Impact of Data Visualization in Key Sectors (Technical Insights)

Transcription

1 Impact of Data Visualization in Key Sectors (Technical Insights) Convergence of data visualization with key ICT technologies could result in the development of convergent specific applications D557-TI June 2014

2 Contents Section Slide Numbers Executive Summary 3 Research Outline 4 Key Findings 5 Research Methodology 6 Data Visualization Key Sectors 7 Data Visualization in Finance 9 Data Visualization in Marketing 13 Data Visualization in Healthcare 17 Data Visualization in Disaster Management 21 Data Visualization in Social Media 25 Data Visualization in Operations Management 29 Data Visualization in Automotive and Transportation 33 Data Visualization in Aerospace and Defence 37 Analyst Insights 41 Key Contacts 42 2

3 Research Outline Data visualization (DV) is the futuristic solution for the interpretation of huge amounts of data in visual medium. DV provides interactive and user-friendly visual representation of data which can be used in making critical business decisions. Emergence of new technologies assists in the implementation of DV and also pave way for the convergence of technologies. Evolving technologies and applications in DV will contribute effectively to big data, social networking, and mobile data. In brief, this research service provides the following: A brief snapshot on the key sectors of data visualization. Current scenario of data visualization in the sectors. Corporate activities in DV. Prominent tools in DV. Future implications of DV in the key sectors. Possible technological convergence for new innovations. 4

4 Key Findings Data visualization is expected to impact key sectors such as finance, healthcare, marketing, disaster management, operations management, automotive and transport, social media, and aerospace & defense. These sectors are mostly exploring DV as of now. It is expected that evolution of DV will usher in highly sector specific applications in the long term. Key Findings In finance and healthcare, DV applications are mostly localized toward charting engines. This is expected to change when DV converges with AR and big data allowing wide range of analytics and display of interactive visualization. The development of interactive dashboards is expected to help in evolution of DV as more interactive rather than a mere information representation tool In aerospace and defense sector, impact of DV is expected to be strong only in the long term. In order to have full scale implementation of DV, defense sector is expected to embrace AR wearable devices, mobile computing systems, and other analytical engines. In the long term, DV is expected to enable development of high-end real-time decision making systems in warzones and disaster management areas. 5

5 Research Methodology Technology Journals Periodicals Market Research Services Technology policy information sites Internal databases Thought Leader Briefings 1. Patent Review Technology Capabilities & Stakeholder Initiatives End User Analysis Secondary Research Innovators & Innovations 3. Assess Innovations Scenario Analysis Primary Research 2. Interview Participants Innovations Assessment Engineers CTOs/ CEOs/ CIOs Technical Architects Research Heads Strategic Decision Makers Technology Policy Heads Stakeholder Insights, Perspectives & Strategies OUTCOME -- FORECAST FUTURE OF TECHNOLOGY, MARKET ADOPTION & POTENTIAL APPLICATION SECTORS Source: Frost & Sullivan. 6

6 Data Visualization Key Sectors Data visualization is the pictorial and graphical representation of data. The visual representation of data can be used in making business decisions by identifying common patterns and trends across various functions. Data visualization can also aid business analytics, forecasting and predictive analytics to determine the needs for the future. Here are few key sectors listed below which are having the maximum level of impact from Data Visualization. Growing Needs across Key Sectors Finance Disaster Management Marketing Key Sectors Healthcare Operations Management Emergence of new technologies has created a new paradigm shift in the business world today. Businesses are flooded with data from every direction and comprehension of these massive amount of data is almost impossible to understand. Data visualization technology can help users solve the problem of comprehending information obtained from data by simplifying and quickening the process. Automotive and Transport Social Media Aerospace and Defence Businesses and organizations have understood the importance of data visualization technology in decision making and its ability to make visual representations. Hence, they are willing to invest huge amounts in developing data visualization solutions. 8

7 Data Visualization in Finance Visualization of Finance Metrics Turns Data to Actionable Insights Data Visualization in finance is expected to transform age old tabular structures into insightful representations. Present day financial DV tools are capable of translating deep data sets to actionable intelligence. Nevertheless, they suffer from being a solution for very large organizations. It is expected that in the short-term future, these financial data visualization tools will be available to the masses through mobile phones allowing them to track and strategize even simpler activities such as day to day expenses. This mass diffusion of financial DV is expected to happen mainly due to faster mobile processors, compressed charting engines, and small interactive displays. Technology Convergence Enhances Financial DV DV along with augmented reality is expected to form real-time financial augments where minute financial data can be crucial. Such applications are extremely beneficial for stock brokers, security analysts, and financial risk managers. DV along with big data is expected to form deep insightful visualizations for humongous data analysis involved in portfolio management, Investment management and finances involved in major strategic decisions such as mergers, acquisitions, and divestments. Financial Metric Visualization Business Insights Predictive analytics along with DV could help users visualize road maps and future trends, and identify financial black holes. This is expected to help stock brokers and investment managers in figuring out future investment prospects. It is expected to be of great use for finance data researchers in predicting future recessions and major economic cycles. Future Strategy D557-TI 10

8 Data Visualization in Finance Future Applications Visualization of Finance Metrics Turns Data to Actionable Insights 2020 Big data analytics for credit performance Financial augments for stock market analytics. General ledger analytics Profitability analytics Financial Application through DV Financial need prediction for global customers. Financial performance indicators Automated financial visualization strategy engine Credit card evaluation In the short term, data visualization in finance is expected to largely act as an analytical interface. The prevalence of big data through mobile devices is expected to happen around 2016 to This in turn will allow banks to collect real-time, large scale data from users about their credit performance and financial forecasting. The use of such large data in real time is expected to accelerate DV solutions, which can effectively represent reports of the analytics performed. In the long term, AR is expected to develop to collect data and represent information in real time. This in turn will allow the rise of visualization engines, which use financial data as augments, allowing users to derive actionable strategies. D557-TI 11