Data visualization is the presentation of data in a pictorial or graphical format and is a quick, easy way to convey concepts in a universal manner. Decision makers are able to identify new patterns or to grasp difficult concepts through visually presented analytics. This is one of the main points why small and medium businesses need data visualisation.
Due to financial constraints and finding the whole concept of hiring data visualisation services daunting, most small to medium enterprises (SMEs) have not felt a need to invest in extensive data analysis. They believe they do not have the time resources and expertise to make good use of the metrics.
Instead, SME owners and managers depend on their gut sense of the market and past experiences in the industry. What they need to realise is that learning how to use data and investing in it is transformative for their businesses.
The following are reasons why SMEs need access to effective data visualisation and analysis:
Recognise patterns and relationships
When presented graphically, extensive amounts of complex data start to make sense. Parameters and patterns that are highly correlated are pretty straightforward. By recognising these patterns and relationships, organisations are able to focus more on areas most likely to impact their important company goals.
Understand information efficiently
Owing to the way the human brain processes information easily, utilising graphics or charts to view huge amounts of complex metrics is more efficient compared to analysing reports and spreadsheets. Businesses are able to see large amounts of data in clear, cohesive ways and draw conclusions from that information in a more timely manner.
Big data threatens to create a deep divide between the have-datas and the have-no-datas
Using data visualization to discover trends (both in the business and in the market) can give businesses an edge over the competition, and ultimately affect the bottom line. It is easy to spot deviations and address issues before they become bigger challenges.
Effectively articulate the story
Using visually stimulating presentation, graphs, and charts is highly engaging and gets the message across quickly.
Before being exposed to metric insights, SMEs tend to be dominated by their owner/managers, who made company decisions on the basis of any customer information they could acquire or on the basis of their past experiences—basically observing other products on the same market, following them or complying with the guidelines laid down by the big players.
Most small businesses are quick to adopt a more formalised approach to marketing planning after being given access to the data insights. They are able to visualise and lay down progressive transformations for the long term, instead of making decisions based on the competitions’ moves. Insights to metrics have changed businesses’ ideas on how to grow and expand their consumer market and how to accurately pinpoint their target customers. It also encourages owner/managers to share valuable insights with their teams and got them contributing to their companies’ competitive marketing thinking.