Data Visualization for Business

It is the portrayal of any data in the form of chart, graphs, images, examples etc. It is used not only in one sector but in many sectors. Due to an increase in statistical data, visual representation of that data is appreciated rather than going through spreadsheets. It is easy to understand as well as it saves time which is of utmost importance. The trends can be easily identified and studied in a graphical representation. Data visualization is mostly used for business analytics. For almost every business, data visualization is used, because they have large data. For the analysis of the data, visuals are the most efficient. 

Tools Used

 Power BI and tableau are the most famous tools.  These tools analyze the statistical data by using visuals like line charts, matrix, tables, graphs etc. 

How to use data visualization in BI?

In simple words, data could be extracted from different sources like excel, CSV, WEB, etc and then the data is transformed. after the transformation, the data is loaded and finally it can be visualized. Transforming basically includes removal of unnecessary data and shaping of the data. 

For instance, the company has data sets, which are imported in the power BI tool, the data is then transformed and finally loaded for visualization.

The uses of data visulatization

• Scheduling : It basically means to arrange a particular event in the given period of time. Data visualization helps easy scheduling which can save time and help to organize an efficient event.
• Easier analysis :Due to simplification of the data using data visualizing techniques, the analysis becomes easier.
• Better understanding of trends :To run a business, it is important to know the latest trends and the demands. hence, data visualization is very helpful to understand the trends.
• Network examination :Systematic determination of analyzed data to know the merits, worth and significance of any subject.   
• Changes easily detectable :As we can study the trends easily, we can also detect the changes in them easily.
• Frequency is determined easily :The frequency of a particular subject can be determined using visuals.  
• The value and risk is calculated precisely :The visuals can also calculate and determine the risk which is very essential to know, for any business.

The Most common types of Visuals

• Pie chart : A pie chart is a circular graph, which is divided into slices to illustrate numerical proportion. The arc length, of a pie chart, of each slice, is proportional to the quantity it represents. When the data has contrasts in them, the pie chart is the most suitable to use to interpret the data.

  When to use?

  To understand the composition of a subject.
• Bar chart: A bar chart is a chart that represents data with rectangular bars with heights or lengths proportional to the values that they represent. Bars can be plotted vertically or horizontally. Bar charts are mostly used when the data is large so that all the values can fit into the chart.

  When to use?

  While comparing more than two data.

• Histogram: A histogram is an approximate representation of the frequency distribution of numerical data. It has bars of different sizes. The bars do not have space in between them, unlike the bar chart. Histograms are mostly used to calculate the frequency of any data.

  When to use?

  To know the frequency of data and the trends.
• Line chart: A line chart is a type of chart which displays information as data points called ‘markers’ connected by straight lines. The line graph is much more precise than other charts as they represent a particular value on the chart.

  When to use?

  To understand the accuracy of data and changes over time.

• Area chart: It is mainly based on the line chart. The area between axis and line is calculated and compared by using different colors. A comparison of one or two series is easier on the area chart as it compares the total extent of the data. The colors differentiating the series makes it easier to analyze.

  When to use?

  To compare between the subjects and understand efficiency better.

• Bubble chart: It is a type of chart that displays three dimensions of data on three axes of a graph (x-axis, y-axis, and z-axis). Bubble charts can make the understanding of social, economical, medical, and other scientific relationships easier.

  When to use?

  The comparison of entities in terms of their relative positions with respect to the values and size of it.