Data visualization is the presentation of data in a pictorial or graphical format. For centuries, people have depended on visual representations such as charts and maps to understand information more easily and quickly.
Data visualization is viewed by many disciplines as a modern equivalent of visual communication. It is not owned by any one field, but rather finds interpretation across many (e.g. it is viewed as a modern branch of descriptive statistics by some, but also as a grounded theory development tool by others). It involves the creation and study of the visual representation of data, meaning "information that has been abstracted in some schematic form, including attributes or variables for the units of information".
Interactive data visualization goes a step further – moving beyond the display of static graphics and spreadsheets to using computers and mobile devices to drill down into charts and graphs for more details, and interactively (and immediately) changing what data you see and how it is processed.
We’re living in the data age. This is a time when data can be collected from traditional devices such as computers and smart-phones (Download the Ios/Android native Charts), as well as newer wristwatches, machinery, and a host of other Internet-connected devices. Companies are putting this data to use to learn about trends and business insights.
Visualizations help people see things that were not obvious to them before. Even when data volumes are very large, patterns can be spotted quickly and easily. Visualizations convey information in a universal manner and make it simple to share ideas with others.
Research from Massachusetts Institute of Technology and Harvard University suggests that people find faces and “human-centric scenes” to be easier to remember than landscapes. The researchers also found that tree diagrams and other unusual chart types are more memorable than the more common pie charts and bar graphs. Besides, the researchers noted the most important aspects of data visualizations are being accurate, easy to understand, and context appropriate.
Data visualization presents the data in a way that the director can easily interpret, saving time and energy. Interactive charts and graphs like the ones shown above make it easier for decision makers across all organizations to:
·Identify areas that need attention or improvement.
·Understand what factors influence your customers’ behavior.
·Know which products to place where.
·Predict sales volumes.
·Discover how to increase revenues or reduce expenses.
Finally, and perhaps most importantly, visualizations give us access to actionable insight. It’s not until we have access to the knowledge within the data that we can actually act on it. Consider situations where pricing changes over time, such as real estate or used cars. With visualizations, we can quickly understand if we should rent or buy a home, or if that used car is a good deal. Without that insight, we’re effectively lost, and the odds of us making a good decision are considerably reduced.