1 February 2023
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In the age of digital transformation, Artificial Intelligence (AI) and Machine Learning (ML) solutions are becoming the de facto means for businesses to obtain a competitive edge. A 2020 report by MicroStrategy found that 65% of global enterprises had plans to increase their AI-driven data analytics spending in the next few years. So where does data visualization come in?
To get the most out of their IT investments, companies need strategies to disseminate analytical findings effectively. The data story has to be understood by not just stakeholders and analysts but every human touchpoint in your value chain.
Researchers from MIT found that 90% of the information transmitted to the brain is visual. Therefore, data visualization is crucial in understanding analytics that can be utilized to drive your business forward.
AI and ML are highly effective tools for aiding companies in gathering and processing data. They also help transform simple information visualization modalities (such as charts and graphs) and make them interactive by incorporating real-time information (such as geographical heat maps).
This article will explore how AI and ML improve organisational visual representation capabilities to help companies make savvier business decisions and run operations more efficiently.
By 2025, the total amount of data in the world is predicted to be 175 zettabytes (or 175 trillion gigabytes). Therefore, projects involving Big Data and data science have grown in popularity, raising the importance of visualization.
Pie charts, histograms, and graphs are helpful, but more complex visualizations like heat maps and fever charts provide more context on business data. AI and ML tools are vital technologies that make granular data visualization possible.
Here is a quick rundown of some of the ways AI and ML can be deployed to aid or enhance data visualization:
When used in conjunction with Qlik + Vizlib, AI tools that perform these functions can really elevate the way that your teams approach data visualization and data storytelling.
On a fundamental level, data visualization forms part of a business’ output, so presentation matters. In fact, managers in organisations with optimised data visualization tools are 28% more likely to find timely information. Furthermore, the same study found that 74% of companies can use data visualization tools to customise workflows to suit their team’s needs. Companies are also five times more likely to make important business decisions faster than their direct competitors when they use the right data visualization tools.
Consider the following benefits of investing in a powerful data visualization tool, like Vizlib, to elevate your organisation’s approach to analytics and decision-making:
Vizlib Writeback Table and Teamwork tools, for example, allow teams to quickly modify, change, and comment directly in your data visualization dashboards while remaining in the analysis flow.
From there, teams can use the findings to identify bottlenecks or inconsistencies to improve their operations and reduce errors.
Vizlib Writeback Table for Qlik Sense can analyse your account information and take appropriate action to keep track of your business transactions. The Vizlib Writeback Table allows you to monitor activities such as interest rate changes, late payments, and estimated balances. To find out more about its use cases for real-time financial monitoring, take a look at our previous article.
Analysts can then use the data to create specialised data visualization graphs and tables to help shareholders and employees better understand your business operations. In e-commerce, these granular data insights may help companies build upselling and cross-selling campaigns based on onsite user behaviours and purchase histories. Take a look at this previous article to see five more things to consider when uncovering deep insights from your data.
ML tools can also apply algorithms to sort and prioritise search queries to help teams find the answers they need faster and with a high degree of accuracy. As a result, business analytics teams can query and test more scenarios to create better business outcomes.
Data visualization tells the story of your business, so you need to make sure that it is compelling, accurate, and easy to understand.
Optimise your Qlik Sense with Vizlib and scale your brand to new heights. Equip your business with all the visual storytelling components you need to get your stakeholders on the same page.
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Vizlib’s feature-rich data visualisation products will help you get started on your data storytelling journey.
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