MAXIMIZE DATA VISUALIZATION S VALUE WITH INFOGRAPHICS

Transcription

1 MAXIMIZE DATA VISUALIZATION S VALUE WITH INFOGRAPHICS

2 CONTENTS Introduction Business Intelligence at a Glance Sharing is About Storytelling Maintaining Flexibility The Right Approach to Infographic-Based Visualization Achieving Objectives MAXIMIZE DATA VISUALIZATION S VALUE WITH INFOGRAPHICS

3 Infographics are far more effective in engaging audiences and helping them to understand what the information actually means. INTRODUCTION Data visualization has been a major trend throughout industries, as decision-makers work to disseminate insights garnered from analysis to every employee who could benefit. The ability to create more digestible and user-friendly reports has completely transformed the ways in which analytical information is shared and leveraged in business. However, the progression of data visualization practices should not end with graphs and charts, although these are the most popular manifestations today. Infographics represent the next era of data visualization and report sharing, as this format has been far more effective in engaging audiences and helping them to understand what the information actually means. MAXIMIZE DATA VISUALIZATION S VALUE WITH INFOGRAPHICS 01

4 International Data Corporation forecasts smart data and analytics revenues to grow by 50 percent between 2015 and BUSINESS INTELLIGENCE AT A GLANCE International Data Corporation forecast smart data and analytics revenues to grow by 50 percent between 2015 and 2019, representing a rise from $122 billion to $187 billion in global annual expenditures. Everyone is beginning to use advanced business intelligence solutions, but there has been a major problem with actually capitalizing upon the technology and yielding high returns on the investments. Wikibon once reported that 46 percent of companies using business intelligence solutions were actually realizing the full potential of the technology. The source argued that a shortage of smart data experts was one of the likely causes of poor ROI or an inability to meet original objectives drafted before investing in the solutions. These issues have not yet begun to subside. When companies are not disseminating the information properly and delivering the insights to end users in a highly understandable and clear fashion, the chances of realizing BI s full potential is virtually zero. Graphs and charts are certainly a step up from spreadsheets and other traditional report formats, but they will not necessarily drive the important points home to every employee viewing them. MAXIMIZE DATA VISUALIZATION S VALUE WITH INFOGRAPHICS 02

5 SHARING IS ABOUT STORYTELLING Charts and graphs, especially when viewed alone without a lecturer, may arguably tell a story about the data points involved, but will force the user to connect the dots. This makes for an inefficient ebb and flow of insight and intelligence sharing, as well as one that will not be as consistent in educating a range of audience members. Infographics allow companies to craft and deliver a story that mitigates the risk of poor interpretation or understanding among audience members. Visualizing data with infographics puts more control into the hands of analysts and leaders, allowing them to carefully and diligently communicate valuable lessons to their staff members in a more seamless fashion. This approach to visualization will also help to bolster engagement among staff members viewing the materials, which can significantly improve information retention. Infographics have become powerful tools in the marketing and research arenas, and they will have a similarly big and positive impact on staff members when deployed for visualization purposes. MAXIMIZE DATA VISUALIZATION S VALUE WITH INFOGRAPHICS 03

6 MAINTAINING FLEXIBILITY Leaders must remember that different projects and their varying requirements and objectives will necessitate disparate approaches to information sharing. For this reason, infographics will be an exceptional option in certain situations, but charts and graphs might be more appropriate per other circumstances, and all options ought to be on the table. Trying to fit a round peg in a square hole with analytics and data visualization will inherently encumber the project s success, and this can be avoided by using a superior solution and strategy. Much in the way that marketers must be able to flexibly and quickly adjust their delivery methods, tone and other elements of communications in accordance with consumer demands, companies must maintain agility to follow the progression of user expectations. Agile systems and policies to dictate which types of data visualization approaches will be used for each project can maximize the value of the BI tools themselves. Maximum understanding of analytics across departments and operations will tend to yield the strongest possible impact on organizational performance and decision making. Because a large portion of most organizations workforces will not have a storied background in data science, infographics might be the best choice in a majority of situations. Trying to fit a round peg in a square hole with analytics and data visualization will inherently encumber the project s success. MAXIMIZE DATA VISUALIZATION S VALUE WITH INFOGRAPHICS 04

7 THE RIGHT APPROACH TO INFOGRAPHIC-BASED VISUALIZATION When using infographics for data visualization purposes, leaders will need to ensure that the finished products are aligned with best practices. Thanks to the immense popularity of these formats in marketing, there has been an expansive amount of research conducted on what elements define an effective infographic. For example, Poynter cited the suggestions of computer science professor Tamara Munzer who urged infographic designers to compare items sideby-side instead of in succession of one another. She believes this because the brain is more likely to remember spatially represented imagery and information than temporally. Poynter added that the Massachusetts Institute of Technology and Harvard University found denser, more colorful and unconventional designs will tend to be far more effective in boosting retention among the audience. The best practices of infographics used for data visualization purposes will vary depending on the specifications of the project, especially when it comes to design. Denser, more colorful and unconventional designs will tend to be far more effective in boosting retention among the audience. MAXIMIZE DATA VISUALIZATION S VALUE WITH INFOGRAPHICS 05

8 ACHIEVING OBJECTIVES Data analytics and visualization projects do not end once analysis is complete. Rather, this point would represent the beginning. Intelligence projects will almost always be guided by a pre-decided list of objectives, and virtually none of them will be attainable should the insights not be shared in the most optimal fashion possible. Rather than continuing to struggle to realize the maximum potential and ROI that ought to accompany analytics, focus on the gap between analysis and end-user digestion. The bridge therein will generally be defined by the tools and practices used to communicate the insights to the business, and a more innovative approach to visualization might be the best ticket forward. Using a more dynamic strategy to flexibly navigate the ever-changing specifications of analytics projects that involves more diverse data visualization tactics is becoming a trend across industries. Businesses that properly and quickly embrace this movement will likely be better positioned to excel in their data analytics and visualization initiatives. MAXIMIZE DATA VISUALIZATION S VALUE WITH INFOGRAPHICS 06

9 Panorama Software Inc. One Rockefeller Plaza 11th Floor New York, NY USA SOURCES erid=prus Derive_Maximum_Value_from_Big_Data -tells-us-about-making-data-visualizations/381168/ ing-data-visualization-into-business-strategy/