Organizations are increasingly looking for ways to improve their practices and maintain a positive level of customer retention. In order to accomplish this, many businesses have adopted big data initiatives to gain a more accurate picture of business operations and overall success. With analytics and reporting tools, decision-makers will have a more complete view of relevant information and be able to make educated choices based on current needs. By using a data visualization to present these statistics, the metrics will be easier to understand and help fuel growth throughout the company.
Presenting important information through an image can influence what changes are made to processes and help viewers understand the gravity of the situation. However, there are some aspects of a report and visual that must be reflected in any project. Forbes contributor Ben Kerschberg noted that the report designer must convey the data in a way that will drive operations, tell a story of the workplace, be easy for all users to understand and provide insights on what actions to take next. While information can be an asset, if it does not prescribe steps for innovation, the business can miss out on substantial benefits and potential profits. Big data analytics tools and reporting features should be able to supply these answers and fuel advancement efforts.
"Interactive Visualization does not stand alone as a mere presentation layer," Kerschberg wrote. "It requires rich underlying data and predictive analytics to see how assets will behave and to make recommendations as to how they should behave."
Using visuals to enhance customer experience
One of the major current trends is to use big data to better understand clients and their preferences. For example, if a certain product has the most complaints or issues, collected statistics will be able to present this information for decision-makers to improve their services. Harvard Business Review stated that with tracking and analytics tools, organizations will be able to know what customers may prefer before they even complete their transactions. Some businesses have installed cameras to track traffic movements and establish patterns within retail shops. This can help identify what products are the most appealing and how clients travel in the store. With this information, companies can strategically set up their space to bring a more personalized experience while ensuring that more services are being shown.
"All of these technologies are starting to come together – whether it's mobile, whether it's social, whether it's analyzing a lot of data – and they're coming together to meet the customer," Belk vice president of innovation Greg Yin told the source. "At the end of the day, understanding customer behavior in stores and being able to take actions on it is a problem we're trying to solve."
Data reporting and analysis is becoming more influential in how organizations market their products and appeal to their target audience. As information grows in value, it will be important to have a comprehensive visualization program to develop and present the information in a more understandable way.