Digitization led to big data which by 2020 will have 44 trillion gigabytes of data. We are in a position where we have access to masses of data, but our ability to effectively use this data for competitive advantage is a constraint. The reason being most of this data is unstructured and scattered across multiple sources. Did you know that only 1% of the data we have access to is analyzed? This is a massive underutilization of data which is not free. Data is helmed as the new age gold and if you are planning to become data rich you should invest in Data Visualization. Data visualization has been around for centuries and evolving constantly. From primitive maps to visualizing data in mixed reality visual representation of data has come a long way. Visualization makes it easier to process and comprehend data. As they say,
“A picture tells a story better than 1000 words could”
Data visualization can be used at different levels across an organization and there are several used cases. One thing to consider while going for visualization is to have a clear objective whether you want it for exploring the data or mere presentation of data.
Data Exploration is used by a data analyst who is trying to match patterns, get insights, make a forecast, etc. These usually require dashboards, multi-layer graphs, etc. Data exploration is used by many businesses to get actionable business insights into their data and plan the next steps.
On the other hand, data presentation is to represent the findings of data exploration in a very basic form, usually some form of storytelling. You would not want your investors or higher management to spend time understanding the graphs and charts or worse not understanding them at all.
We at i2e consulting offer data visualization to help get actional business insights and PPM solutions. Here we list a few of our many customized data visualization solutions that hugely benefit organizations.
Data Exploration in R&D: We created dashboards for a pharmaceutical giant who wanted to get insights on the research and development happening around their organization. They wanted these dashboards to drug lifecycle management. Our dashboards helped R&D productivity to newer heights through complete data integration and cross-departmental data utilization.
Interactive mixed-reality PPM dashboards: One of our clients came with a unique requirement wherein they wanted their board meetings to be interesting. They wanted the entire top management to be involved, focused and attentive. We suggested and eventually created data visualization with Microsoft HoloLens. AR/VR is highly engaging, informative and unique (well for now it is) which makes it ideal for presenting information. The holographic imaging enabled them to interact and play around with their data. This newly found perspective not only made the meeting interesting but also enabled better insights for better forecasting.
Resourcing Dashboards: Resource planning is one of the key concerns for many organizations because of the nature of the information involved. When one of our clients, requested a dashboard to optimize scheduling and resources precisely. We offered a dashboard solution to minimized resource planning challenges. The dashboard showed resource availability based on skillset, level of expertise that helped with resource availability forecast. Besides, it also showed FTE scores of resources and made the company audit-ready.
Wrapping it up, in the age of big data analytics data visualization is the only way to harness information. If you are planning to invest in it, do have a clear objective because these tools do not come cheap. If you are looking for any data visualization solution, we at i2e consulting are ready to answer your queries. Just fill in the below form.