finance. If we can’t put a name to those numbers what is the point of generating them in the first place. Not only that, visualization will lead to better understanding of the problem at end and allows the managers and officials to take better well-informed decisions.

There are hundreds of reasons as to why we should to do it. One major reason is to grasp the information at a glance. Imagine a table of 1000 rows and 20 columns just thrown at your face and also imagine a bar chat or pie chat representing the same. It is totally different and the second method that is graphical approach leads to more in depth understanding of the presented numbers and we can easily associate with previous results and have a better feeling about it.

The point to be noted is that, such technology is available today. We can do much greater things with the same. The data access rates and consumption rates are growing faster than ever before. To compete in this world of fast moving business we need to take better and effective decisions at much faster rate. Is it possible to do the same when you look at a jumble of text or unmeaningful numbers? Well, that is not exactly how businesses grow.

One more way in which data visualization helps is to form patterns and derive relationships between two sets of data taken at different instants of time or two entirely different sets of data whatsoever. This is a very crucial step in problem solving and it just makes the analysts job easy and hours he/she works will be spent efficiently instead of running down the columns of data!

You can also decide on some important question which are otherwise impossible to identify. Like, when does your audience visit your website, how often do they visit, if they visit how much time they spend on particular section of your website. You can do the same type of analysis of social media accounts and drive your ad campaigns or future business strategies accordingly.

More and more companies are moving towards efficient ways of data management. Gone are the days data compression was the only choice if keeping the size of data units small. We are already aware that we are drawing with the excessive inflow of data and the only way to make sense of any of it is to visualize it. Also, Data visualization is the major step in the growing technologies like Machine Learning and Artificial Intelligence. We can’t ignore the fact that technologies like that are on the rise and other firms and organizations are adopting to them. If we don’t make it our goal to change to the emerging ways of technology, we will be lost in the eternal past of the technological advances!




Written by Srikanth

Passionate Tech Blogger on Emerging Technologies, which brings revolutionary changes to the People life.., Interested to explore latest Gadgets, Saas Programs

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