In the era of digital data, businesses need not only collect, but also to understand and leverage the maximum value from your data. However, with the volume of data increasingly large, complex work only based on the traditional metrics no longer effective enough. Data visualizations appears as a groundbreaking solution turn the numbers barrenness of the tables easily understood decision support fast more accurate.
This article Lac Viet Computing will help you understand more clearly about the concept of visualizing data, benefits, types chart popular, the advanced tool to optimize the data analysis in business. This is the handbook for the organization are looking for modern solutions to enhance competitiveness in the digital age.
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1. What Is Data Visualization?
1.1. The concept of data visualizations
Data visualizations (Data Visualization) is the process of converting raw data into charts, graphs, or illustrations easy to understand. The main purpose is to help users quickly grasp the meaning value of data to support the analysis process decisions more efficiently.
The role of data visualizations in business:
- Simplify complex information: With the large data sets, multi-dimensional, visual charts help simplify the information to help people easily grasp the trend.
- Support quick decisions: Instead take the time to analyze a table of data, leaders can use the chart, dashboard to make decisions based on real-time data.
- Increase the ability to convey the message: A chart can clearly convey information quickly and more efficiently than text or tables long line.
Follow the study of MIT (2023), the human brain process images faster 60.000 times compared to text. This explains why visualization is increasingly becoming important tools in the business organizations.
1.2. Distinguish data visualizations with traditional reports
Traditional reports is like?
Traditional reports often use the table data, text to present information. This makes users difficult to identify trends or unusual, especially when having to handle large data volumes.
Limitations of traditional reports:
- Take time because of confusing: Users must read the analysis of each figure leads to the loss of much time, prone to flaws.
- Teen intuitive ability: Reported in tables do not show clear relationships between the factors or trends in the data.
Data visualizations how different?
Data visualizations turn the numbers dry into the vivid images that help users quickly get to know the trends and make decisions more effectively.
- Easy to understand: The chart, graph or dashboard visualization help viewers grasp the right meaning of the information.
- Displaying relationship data: Instead of just providing numbers, visualization helps show the correlation or impact between the elements. For example, A scatter chart (scatter plot) can indicate the relationship between the budget of Marketing and sales.
2. Benefits of data visualizations for business
2.1. Increase the speed of decision making
Quickly identify trends or issues: Visualization allows the managers, leaders identify trends, patterns, or problems in just a few seconds. Instead, we have to analyze thousands of numbers, the graph visualization helps to provide clear information, easy to understand, from that accelerate the decision-making process.
Practical benefits:
- Handle information more quickly: According to the study of MIT (2023), the human brain process images faster 60.000 times compared to text.
- Fast response to changes in the market: A dashboard can visually display revenue decreased abnormal or cost spike, which in turn helps the business timely given the solution deal.
2.2. Improve your ability to convey information
Convey the message more effectively: Visual images such as charts, graphs, maps, help convey complex information in a way easy to understand. This supports not only the leader but also help the departments to communicate more effectively when discussing data.
Outstanding advantages:
- Easy to understand: Charts like column, line, or pie chart helps to compare data or display the percentage clearly much more than a table of data.
- Increased interoperability: The dashboard visually allows users to interact, click each section to see details from that capture information more thoroughly.
2.3. Increase transparency and accuracy in data analysis
Minimize errors in interpretation: When data is presented in the chart is intuitive, the risk of misinterpreted or omission of important information will be reduced significantly. Data visualizations to bring a clear picture of comprehensive leadership have accurate view of performance.
Specific benefits:
- Track KPI transparency: Dashboard visualization enables leaders to track performance indicators (KPIS) such as revenue, profit, or effective marketing without reading through series of complex statements.
- Increase accuracy: Eliminate errors due to data entry, or false when the aggregate data from multiple sources.
2.4. Application in many fields
Data visualizations can be flexibly applied in many areas of business, bringing distinct values:
Marketing:
- Analyze customer behavior: Chart heat (heatmap) to help identify any area on the website are customer interaction the most.
