The importance of real time data visualization for business intelligence is rising rapidly in the modern business world. Businesses can obtain valuable insights into customer behavior and market potential through visual renderings of enormous datasets, which otherwise would be impossible to make sense of without the help of data visualization tools.
Data visualization is making graphical representations of data to understand and share. Making data more accessible through visual representations of trends, patterns, and shifts, such as charts, graphs, maps, and plots.
So, what is the best use of data visualization? Business professionals can utilize visuals to analyze complicated data sets, draw inferences, make faster choices, and find relationships that static tables or text-based reports cannot.
Real-Time Data Visualization in Business Intelligence
Recent studies indicate that, from 2022 to 2027, the global market for real-time data analysis will expand at a compound annual growth rate (CAGR) of over 13.36%. Business intelligence aims to help people make better decisions by collecting and analyzing data to achieve operational and strategic goals.
When it comes to corporate data, businesses realize they must provide users and decision-makers with various options for interpreting and drilling down into data without requiring technical competence. If not, companies can rely on outside analysts or fail to realize BI technologies’ potential fully.
One approach is the use of real time data visualization tools. Modern analytics solutions offer them a self-service BI data reporting capability, allowing businesses to present and share quantitative information in a more data-driven, easily digestible, and straightforward way for end-users and customers alike. Dresner Advisory Services found that 62% of business intelligence respondents regarded real-time data as “critical” or “very important.”
Increasingly, businesses combine data visualization technologies with data storytelling narratives to add more context and meaning to the day-to-day KPIs and business matrices they deliver.
Ultimately, businesses and software developers in various sectors, such as retail, science, finance, and healthcare, embrace BI solutions to analyze and interpret data. One approach to achieve this crucial objective is using data visualization tools.
Data Visualization Types
In the past, text-based operations reports and spreadsheets were supplemented with visual aids, such as pie charts, line graphs, and tables. Analytics solutions have progressively supported new choices to visualize complex data collections and accomplish successful data visualization as BI has become more of a focus over the past decade.
The specific output is determined by the analytics solution being used. However, many different types of data visualization are available today for displaying and representing data more interestingly.
- Area Chart: These are effective for showcasing trends over time, helping businesses track performance and identify patterns in data.
- Bar Chart: Bar charts simplify complex data into easy-to-understand bars, enabling businesses to compare categories and make informed decisions.
- Column Chart: Present data in vertical columns, making it clear and organized for businesses to analyze and draw insights.
- Image Map: Provide an interactive way to display data, allowing businesses to explore details and gain deeper insights.
- Meter Chart: Help businesses gauge performance against predefined benchmarks or goals, facilitating better decision-making.
- Numeric Display: Present critical values prominently, giving businesses instant access to essential data for quick decisions.
- Pie Chart: Display data as slices of a pie, making it easy for businesses to understand the proportions of different categories.
- Scatter Plots: Reveal relationships and correlations between variables, helping businesses identify patterns and outliers.
- Stacked Bar: Stacked bar charts summarize data by displaying multiple variables in a single chart, making it efficient for businesses to assess overall trends.
- Treemap: Represent hierarchical data structures, assisting businesses in visualizing complex relationships and hierarchies for better decision-making.
Choosing the right visualization for data is crucial if businesses want end-users to be able to perceive, understand, and act on it, such as retail sales by area across numerous states.
Real Time Data Visualization Business Applications
Data visualization in real time has become more important in many fields because it helps businesses quickly turn raw data into useful insights. Real-time data visualization is crucial in the financial services industry for keeping tabs on market swings, keeping tabs on trading volumes, and keeping tabs on risk. Real-time charts are vital tools for traders and investors who need to respond quickly to changing market conditions.
Professionals in the medical field use data visualization in real time to track vital signs, spot outliers, and act swiftly to treat patients. Real-time information is especially important in high-stakes settings like emergency rooms and intensive care units. Public health departments also use real-time data visualization to monitor the spread of diseases and respond rapidly in the event of an outbreak or epidemic.
Real time visuals are used in manufacturing for production monitoring. Machine uptime, output, and quality can all be monitored in real time, allowing factories to improve efficiency and reliability. Another crucial use case is supply chain visibility, wherein businesses keep tabs on stock, shipments, and delivery schedules with the help of real-time data to boost supply chain efficiency and customer satisfaction.
Inventory management in stores is impossible without real-time data visualization. Retailers can maximize profits by reducing stock-outs and overstocks through vigilant monitoring of inventory levels and movement. In addition, real-time data is very useful for sales analytics because it reveals sales patterns, best-selling products, and the success of business pricing plans in real time.
Energy and Utilities
Data visualization in real time helps with grid monitoring and maintenance in the energy and utilities industry. The power system can be monitored in real time, defects can be identified, and energy providers can manage distribution effectively. Utilities also use real-time data to optimize resource allocation, such as water and energy usage, with the goal of improving sustainability while cutting costs.
Transportation and Logistics
Fleet tracking and management are made easier with real-time data visualization in the logistics industry. Providers in the logistics industry keep tabs on trucks and packages in real time to guarantee prompt deliveries and streamline shipping procedures. Real-time traffic management is particularly useful for cities since it allows for monitoring traffic conditions to reduce congestion and improve traffic flow.
