Using Data Visualization to Create Real Business Insights

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Locals and Tourists #1 (GTWA #2): Londonby Angela Guess

Angela Hausman recently wrote for Business2Community, “Great data insights don’t mean much if the folks controlling change don’t understand them or don’t have the time to pour over columns of data. Enter data visualization; the key to getting data insights to cause change that improves your market performance. Big data isn’t a new thing; it’s the size of data that’s new. In just the last 2 years, we’ve generated a zetabyte of data from scanners, mobile devices, web connected devices, television, and computers… But, data doesn’t mean much unless you can do something with the data — and here we’re most concerned about using big data to improve market performance.”

Hausman goes on, “Unfortunately, the character of big data is that it’s not only BIG, it comes at your extremely fast so, unless you have a tool that provides automated insights quickly, you’ve lost all advantage from having the data. You need to go from data collection, to analysis, to visualization, to strategy quickly or risk falling behind.”

She continues, “Data visualization is a little like herding cattle — it’s expensive and time-consuming, but, ultimately, necessary if you want to generate profits from your cows. Of course, data visualization is only 1 means of corralling big data into something useful. Data analysis using statistical tools to generate descriptive, predictive, and prescriptive data analysis also synthesizes meaning from big data. Even with data analysis, data visualization makes it easier to see not only descriptive data like height, age, and income, but predictive analytics reflecting the relationships among data, and prescriptive data showing the best alternative solutions.”

Read more here.

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