- Measurement of campaign results: Dashboard to visually display the results in real time, enabling marketers adjust campaigns as needed.
For example: A company's e-commerce has increased by 20% conversion rate using the heatmap to optimize the website interface.
Finance:
- Track cash flow: Chart cash flow to help identify the stages of expenditure or income, the highest in months.
- Profit forecast: Use the trend chart to predict profits in the next quarter.
For example: A small and medium enterprises have used chart cash flow to improve financial management, up 15% of the liquidity risk.
Supply chain:
- Progress monitoring: Gantt charts help track the status of each stage in the supply chain.
- Demand forecast: Use the scatter diagram to forecast product demand in the future.
For example: A logistics company using Gantt chart to monitor the progress of shipping, discount 10% on-time delivery.
3. Types of data visualizations popular
3.1. The line chart (Line Chart)
The line chart is one of the types of visualization the most popular, used to show trends or changes of one or more data set over time. This chart helps users to easily recognize the tendency to increase, decrease, or fluctuate through each stage.
Advantages:
- Easily identify long-term trends.
- Can display multiple data sets on the same chart for comparison.
Practical application:
- Track monthly revenue: Display trend revenue growth of the business through the months of the year.
- Analyze website traffic: Used to evaluate the effectiveness of marketing campaigns through a number of site visits, daily or weekly.
3.2. Column chart and bar (Bar & Column Chart)
Column chart and bar tool is powerful visual to compare data among categories or groups. In which:
- Column chart: Column stand, suitable to display the change over time or a comparison between the small portfolio.
- Bar chart: Horizontal bar, effective in the comparison of data with many more categories.
Advantages:
- Very intuitive when need to compare data among categories.
- Easily applied to many fields such as sales, hr or finance.
Practical application:
- Revenue comparison by region: Showing the sales of each region in a quarter, or year.
- Evaluate product performance: Compare the number of products sold between list items such as phones, laptops, accessories.
3.3. Circle graph (Pie Chart)
A circle graph is usually used to show the percentage of each component compared to the total possible. This chart type is useful when you need illustration market share, rate allocation or structural components.
Advantages:
- Easily show the percentage of the components in a data set.
- Suitable to present data in simple, easy to understand.
Practical application:
- Market analysis section: Displays the percentage contribution of each brand in the market.
- Percentage of sales by product: Analysis of the level of revenue contribution of each product group.
3.4. Scatter diagram (Scatter Plot)
Scatter chart is the type of data visualizations are used to display the relationship between two variables. Each point on the chart represents a specific data.
Advantages:
- Effective in the detection of the relationship or correlation between the variables.
- To help identify the outliers in the data set.
Practical application:
- Analyze the relationship between the marketing budget and revenue: Show the level of impact of marketing spend to revenue.
- Evaluate the effectiveness products: Compare the relationship between cost of production and profit.
3.5. Dashboard overview
Dashboard is a combination of multiple graphs in a single interface, providing an overview of the entire business data. This is a powerful tool for the managers need to track KPI indicators important real-time.
Advantages:
- Display multiple data sets on the same screen.
- Allows for custom indicators, chart according to the needs.
- Data updates in real time, helping leaders to quickly make decisions.
Practical application:
- Track KPI: Display performance of each of the departments such as revenue, cost, conversion rate.
- Supply chain management: Monitor progress of delivery, inventory levels, transportation costs.
4. The visualization tool data downloads
4.1. Tableau: the Solution for analysis, data visualizations
Tableau is one of the top tools in the world of data visualizations, designed to support the business process analysis, presenting complex data in an intuitive way. With drag & drop interface, Tableau easy to use even for those who do not have much technical experience.
Feature highlights:
- Support big data: Tableau has the ability to handle the big data complexity from various sources, including databases, Excel files, the cloud services.
- Custom chart: Users can create a chart, heat map (heatmap), scatter chart, dashboard, multi-dimensional with just a few simple taps.
