Data Visualization with KPI
By incorporating data visualization with KPI (Key performance Indicators), a business enterprise gains a powerful tool for managing its activities in a better way. Through visualization of KPI, organizations can quickly and easily spot events or trends that are of concern and can focus their resources on those activities that require their attention.
In order to analyze the business information in an efficient manner, graphical representation of KPI and metrics is required to be carried out. It can be done through either a spreadsheet software application or a Data Visualization software application. Using a spreadsheet software application is cheaper and rich in functionality. But is manually very intensive and prone to errors and inconsistencies at the same time. Further, KPIs and metrics have to be defined and its updates are usually very time-consuming.
A Data Visualization software application, on the other hand, is quite easy to use. And it leverages standard templates which contain KPIs and metrics by subject area that are usually made available by vendor. It also automates the process of data extraction and updating of KPI and metrics. But it is expensive and requires configuration of the application and validation of KPI and metrics.
In achieving efficiency and ensuring the comprehensibility of visual representation resulting from the datasets, KPIs can be used, in order to attain the goal of graphical excellence and to add value to the end result. Data visualization requires skills that are not intuitive and the entire process relies on principles that must be learned.
KPI (Key performance indicators) add value to the entire process by ensuring clarity in developing the strategy of the project. And focus on what matters and requires attention, as well as improvement by monitoring the progress towards the desired state.
There is a lot more to know about KPI’s and data visualization. Because there are too many benefits yielded by Key Performance Indicators to Data Visualization. Such as:
- Improved productivity
- Better quality of the visual representations
- Fewer project delays
- Less rework along the way
- Greater contribution to the visuals’ value
- Enhanced growth and innovation of the visual representation
- Easier project assessment
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