Much of the vast potential associated with big data lies in its ability to allow executives to make better business decisions grounded in quantitative insight rather than past experience or intuition.
However, merely handing over reports or spreadsheets, populated with the numerical results of analyses of large volumes of data from disparate data sets, often falls short of exploiting the opportunities.
That’s according to a research report from Accenture that notes the importance of data visualization in presenting the insights uncovered from big data in a way that allows better interpretation.
“The results are not just the numbers on the report; they are also the decisions and assumptions that were baked in along the way,” according to the report. “These complete results require a debate that, currently, many executives cannot participate in because they have not been presented with the necessary information in an understandable format.”
In contrast, data visualization provides a common language for executives, functional leads, and data scientists to rally around to more effectively use data to gain and retain customers, improve product and service offerings, identify untapped markets, and take other actions to bolster the bottom line.
“Experience shows that companies can achieve better results by combining business acumen with qualitative information gleaned from analytical tools,” the report notes. “If used correctly, data visualization can help remove barriers to data comprehension by providing a shared language that simplifies complex issues and increases mutual understanding – no matter how big the big data becomes.”