Data creation, capturing, and usage are only set to climb up from the current 328.77 million terabytes of data created each day. Rapid development in artificial intelligence (AI), machine learning (ML), and Internet of Things (IoT) are one of the major reasons for the massive volume growth of data addition to enterprise infrastructure every minute of every day.
Data representation has become an integral part of business decision-making. It has metamorphosed from being presented in a dull and monotonous simple tabular form into a more visually appealing and presentable form. Today’s advances in technology allow data to be presented in visually appealing ways to impact how decisions are made in businesses. Data visualization using algorithms and technology takes the productivity and efficacy of data analysis to levels usually unseen in traditional setups. This allows us to quickly and effectively interpret, analyze, and communicate data. It helps businesses to automate reporting and use contextual data over and above improving decision-making, trend spotting, and identifying correlations. This can help them uncover opportunities for growth and optimization.
Data visualization is a powerful communication tool that can help us communicate complex information to a broader audience in an easily understandable way, especially for business leaders to communicate their findings to stakeholders in a visually compelling manner. Data visualization can also be used to create dashboards and reports that provide a comprehensive overview of the business’s performance.
Finally, data visualization can help businesses save time and money by eliminating the need for manual data analysis by automating a larger set of the data management process.
Data-sensitive industries, especially the BFSI, are making the most of services that help them in smoothening the data management process. From collecting global data sets, scraping critical information, and giving form to unstructured data, data visualization is helping businesses to identify important information, patterns, and trends to take advantage of these quick analyses.
Industries such as BFSI have millions of distinct data points that can hardly be represented in the legacy Bar and Line graphs/charts and fail to bring out the complex relations between various data points.
Erroneous decisions made from bad data management or poor representation lead to wrong analysis and interpretation. These mistakes are extremely costly to businesses, affecting business growth and reputation.
In the past, businesses across industries have suffered business and financial losses due to poor data management and interpretations. According to leading research firms, “the average financial impact of poor data quality on organizations is $15 million per year”.
The blog explores how AI & ML technology is transforming the BFSI sector and highlights the importance of this technology in the business world.
By delving into specific use cases and examples, readers can gain a deeper understanding of the practical applications of AI and ML in finance and banking industry, as well as the potential benefits and challenges associated with their implementation.
Benefits of Data Visualization for Business Growth and Optimization
- Improved Decision Making: Data visualization makes it easier for businesses to identify patterns and trends in their data, enabling them to make more informed decisions.
- Increased Productivity: Data visualization tools automate the process of data analysis, reducing the time and effort required to identify insights.
- Better Communication: Data visualization enables businesses to communicate complex data insights in a simple and easy-to-understand format, making it easier for stakeholders to understand and act upon.
- Competitive Advantage: By leveraging data visualization tools, businesses can gain a competitive edge by identifying trends and opportunities that their competitors may have missed.
“Data is the new Oil”. Quality data visualization helps solve the problem set right from the first step in the analysis.
Organizations with a large quantity of data may not have in-house knowledge, capability or capacity to extract, visualize and analyze these data sets to put out the right information.
Data Solutions Company, such as by Decimal Points Analytics helps to ensure that organizations make the most of their data. Our clients have also experienced reduced costs for businesses by being able to manage data more efficiently.
Read this case study to know how Decimal Point Analytics provided** comprehensive data solutions** to leading financial data aggregator and provider in Canada.
Conclusion
Data visualization is a powerful tool that can help businesses unlock insights and identify patterns and trends that are not immediately apparent.
Combining AI ML technology with a talented team of expert professionals, we enable to serve businesses with unique, tailor-made products, real-time services, and solutions with unmatched value propositions.
Contact Decimal Point Analytics to know more about our solutions.
