What is Power BI Data Visualization?
Ayavin SolutionsNovember 2, 2022
What is Power BI Data Visualization?
As a result of the technological revolution, data went from being expensive and difficult to find and collect to being abundant, cheap, and incomprehensible. Traditional software makes it difficult to store, comprehend, and analyze massive amounts of data. However, as individuals or organizations, we are only as good as our interpretation of the data. This is where Big Data comes into play. Big data is used for predictive analytics, user behavior analysis, and other data analytics processes to add value to data. However, due to a lack of information, the raw details of this may remain unknown. This is where data visualization can help.
Your company generates more data about sales revenue, marketing performance, customer interactions, inventory levels, production metrics, staffing levels, costs, and other key performance indicators every day (KPIs). However, because there is so much data to sort through, people may struggle to see the story it tells.
Granular data is transformed into easily understandable, visually compelling, and useful business information through data visualization. By utilizing external data sources, today's data visualization tools not only allow you to see your KPIs more clearly, but they also unify data and apply AI-driven analytics to reveal relationships between your KPIs, the market, and the world.
Data visualization can assist you in making better decisions.
While stunning, rich visuals can be excellent tools for communicating ideas, the ultimate benefit of data visualization is its ability to drive better decision-making. Here are a few examples of how data visualization can help you make strategic decisions:
Think about the big picture. Your systems' transaction, interaction, process, and behavioral data provide a clear picture of performance. Data visualization allows for the identification of the larger context as well as the higher-level scenario within it. As a result, you'll notice trends and patterns that you would have missed if you only looked at numbers.
Determine the importance. By adding visual clarity to your data's story, you can uncover insights that lead to better decision making, planning, strategies, and actions. What needs to be changed in your company, and where should your resources be directed? Understanding the importance of your data results in more efficient operations and decisions.
Make wise choices. When you have concrete numbers and tangible insights, you can be confident that your decisions are supported by data. Understanding performance metrics clearly provides you with the knowledge and tools you need to make the right decisions at the right time.
Track trends over time. Once you've established a baseline, trends will emerge. Track progress, spot trends, and start putting your findings to use to make informed strategic decisions. Changes in patterns indicate if things are going off track as you build your trends, allowing you to address any signs of poor performance immediately.
The Benefits of Data Visualization-
Important insights buried in your data can help propel your company forward. Looking at raw numbers, on the other hand, does not always allow you to connect the dots. When you look at your data in a visual format, patterns, connections, and other "a-ha" insights that would otherwise be hidden emerge.
Data visualization brings data to life, making you the master storyteller of the insights hidden within your numbers. Data visualization, such as live data dashboards, interactive reports, charts, graphs, and other visual representations, enables users to develop powerful business insights quickly and effectively.