11.14.2022 Executive Data Bytes – The visual side of business analytics, delivering answers fast!

Executive Data Bytes

Tech analysis for the busy executive.

Welcome to another edition of Executive Data Bytes! This week, we are discussing how visual analytics can help you grow the value of your business faster. 

Focus piece: “5 Ways To Grow Business Value Through Analytics”

Executive Summary

Everyone in an organization should be using data to drive decision making. This Forbes article explains why employees need access to the right data and the right technology to use it effectively.

Key Takeaways

• Organizations are investing trillions to become more data-driven, but only 8% successfully scale analytics to get value from their data.
• If you start small and create immediate value with data and analytics use cases, more people and teams will be encouraged to apply and further develop assets to suit their own needs.
• On average, 73.5% of respondents in data-leading companies across all geographies said that their decision-making was always data-driven, compared with just 5.7% in data-aware organizations.
• Intuitive, self-service analytics empowers business users to use data in a way that is relevant to their work, helping scale analytics and data-driven decision making across the business.
• It’s important to support the development of data literacy by investing in internal training sessions, third-party programs, and more. This will help your organization grow its analytics maturity and close the data skills gap.

Focus piece: “Tapping Data Visualization’s Growing Business Value”

Executive Summary

Data visualization tools are commonplace within organizations, but are you getting the most from them? Learn how to transform data into insights that can be understood by people across the business in this article from Data Services Inc.

Key Takeaways

• Data visualization tools can help you turn large swathes of data into ready-to-action insight. They are embedded into a database management system and can be used to improve the usability of your data.
• The reason for the industry's growth lies in the huge amount of data available to organizations, which can provide a huge variety of insights to every aspect of the business. Data visualization technologies can be used in many different areas, including medical care and advanced weather mapping.
• According to a recent report, two-thirds of respondents said data would be vital to their organization's future success. However, less than a quarter of organizations have dedicated staff or the right talent to implement effective data management.
• Data visualizations help individuals to learn, understand and take action more quickly, which means less time learning and more time doing. They also help individuals to spot emerging trends and understand the connection between operations and results.

Focus piece: “Gain Better Insights with Data through Visual Analytics” 

Executive Summary

In today's fast-paced business environment, data is created and collected quickly, which makes it difficult to find patterns and organize the information. This Silvon article explains how data visualization makes the information easier to view and analyze, and encourages deep thinking.

Key Takeaways

• Visual analytics can aid in analytical reasoning by presenting complex information in a series of figures, tables, and graphs. This helps the human brain to better understand the data and make repeatable decisions.
• In today's BI environment visual analytics is a hot topic because it makes big data accessible to members of the workforce. It doesn't replace traditional BI insights, but rather builds on them.
• Visual analytics uses both automatic and visual methods while also respecting the power of human knowledge. The data is transformed into a visual way that is easily processed by the human mind.

Let's Visualize!

Who We Are

Data Products partners with organizations to deliver deep expertise in data science, data strategy, data literacy, machine learning, artificial intelligence, and analytics. Our focus is on educating clients on varying aspects of data and modern technology, building up analytics skills, data competencies, and optimization of their business operations.