Data has become a buzzword within the past few years for good reasons. Regardless of the industry you are operating in, you will always hear of data and how it helps in data-driven decisions making. Since data has a huge role to play in decision-making, it is necessary to utilize it properly for better results. However, the raw data cannot be used when it is in its original format, as many people think.
After collecting data from different sources, you need to convert it into an actionable format before using it. This is what introduced the use of charts and graphs in business to help company stakeholders get the best from their data. When you leverage the power of data, you place your brand in a better position to perform better than your competitors.
By combining the power of data and business intelligence, you will be in a position to make more informed decisions that impact your business growth. It is all about investing in the most applicable technologies that can help you determine the future of your business. Business intelligence uses data to place your business on the right track and improve its performance in the long run.
If you have the right tools for data visualization, you will find it easier to make decisions that contribute to the continued growth of your brand. Even if you get access to the most incredible data on earth but lack the tools to visualize it, it will help you achieve nothing. The secret is to invest in modern data visualization tools that will help you find meaning in your road at assets. When making development decisions ensure that you do everything possible to avoid going with your gut.
Any business that has plans to develop into a bigger brand makes accurate decisions based on the data available. Even though it sounds perfect when it comes to following your instincts, you should never do this during the decision-making process. Before making any decision, you need to ensure that you have facts, figures, or insights that will back up the decision you make at the end of the process.
The data you use during the decision-making process should be in line with what you intend to achieve in the long run. Data-driven decision-making will propel your business to greater heights and make it highly adaptable to the changes within the business environment. If you want to make your business brand keep up with the changing market tides, ensure that you adhere to the changes in the data you generate on a daily basis.
The only way you can get the best from my data is by investing in data Analytics to help you discover the underlying information. This strategy will help you to overcome the headwinds across the industry and develop means that will enable your brand to withstand all market conditions. Making data-driven decisions is a comprehensive process that involves a bunch of aspects. Let’s look at how this can be done using data Analytics and business intelligence!
What is Data-Driven Decision-Making?
Data-driven decision-making refers to the process of using verified data to make decisions that impact a company’s growth. The decisions made from the data generated are specifically designed to propel the business to the next level. When using the right key performance indicators and data visualization tools, it becomes easier to tailor decisions that elevate your company to the next level.
Using data to make decisions means that you are using data to reach your business objectives. Rather than just shooting in the dark, you need to ensure that you are using verified strategies that guarantee incredible results. In order to extract value from data, you need to ensure that you are dealing with accurate data values generated from reliable sources within the business. After collecting data, data visualization can help you make sense of it.
The invention of business intelligence technologies has made data analysis an easier process that only takes a few minutes. Note that you don’t need to have deep technical expertise to use data visualization tools or business intelligence technologies. All these technologies only require you to have a basic understanding of what intends to achieve and accurate data. This means that you will require less information technology support to maneuver the process.
Technology such as data visualization only requires you to have a keen eye for details, and you are good to go. Since data visualization involves different types of charts and graphs, it is important to learn more about what they involve and how to use them. Even though graphs and charts are easier to read and interpret, it is essential to identify the types of charts and graphs to apply in specific scenarios. Remember that not every chart or graph is applied at any given point.
The application of charts and graphs and business has become a common aspect following the development of business intelligence technologies. There is no way where you will visualize your business intelligence data without involving various types of charts and graphs. This means that you will need to learn how different charts and graphs operate to make your data visualization and data-driven decision-making process easier.
Types of Graphs and Charts Used in Business Intelligence
Once you have acquired information about how business intelligence makes data-driven decisions, it is time to look at some of the charts and graphs applied during the same.
Bar Charts
Bar charts are used in business intelligence to compare data values and the change that occurs over a given time frame. They can also be used to interpret the absolute value of the data used in decision-making. The axis of a bar chart can be used to showcase the positive and negative data values outlined on the opposite sides of the axis. When using this chart, the data values are portrayed in the form of bars.
The length of every bar depends on the data values portrayed. However, bar charts can only showcase the change in data if it is bigger. Note that this is one of the most commonly used types of data visualization that is easier to read and use.
Comparison Bar Chart
A comparison bar chart is a type of chart that displays two or more sets of data as horizontal or vertical bars. The length of each bar represents the value of each data point. Comparison bar charts are useful for comparing the differences or similarities between categories or groups of data.
Column Chart
A column chart is a data visualization tool almost similar to a bar chart. The only thing that makes them different is that a column chart divides the data belonging to the same category into clusters, making it easier to compare the data sets. Column charts are mostly used in business intelligence to compare different data points when making development decisions.
Pie Chart
A pie chart is good at showcasing the relationship of a particular data segment to the whole data set. The chart is circular in nature and is used to present data in the form of percentages. Every data segment on the chart reciprocates its percentage. The sum of all data segments outlined on a pie chart is equivalent to 100%. This type of chart is suitable when visualizing statistical data.
Regardless of the fact that a pie chart is easier to read and use, it is only suitable when you are dealing with a few sets of data. When using it, you need to be careful to eliminate cases of cluttering.
Line Chart
A line chart is considered one of the most common business intelligence charts. The chart connects all the data points using a line that makes them all connected to form a single entity. A line chart is mostly used to outline data that is continuous in nature, such as time. It is a good option to help you determine how your data changes over a given time period. You can easily implement it in all your data visualization needs, provided you have a clear goal.
Final Takes
Although business intelligence has a significant role in making data-driven decisions, charts, and graphs also have a huge role to play. The accuracy of your data determines the accuracy of the final results you get after data visualization. Investing in reliable data visualization tools will help you to eliminate cases of making errors when making decisions.
As the volume of data generated on a daily basis increases, business intelligence continues to expand its territories within the business industry. Investing in business intelligence technologies and data visualization tools can help business owners and company leaders make actionable decisions.
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