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Vizlib Monday Digest: Data risk and reward

Vizlib Monday Digest: Data risk and reward

 

Monday, 13 January

The Vizlib Monday Digest is a summary of recent articles about how data changes our lives. We’re sharing it with you to supercharge your week! (Feel free to share your comments!)

 

Managing data = managing risk. Businesses in all industries are subject to risk. However, business leaders who can manage their data well can manage their risk better too. The process begins by structuring data or gauging what business questions the data should answer.  Progressing down this path to improve business intelligence should lead to managers challenging how they look at data. Read more in this Forbes article

 

Embedded analytics fuels smarter decision making. Many companies spend more than 50% of their analytics process on data preparation.  Embedded analytics combined with line-of-business applications can speed up this data prep and create additional business value in the form of insights for clients. Discover how to leverage this technology to improve the user experience and operational performance in this Analytics Insight article

 

Can you risk using outdated BI tools? Updating a BI system may seem like an unjustifiable business expense. Yet, businesses who are slow to keep up with BI advancements may run into more complex issues such as lower BI adoption rates and a lack of data-driven decision making in the business. Learn more about using the latest tools to keep your business on the cutting edge in this article

 

Image credit: thenexthint.com

Tips for managing data in Finance. The financial sector works with mountains of data daily. As a result, institutions need to structure their data as early as possible in the data pipeline. Utilising a unified data model is one way to simplify and speed up data exploration. Learn further tips for effective data use in this article

 

What makes a good data visualisation – statistician vs designer. The fray between designers and statisticians continues on whether the beauty of a visualisation trumps the accuracy element. Though statisticians push the importance of communicating information efficiently, the dataviz still needs to capture the reader’s attention. Read more on this ongoing challenge on what constitutes good dataviz design in this article

 

Image credit: A new take on visuals from Nigel Holmes, an influential information designer,  from 1979!

 

And, our Quote of the day: 

“The business intelligence tools your organization has, inevitably affects how many employees will actually use them — and how often. If you stick with clunky legacy tech, you’re risking low adoption rates and missed opportunities to extract actionable data.” 

From The Next Hint.

 

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