So Much Data…
Since the emergence of the internet, there has been a wealth of data flooding in, ultimately changing the way companies will forever do business. Every year, the amount of data has consecutively doubled and is set to reach 44 zettabytes (44 trillion gigabytes) by 2020. Along with the increased competition in today’s market, companies face the challenge of harnessing this information. Recently, the Equipment Leasing and Finance Foundation commissioned Genpact to carry out a study on Big Data and how the Industry could benefit from Big Data. They found that “when decision making has the support of actionable insights drawn from real-time analytics, equipment leasing and finance companies can achieve more responsive deal structuring, more robust risk assessment, and an improved customer experience (Genpact, 2014).”
So What Exactly is Visual Analytics?
Visual Analytics works towards representing data in an easily understandable format that combines automated analysis techniques with interactive visualization (Sharma, 2017). Why are visuals important? Well, think of the last time you purchased a product that required assembly and came with a book of instructions. Did you read the book in its entirety or did you look at the diagram right away? You more than likely looked at the pictures and from there, tried to make sense of the verbiage that accompanied it. That scenario is one many that are occurring regularly. Scientists have found that humans process images 60,000 times faster than text, and 90% of information transmitted is visual (Thermoplyae, 2014).
For someone to harness the massive amounts of data streaming, they need to be able to process the information quickly. Statistician and artist, and Professor Emeritus of Political Science, Statistics, and Computer Science at Yale University once said, “It is not how much information there is, but rather how effectively it is arranged.” Basically, visual analytics provides companies with the opportunity to leverage their most valuable asset – the human mind. Analytics that are arranged well can provide decision makers with actionable insights and give them the independence needed to make real-time decisions, in combination with the information provided and their own personal, professional knowledge.
In the particular case of end-to-end software solutions, visual analysis provides users with information presented in a format that is easy to understand, such as charts, graphs, and other visual formats. This gives their employees the opportunity to make proactive forecasting as a form of assisted intelligence within the software solution. Furthermore, patterns and behaviors provide data points to the sales reps that they can use to identify trends and make predictions. These data points, which are the result of patterns and behaviors, show trends that a sales rep could use to make various predictions. These predictions can range from forecasting delinquent payments to triggering a payment reminder, or the A[KD1] .I. could analyze contract stipulation trends and inform sales reps of an opportunity to sell another contract to the customer.
As the era of big data continues to grow, so too will the need for companies to have more efficient ways to harness the vast amount of information streaming in. Visual analytics can provide decision makers with the needed insight to make smarter business decisions, giving them a competitive edge when they need it most. After all, some things you have to see to truly believe.
Genpact. (2014). How big data will transform the equipment finance industry. Retrieved from http://www.genpact.com/docs/resource-/how-big-data-will-transform-the-equipment-finance-industry
Sharma, K. (2017, February 23). Data Visualization and Visual Analytics Are Not the Same – Know the Difference – Ascentt. Retrieved from http://www.ascentt.com/data-visualization-and-visual-analytics-are-not-the-same-know-the-difference/
THERMOPYLAE SCIENCES + TECHNOLOGY. (2014, September 15). Humans Process Visual Data Better. Retrieved from http://www.t-sciences.com/news/humans-process-visual-data-better
Cover Artist: Alexey Mauzer Klimovsky aka TovMauze