Data, data, data. You’ve probably heard that data is the one thing that all organizations require to make better business decisions and become more profitable. Most are implementing business intelligence solutions that provide more data more efficiently and effectively throughout an organization.
Once you have all this data at your fingertips, how do you manipulate it so it helps you?
What is Data Visualization
Data visualization sounds like a revolutionary, high-tech term, but it’s actually pretty simple. Data visualization is simply a way to visualize data. The most common way businesses visualize data is by compiling reports. Not just excel spreadsheets, but reports that manipulate data in a meaningful way to help you understand the results.
Using Reporting to Help Visualize Data
It’s difficult to look at pages and pages of data and understand what it means and how it affects your organization. Reporting is key in helping you understand the story the data is trying to tell in the context it was meant to be in.
There are a number of different reporting methods that business intelligence software uses to help you visualize data. These are just a few:
- Structured reporting allows you to easily embed lists, summaries, matrices, and more as a table. You can even refresh the data and see changes in real time to ensure you have the most up-to-date information. This enables you to make better business decisions.
- Free format reporting gives you the highest level of control to create in-depth financial reporting, letters, contracts, and presentations; all of which include highly summarized figures to communicate the data efficiently.
- Drill down to source transaction enables you to put data into context by combining it with information from outside sources such as existing documents, spreadsheets, presentations, and emails. This allows you to analyze which figures are driving the reporting numbers.
- Drill out to source transaction provides contextual feedback. This gives you immediate access to the most updated numbers and allows you to click within the report so you can understand why the numbers are the way they are. Having the numbers so quickly enables you to make more informed business decisions and not worry about using outdated numbers.
Visualizing a World of Increased Profitability
There are so many ways to use reporting as a way of visualizing data. You can use it to explore, explain, be more efficient, and make better business decisions. In turn, you can increase your organization’s profitability and be more successful. Why not use reporting tools in business intelligence software to help you visualize data and reap the many benefits now?