Data visualization in real time can greatly enhance customer service. By watching how customers use their websites and apps in real time, businesses may learn more about their customers’ habits and interests. This paves the way for companies to improve customer service, react quickly to challenges, and innovate based on hard facts. Another important use case is social media listening, in which businesses keep tabs on social media mentions and sentiment in real time to better respond to client input and keep up with industry trends.
IoT (Internet of Things)
Massive volumes of sensor data are produced by the IoT, making real-time data visualization crucial for businesses. Smart buildings, networked gadgets, and factories benefit from the Internet of Things’s real-time insights. To keep operations and maintenance running well, businesses employ real-time visualizations to promptly track and react to this sensor data.
Marketing and Advertising
Real-time data visualization helps marketers and advertisers monitor the success of their campaigns and the statistics of their websites in near real time. Marketers may fine-tune their approaches, allot resources wisely, and track the results of their campaigns as they happen. Analytics on a website allow for constant tracking of user activity, which helps businesses fine-tune their sites’ content and increase their conversions.
Gaming and Entertainment
Real-time data visualization is used in the gaming and entertainment business to improve player involvement and immersion. Companies monitor player activity, locate bottlenecks, and make instantaneous changes to enhance the experience. Moreover, streaming services improve content delivery based on real-time analytics, taking into account user preferences and network conditions to provide uninterrupted enjoyment.
Data Visualization Techniques
There are now six main methods of data visualization used today:
- Comparison – Evaluate how performance has evolved over time or across dimensions to gain valuable data insights into the business’s processes.
- Composition – Give a breakdown of data using visual aids like pie charts or bar graphs.
- Distribution – The dimension of time is used to illustrate the value distribution.
- KPI – The present standing of metrics should be emphasized.
- Relationships – Display the connection between metrics using a scatter plot.
- Location – Visualize information on a floor layout, map, etc.
An effective data visualization results from careful planning, which involves considering who will view the data and what information needs to be conveyed. Businesses and the end-user will benefit from a shared understanding of the most effective means of conveying information visually if firms carefully plan out these aspects in advance.
Value of Data Visualization in Business Intelligence
Visual information accounts for 90% of all data sent to the brain, and by 2025, it is expected that the amount of data created worldwide will have increased to 180 zettabytes. Without proper methods of simplification and interpretation, incoming big data can be too much for the average person to handle.
Today’s enterprises have naturally drawn toward learning about and taking advantage of data visualization skills because they provide a powerful tool for making sense of mission-critical information and massive amounts of complex data.
Tableau, a market leader in data visualization software, recently published a case study highlighting how the firm improved risk management and decision-making using real-time data visualization. Substantial savings and enhanced data-driven insights are highlighted in the study.
Naturally, humans are very visual creatures. Ultimately, data visualization helps more individuals who utilize BI tools and analytics solutions by providing a familiar, engaging, dynamic approach to digest information at a glance and understand the insights hidden beneath the statistics. It also helps businesses and product teams provide customers with a real-time analytics experience that promotes and supports the use of data in decision-making.
Data Visualization to Business Intelligence Success
Data visualization may bring ideas to life with eye-catching visualizations, but its true worth is in improving decision-making within organizations. Data visualization helps in strategic decision-making in the following ways:
- Think About The Big Picture: Data visualization allows businesses to sift through the mountains of interaction, transaction, and behavioral data stored in systems to unearth previously unknown insights. By looking beyond single metrics, business leaders can gain insight into how the company performs in various domains.
- Identify Significance: Exploring data allows firms to find game-changing insights that can lead to better strategic decisions, identify improvement opportunities, and effectively allocate resources. Investigate everything carefully; doing so will improve performance in all areas.
- Make Smart Choices: Equip with robust data-driven insights to make smart decisions. Decisions are made based on data rather than intuition, increasing the likelihood of long-term success.
- Track Trends: By observing how data trends evolve, businesses can learn useful information about the company’s performance. Start with a reference point and note any deviations in behavior to identify problem areas and guide decision-making toward more fruitful outcomes. Keep an eye on how things are going and consider any new patterns to spot any dips in performance.
BI Reporting Data Visualization Best Practices
When creating visualizations, businesses should follow several general best practice rules.
When building a data visualization, keep the audience in mind to better meet needs and inspire them to take action.
The success of data visualization depends on getting the audience to care enough to take action based on the information presented. Companies need more than a chart to motivate people to take action; they need a captivating graphic combined with a data tale narrative.
Format and Sort:
Arrange information sensibly (chronological, sequential) and simplify its data presentation with visual aids like bars, icons, labels, and lines.
Correctly Display Values:
Investigate everything carefully; doing so will improve performance in all areas. For example, a line chart isn’t necessary when joining dimensions; this information is best presented using columns or bars.
How can Brickclay Help in Data Visualization
Brickclay’s comprehensive suite of data visualization services empowers organizations to thrive in today’s data-driven world. From designing efficient data architectures and ensuring data quality to enabling ad-hoc querying, predictive analytics, and data visualization, we offer a holistic solution to unlock the hidden stories within data. With our expert guidance, companies can develop a tailored business intelligence strategy, implement data warehousing solutions, and harness the power of data-driven decision-making, paving the way for the organization’s future success.
Contact us if you are curious to know more about how Brickclay helps businesses in data visualization.