- Flexible integration: Easy connection with the BI tools, CRM platforms data, such as Google BigQuery, AWS, or SQL Server.
Practical application:
- Track KPI's real-time business.
- Analyze customer trends to optimize marketing strategies.
4.2. Microsoft Power BI: tools powerful analytics in the Microsoft ecosystem
Power BI is a tool that analyzes visual data downloads, be deeply integrated into the Microsoft ecosystem. With the ability to automatically update data, using AI to analyze Power BI is suitable for both small and large businesses.
Feature highlights:
- Automation report: Power BI support to update the data from different sources according to real time reports is always accurate and timely.
- Support AI analysis: Integrated artificial intelligence (AI) to predict the trend suggests solutions, detect anomalies in the data.
- The ability to integrate powerful: Compatible with Excel, Azure, Dynamics 365 and other services of Microsoft.
Practical application:
- Create financial reports with intuitive chart, cash flow, profitability, cost.
- Data analysis, marketing, tracking the effectiveness of advertising campaigns.
4.3. Google Data Studio: visualization tool free data efficiency
Google Data Studio is visualization tool data free, suitable for small businesses or organizations that are looking for simple solution to present data.
Feature highlights:
- Free easy to use: Not required cost to use, provides user-friendly interface with user.
- Integrate well with the ecosystem Google: Support connect with Google Analytics, Google Sheets, Google Ads, BigQuery.
- Share easily: The report can be shared online, real-time updates.
Practical application:
- Track ad performance Google Ads.
- Generate reports on traffic from Google Analytics.
4.4. Financial AI Agent of Vietnam: specialized solutions for businesses in Vietnam
Financial AI Agent is visualization tool financial data, first in Vietnam by Vietnam development. Tools data analysis this combination between BI (Business Intelligence) and AI, bring comprehensive solutions for the management, data analysis, corporate finance.
Feature highlights:
- Automatically create financial statements: Including business reports, cash flow, debt, profit chart form intuitive.
- Data updates in real time: Helps leaders easily track financial indicators important.
- Support in-depth analysis: Integrated AI to forecast financial trends, suggesting the business strategy based on effective data.
Practical application:
- Track the financial health of the business.
- Risk analysis, investment opportunities.
Lac Viet Financial AI Agent to solve the “anxieties” of the business
For the accounting department:
- Reduce workload and handle end report states such as summarizing, tax settlement, budgeting.
- Automatically generate reports, cash flow, debt collection, financial statements, details in short time.
For leaders:
- Provide financial picture comprehensive, real-time, to help a decision quickly.
- Support troubleshooting instant on the financial indicators, providing forecast financial strategy without waiting from the related department.
- Warning of financial risks, suggesting solutions to optimize resources.
Financial AI Agent of Lac Viet is not only a tool of financial analysis that is also a smart assistant, help businesses understand management “health” finance in a comprehensive manner. With the possibility of automation, in-depth analysis, update real-time, this is the ideal solution to the Vietnam business process optimization, financial management, strengthen competitive advantage in the market.
4.5. QlikView: Discover advanced data
QlikView is a tool designed to explore advanced data to help businesses detect trends and correlations hidden in large data sets.
Feature highlights:
- Trend analysis-automatic: The tool automatically suggests the important trends from the data.
- Flexible interaction: Users can interact with data, filter, and zoning information need analysis.
- Handle complex data: In accordance with the business have a data set large multi-dimensional.
Practical application:
- Analysis of supply chain efficiency.
- Discovered the relationship between the variables in financial data.
Choosing tools to visualize data matching can bring a big advantage for the business. From the popular solutions, such as Tableau, Power BI, Google Data Studio, to specialized tools such as Financial AI Agent of Vietnameach tool will bring back the outstanding features of its own. Consider the needs of the business and begin your journey to optimized data today to gain competitive advantage in the digital era.
In the business environment turbulent as today, the ability to make decisions fast, accurate is vital. Data visualizations not only bring clear picture of the situation operation, but also help enterprises detect opportunities, forecasts, risks, optimize business strategy.
