The impact of data visualization technique on decision making in business analytics

The impact of data visualization technique on decision making in business analytics

Vaibhav, Prof Diksha Bisht

Galgotias University

Abstract

Data visualization plays a crucial role in the field of business analytics, significantly influencing decision-making processes. By presenting complex data in a visually appealing and easily understandable format, data visualization helps stakeholders and decision-makers to identify patterns, trends, and insights that would otherwise go unnoticed. This, in turn, aids in making informed decisions, improving business performance, and achieving strategic goals. Data visualization has emerged as a critical tool in the realm of business analytics, revolutionizing the way organizations interpret, analyse, and make decisions based on data. In an era inundated with vast amounts of data, the ability to transform complex datasets into meaningful visual representations has become indispensable for businesses seeking to gain actionable insights. This introduction will delve into the profound impact of data visualization on decision-making in business analytics, exploring its role in enhancing comprehension, facilitating communication, and driving strategic outcomes. Enhancing Comprehension: One of the primary advantages of data visualization is Its ability to distil intricate datasets into intuitive visuals that are easily understandable to stakeholders across various levels of an organization. Unlike traditional tabular formats or raw data sets, visual representations such as charts, graphs, and dashboards offer a more accessible means of interpreting complex information. By leveraging graphical elements such as colour, shape, and size, data visualization enables users to discern patterns, trends, and correlations that might otherwise remain obscured within the data. This enhanced comprehension empowers decision-makers to grasp key insights swiftly and make informed judgments based on a comprehensive understanding of the underlying data. Facilitating Communication: Effective communication of insights derived from data analysis is essential for driving alignment and informed decision-making within organizations. Data visualization serves as a powerful medium for conveying complex findings in a concise and compelling manner. Visualizations not only provide a common language through which diverse stakeholders can interpret and discuss data but also foster collaboration by facilitating the sharing of insights across departments and teams. By presenting information in visually engaging formats, such as interactive dashboards or infographics, data visualization promotes clarity and transparency in communication, enabling decision-makers to convey key messages more effectively and garner consensus around strategic initiatives.