I am a financial executive currently working for a multinational company with its offices located in India, Singapore and the U.S. During my professional career spanning over 20 years, I witnessed a large number of transformations in the business world. Over a period of time, I realized the immense potential hidden in the power of inductive reasoning. While it’s true that this level of insight starts with raw data, that’s only the beginning. You must slice and dice the data. And build on your discoveries, until explanations and unifying themes and stories begin to emerge from the chaos. This inductive reasoning process is incredibly powerful. And that’s one reason scientists use it in their quests for explorations that leads to new discoveries, and that’s also why it should be the basis for insightful business decisions, I believe.
According to my honest and humble experience. If everyone in your finance department – from financial executives to business analysts – could clearly see the correlations and trends hidden in huge volumes of data, the overall business decision process gets brilliantly enhanced. And data visualization can make this a reality. I would like to share my benefits attained by using data visualization with you.
The biggest help data visualization offered to me was being able to instantly grasp the meaning behind the data. And engage in rapid, inductive analytical thinking that led me to new discoveries and deeper insight. Using it, I could now easily spot previously hidden patterns and trends. It also helped me identify new business opportunities, uncover potential risks and make discoveries that triggered further analysis.
Apart from it, it was the science of data visualization that enabled me to understand data faster and more thoroughly. Further, I used that insight to better manage costs or cash flow, oversee capacity and utilization and also drive profitable growth.
And finally, data visualization helped me bring more clarity into my business comprehension by providing me with meaningful contexts. When it comes to understanding and insight, context is everything. And by context, I mean providing situational relevance for data from a business perspective. Relevance is crucial even for something as basic as an expense analysis.
For example, when I began sharing contextual data information with the marketing department, marketers could develop promotions and campaigns focused on the higher-margin products and services, with a goal of boosting profits. When the data was viewed in context and analyzed with drill-down capabilities, the results allowed me to focus multiple vital constraints at the same time, and take business decisions that were much smarter than the times when I didn’t know how beneficial could data visualization turn for me!
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