Applications of Data Visualization and Business Intelligence
Business intelligence includes the techniques and strategies that one uses to understand their company’s present scenario or to compare it with a particular time taking certain aspects into consideration. Currently, it relies more on data analysis to produce a clear business status report.
Data Visualization relies on the visual display of business intelligence-related information. For charts, graphs, plots, and more, the data can be provided to demonstrate how the business is doing.
Below are some of the ways you can apply data visualization and business intelligence to your business:
1. In Financial Markets
In the financial markets, business intelligence and data visualization serve an essential part. That's true when you decide to buy or sell stocks. In such a situation, the determining variable is the developments in this specific industry.
You can study and analyse the developments and have a visual overview of the current results of the market as well as its past performance. This provides you with an indication as to how, considering similar circumstances, the market can perform. This is a form of predictive business intelligence that enables you to create guided choices about the sort of financial tool, trade opening and closing times.
2. In Benchmarking
Benchmarking enables you to analyze your performance against your competitor or previous financial period. This provides you a definite idea of how your business is currently faring. You can take informed decisions to design your business strategies by analyzing the data you have. Due to data visualization, charts or graphs are efficient in benchmarking.
In initiating collaboration between two agencies in your business or with another business, you can use the business insight and visualization metrics. The data you have is helpful for determining the drawbacks and the strengths of each and every unit so as to deliver the utmost efficiency of your business. This data is essential as they have a definite starting point in a collaborative endeavor, particularly with other businesses. You can start the collaboration by enabling data sharing.
4. Knowledge Management
Data visualization helps you develop and manage your business efficiently. The data is essential to indicate the development of the business as well as to provide projections and risk assessment. All of these are crucial in decision-making when it comes to management.
Business intelligence and visualization is an important sector for your business. Perfecting it implies that you understand your business ' value and can, therefore, create the right choices to promote your goodwill.
Microsoft’s Power BI is the most popular data visualization tool that transforms your data into rich visuals and is one of the most prominent data visualization software for the following points:
Real-time spot trends: Traditional BI instruments such as Tableau or Qlikview limit you to historical analysis. You can access real-time information by using Power BI so that trends can be identified early. You can recognize problems and enhance efficiency by doing so.
Automatically search for hidden insights: Quick Insights allows you to automatically search data sets with Power BI visuals for hidden insights in seconds. Users can simply ask questions, and with immediate effect Power BI Q&A will answer their questions.
Custom visualizations: Power BI enables you to view data in almost every manner you can imagine with custom visuals. So you're not restricted to something in the box.
Enterprise-ready: You can safely connect to your own on-site information sources with Power BI and Power BI Desktop. You can connect live to your SQL Server and other data sources with the On-premises Data Gateway. It provides safe, scalable and reliable information technology of enterprise-grade.
Power BI enables colleagues and organizations to collaborate and share personalized dashboards and interactive reports easily and safely.
At George Institute of Data Science we offer premium Data Visualization programs that will up skill your talent and help you master data visualization to advance in your career. This platform provides interactive visuals and reports by analyzing the data. Data Visualization also help you leverage data without possessing technical knowledge and reveals valuable insights to frame strategies and make informed business decisions.