For companies that want to compete in an increasingly crowded and distributed market, it is critical to understand that modern applications require both operational processing of transactions and interactions, as well as real-time analytics that manage application functionality to improve the customer experience. In order to derive data insights in real time, a combination of analytics and data visualization is essential. By leveraging these two elements, organizations can identify correlations in the relationships between independent variables, enabling users to make more strategic decisions aimed at improving the customer experience.
Analytics and data visualization can also be applied to analyze trends. It is impossible to make predictions without having the necessary historical data. The frequency of the variables is closely related to trends over time. For example, examining how and when consumers buy and use items allows for insights into opportunities for innovation and the most effective ways to engage existing and potential customers in https://www.wolfwinner.com/en/.
Benefits and use cases of modern data visualization
Data visualization allows companies to grasp patterns more quickly thanks to the ability to interpret information in graphical mode, helping users understand large amounts of data insight with a single glance and improving their ability to evaluate the effectiveness of strategies existing and optimize internal processes.
When done right, data visualization helps increase sales and target new markets and demographics. Online gaming website like jeux casino en ligne use data visualization for their promotion.
Here are some examples.
Offshore oil platforms generate a large amount of data that needs to be collected and consolidated. At first glance, full of decimals and information that are difficult to decipher, but when converted to a visual graph, they become much easier to interpret. The data is then segmented based on a variety of attributes, including environmental factors, temperature, pressure, flow rate, and more. By viewing them in a digestible way with Tableau, for example, users can derive information that helps manage and predict oil production and demand. This aspect is particularly important today, given the rise in gas prices: research shows that the lack of data and analysis contributes to inefficiency and the reduction of production.
Hospitals and clinics rely on data visualization to optimize revenue. From an information point of view, they are interested in understanding what procedures are performed, why and when patients make an appointment, how often doctors visit them, etc. During the pandemic, hospitals were overrun with COVID patients, and they saw a decline in scheduled appointments and procedures for visits, including non-urgent surgeries and annual checkups. This has had a direct impact on revenue, and with all the new data coming in, just looking at the tables isn’t enough to draw meaningful conclusions. Visualization plays an important role in extracting data insights, especially as health data comes from multiple sources,
Retail and food
In this industry, there is a long list of consumer behaviors to consider when making business decisions: frequency of purchases, size and department, fresh or frozen foods, and much more. An important metric for retailers is the gross merchandise value (GMV), which allows you to calculate the distribution of earnings based on the products and variables monitored. By plugging all of this data into a visual graph or diagram, users can gain insights and cross consumer buying patterns.
Visualization of the data is also useful when grocery chains or department stores develop promotional offers and analyze how often and when consumers enjoy the benefits of membership programs. When all of this data is consolidated, especially if the platform can provide real-time data insights, companies can make decisions that impact overall growth, sales and customer experience. Data is the story of consumers, and visualization tools help bring it together.