Our business life and much of our experiences are grounded on the credence to numbers. We trust numbers as the means to reaching truth and objectivity in analysis, as well as confidence in conclusions. They tell us about the variety of important subjects, moreover, they present a distinction between what is accepted as harmless and what is supposed to be dangerous. And since data-driven decisions define the further course of actions we with the same rigour long for objectivity through numbers in business reports and in health issues.
In the last blogs, we mostly focused on few universal aspects of business reporting. We discussed data visualisation and storytelling impact on perception and effectiveness of business reports. This time, in order to reach more concrete insights, we will concentrate more on marketing analytics.
It is not a novel concept that data visualization is crucial for efficient business reporting. Essentially the purpose of reports is to decode abstract data into visual stories which can be understood in an efficient, precise, and meaningful way. Thus, business leaders need to invest in the ability to gather ideas and insights from their data through visualisation.
Among main benefits for executives, visual data displaying gives optimal support for the following:
Observing the big picture. As CEO is responsible for strategic development seeing the big picture is fundamental for any executive.
Recognising and analysing patterns and relationships among values. Taking actions in a business environment requires a deeper understanding of possible consequences based on the knowledge and a bit of intuition.
Identifying appearing trends faster. The speed of making decisions can play a significant role for competing in today’s global world.
After the battle between pie charts and bar charts, it is a good time to relax and explore scatter plots. Since last time we pointed out main goals of using charts and graphs and mentioned investigating trends and relationships between variables in the data. Exactly for this purpose, all types of scatter plots are typically used. A scatter plot shows values for usually two variables for a set of data. The data is displayed as a collection of points with positions on the horizontal axis set according to the values of one variable and positions on the vertical axis set under to the value of the other variable.
Last time we were exploring risk factors of having a coronary heart disease with the help of Flexmonster Pivot Table Component. In the process, we had been using a flat table, pivot table, and charts above all. This time, we will talk about using pie charts and bar charts for different purposes.
Selecting a type of chart depends primarily on what sort of data you have, at what stage of your analysis you are, and what message you want to convey. Generally, charts and graphs are used for one of the following purposes:
Last time we slightly discussed the role of data visualisation in exploration data analysis (EDA). As promised, this time, we are going to run such analysis using Flexmonster Pivot Table Component. For this work, we had chosen always actual health care topic.
"I see it, I deduce it...You see, but you do not observe."
A Scandal in Bohemia.
A week ago we started series of blogs about data visualisation with covering the main aspects of qualitative visualisations[1]. Followed by the logic of using visualisation on the different stages of a typical analytic process we proceed our way with describing the role of visualisation techniques in the exploratory data analysis (EDA). It is an actual topic as nowadays many EDA approaches have been assimilated into data mining, as well as into big data analytics.
One of the most important tools that analytical experts use for analyzing data is key performance indicators (KPIs). Flexmonster constantly monitors the latest trends and couldn’t help adding this feature to the Component. Usually a company needs to observe conditions of sales, profits, expenses, sold units etc. For such analysis they need KPIs - measurable or comparable metrics that are used to define and grade performance of a given measure. Indicators are determined based on company goals. It gives organizations the opportunity to assess their state and helps in forming development strategies, allows to control a business activity in real time.
