In a world of big data, visualization is becoming a set of key skills that every business must master.
Digital technology has transformed the way companies use information, providing information on all sorts of different business metrics. However, all this data is only useful if you can see and understand it.
This is where data visualization comes in. Simply put, this is the process of gathering data so that it can be seen and interpreted. It refers to a collection of techniques designed to communicate and encode data in a visual format, such as a graphic, graphic, video, or image. By representing data in this way, it is possible to pick up collections of numbers that may seem difficult to interpret and turn them into something that people can quickly see and understand.
A Wharton School of Business study found that effective data visualization could shorten meetings by 24%. For example, a graph representing sales growth in recent years is much easier to understand than data in tabular form.
As companies try to extract information and manage information, visualization is becoming a fast-growing market.
The data visualization tools market is expected to grow by more than 11% annually, from $ 5.9 billion in 2021 to $ 10.2 billion in 2026.
As technology evolves, the sophistication of these graphics is likely to grow.
Here are five emerging trends:
By 2025, data histories, which are told with graphs, will be the most common way to consume analytical data, according to Gartner.
As humans, we are conditioned to respond to stories. The data basically tells you a story of something that is happening in your organization. The best data analysts, therefore, will also be the best narrators.
A great example comes from the New York Times Purchase or rental calculator, which uses the data to show people if it makes more economic sense to buy or rent a house in different circumstances.
Real time data
Cloud computing makes it easier for companies to view data in real time and from multiple locations.
Companies, for example, traditionally manage accounts by preparing monthly or quarterly reports. The process is lengthy and cumbersome and means that the data is often not up to date at the time of report compilation.
Using cloud financial management solutions, managers can now compile real-time reports with their financial data. It allows them to get a clear view of the most up-to-date financial information, which makes it much easier for them to analyze the data and identify potential problems in their finances.
Video is fast becoming a medium of choice for consuming data-based information.
A recent study found that approximately two-thirds of people preferred to learn information through video. Text alone or graphics can make it difficult to see the data completely. The video brings it to life.
Data scientists use video infographics to create fun and accessible ways for people to consume and understand data. These are usually short few minute videos that present information in a fun and insightful way.
Video infographics, for example, have been used to create real-time animations that transmit COVID-19 data worldwide. It’s an effective way to make information more consumable for a wider range of people.
RA and VR
Virtual reality (VR) and augmented reality (RA) are revolutionizing many industries and data is no different.
When combined with data visualization software, VR and AR allow you to not only visualize your data, but also interact with it. You can create maps, games, models, and virtual events that allow you to experience the data in a whole new way. This immersive data approach allows data scientists to extract previously unseen information and detect invisible patterns in raw data sets.
Google, for example used the RV to create an interactive map showing the most frequently asked questions about Brexit from people living in various countries. It was a fantastic way to create a snapshot of public attitudes about the referendum.
IBM AR data visualization tools allow data scientists to view data in RA through their smartphones. It allows them to view 3D datasets, extracting information that can be lost with a 2D display.
As we move into the future, the large amount of data that is collected makes it increasingly difficult for data scientists to manage.
Artificial intelligence is intensifying and implementing machine learning and automation to analyze data and extract patterns that would be impossible for humans to detect.
Companies, for example, use artificial intelligence to create visual representations of what trends are trending in the News.