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Art of Data Storytelling: The Benefits of Data Visualization



Data Visualization

Humanity has always loved to tell stories, even before the first languages were formed. When we didn’t have words to convey our ideas, we made use of imagery and illustrations. Even the first letter-writing systems, like the hieroglyphs, were based on images. This is because humans are fundamentally visual creatures. Most of the information our brains perceive and process comes from our sense of sight. Today, learning psychologists have put greater emphasis on visual styles of learning due to better overall results.

90% of all information perceived and processed by our brains are visual data, and we can process images 60,000 times faster than written text

Source; https://bit.ly/2D1unQq



Evolution of Storytelling and Data


Data Science, specifically Data Analytics, has adopted the use of imagery to convey information. Ever since the first forays into analyzing Big Data for the purpose of value generation, visuals were used to describe findings. But only now through developments in the field of Data Visualization, have we moved to have a rapid feedback tool with considerations to both function and form.

Data Visualizations are now made to be beautiful and pleasing, as against merely utilitarian and mundane. Visuals and presentations have also become more intuitive rather than being highly technical. This makes it easier to glean actual solutions, or even have those rare ‘eureka’ moments occur more frequently. With more people understanding data reports on a meaningful level, that translates to more people that can think of new ways to improve upon results.


Benefits of Data Visualization


Graphical presentations are just simply better, more intuitive means of communication. According to neuroscience researchers, stories told via visuals are more easily processed by our minds. The human brain is simply wired in a way that images are processed better than coded information, such as that of language or technical code. That is the guiding principle behind Data Visualization: to create Data Analysis reports much easier to digest, to a greater number of people, to result in more useful insights for value creation. Here are five definitive benefits of Data Visualization for businesses:

#1 Faster Value Creation


Visualized reports are simply processed faster. Businesses that employ effective visualization techniques enjoy improved ability to get insights that can be made into solutions when they need it. People who work in Business Intelligence are able to glean information from data reports without the need for the technical expertise of internal data science teams. This saves considerable time and resources. Businesses can make improvements faster with these insights, resulting in faster value returns.

Analytics with visualization has an ROI of over $13 for every dollar invested

Source: https://bit.ly/2QDJ0lh


A good example of this benefit is in the case of a healthcare services provider. Collected data from patients can be analyzed to predict high-risk cases for fraudulent claims. Through visualization of data reports, policymakers can immediately deduce relationships between any number of patient behaviors and habits with actual cases of fraud. With the rapid deployment of policy changes and other preventive measures, risks are mitigated and resources saved.


#2 Gain Insights That Are Actionable


Data Visualization lets people see connections between variables that could be otherwise missed by algorithms or automated statistical analysis. Finding visual correlations lead to out-of-the-box ideas that can become effective improvements to a business process. Visualizations are limitless in the way that they can offer multi-dimensional vistas or minute interconnected variables that can show either the big picture or the smallest detail.


#3 Meaningful Customer Feedback


Effective use of visualization in data reports can show customer feedback on how they make use of features or make purchases. Repetitive habits can be depicted as trends and UX experts can make appropriate modifications to the modules or feature products that elicit the most positive responses. Actually seeing how these features result in high volume engagements can give these individuals concrete ideas on what works now, or what will be popular in the future.


#4 Reports That Can Be Shared


Visualization of data reports can make huge amounts of complex and varied data understandable to a greater number of people. Imagery, through charts and graphs, can transform highly technical information into intuitive figures comprehensible to people who do not have the same technological know-how. This allows business owners the option to outsource their analytics while still gaining the same level of insights. They don’t need to have deep backgrounds in statistical analysis or coding to get any worthwhile information from visualized reports, saving them the effort and resources and focus on their own business operations.

Data Visualization tends to favor the following modern trends: 32% of designers favor bar charts, 85% use san serif fonts and white remains as the dominant base color for most visualizations at 29%

Source: https://bit.ly/333tr92


Data Visualization is an amazing process to bring Big Data closer to human experience. It allows businesses to take advantage of the innate properties of our minds, such as our greater propensity for visuals and imagery. Our brain’s ability for pattern recognition and image retention allows us to derive insights from these reports that can be otherwise missed by automated systems. Finally, the intuitiveness of modern visualization techniques allows data reports to be comprehensible to non-technical individuals, opening up avenues for further savings through outsourcing and effective partnerships.

We’ve only brushed the tip of the iceberg when it comes to the benefits of Data Visualization. Feel free to comment below if you have your own story about visualization and how it helped you. Don’t forget to subscribe to our page for more posts like this.

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