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Guest post by Laurie Abner from safehappyhouses.com.
Data visualization is the representation of information via graphics, charts, plots, infographics, and, more recently, animation. Businesses striving for growth are taking advantage of these visual strategies to highlight their performances and attract investors. And here are four ways data visualization can have a positive impact on your bottom line:
Transforming the Decision-Making Process
Data visualization allows you to map out your processes and create visual representations of your workflows so you can get better insights into your business’s performance. You can also visualize trends and patterns when it comes to sales and revenue, expenses, and other metrics and indicators. There are a number of tools available for businesses who want to make data visualization part of their strategy: before selecting one, think about your needs, what you’re trying to accomplish and what datasets you have available or you’re trying to gather. Some free online tools may be enough to achieve your goals, or you may need more sophisticated solutions that provide business intelligence beyond the basics. Once you see where your company is underperforming, you can start implementing changes that will lead to better results.
Streamlining Business Operations
Sharing your data findings with employees and stakeholders will help you come up with solutions to improve your workflows and optimize your processes.
For instance, take the UK ETA as an example. They are tracking travellers for a more precise understanding of their operations. The government is streamlining its business to increase revenue, you can find more at uk-eta.com.
When you can visually see where the bottlenecks are, what tasks are redundant, and what products are underperforming, you can take steps within your organization to smooth out your operations and become more effective and productive. Turn your data into graphs that can be shared, updated, and edited by your teams: the benefits of a PDF editor include being able to make changes and add comments, charts, or drawings without having to print anything out. Simply upload your document, edit it, then download and share it with your team members.
Personalizing Marketing Campaigns
Data visualization helps you come up with a picture of your ideal customer by gathering data about their shopping and spending habits. Gaining insight into customer behavior and buying trends will help you better tailor your messaging to fit your target audience. You’ll also be able to spend your marketing budget more wisely by advertising on online channels where your prospective clients actually spend time while forgoing channels with a poor ROI. Heat maps and plot charts help you visualize where your target customers are, how much they’re spending on a product, and how long they stay on your site. All that information can be used to create highly personalized ads and increase your return on investment.
Mitigating Risks
A picture is worth a thousand words, and when you run a business, being able to quickly identify potential risks can also save you a lot of money. Data visualization and predictive models can help you detect anomalies and prevent costly issues from happening in the first place. Rather than spending hours poring over lengthy reports, a chart or graph representing a trend or pattern, whether positive or negative, will help you make quicker business decisions. Complex concepts are made clearer with colorful graphics and pie charts, and you’ll be able to present data findings with potential investors in an easy-to-understand format, increasing your chances of getting positive feedback.
Data visualization has become an important tool in an entrepreneur’s arsenal. Clear, visually-appealing graphics representing your business’s performance can help you and your stakeholders make better decisions. And by giving you greater insight into your customers’ behaviors, this tool helps your marketing team create the perfect messaging for your brand.
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Image via Pixabay
