We make decisions every day. There are 2 types of decision-making;

Instinct or intuition

First is based on instinct or intuition which is related to life experience. My father has owned and run a construction supply business in Thailand for over 35 years. He did not have system to record and maintain useful data related to the business. Therefore, his decision making was often based on past experience or “gut-feelings”. This method worked for his business but was often inefficient and did not maximise returns. In the modern world we have better methods of decision-making.

Data based decisions

Second is making decisions based on data, and critical thinking. This will help maximise results. At the same time, it requires meaningful data. It concludes that data visualization assists the business in decision-making.

 

What is data visualization?

Data visualization is a graphic representation of a data set. Well known visualizations in daily life are graphs and charts. Data visualizations help promote the ability to understand data at first glance, showing the correlation of data, and illustrate trends over a period of time. Data visualization helps audiences to understand what is happening through data, and assists decision makers to come out with a conclusion.

 

 

Is data visualization important for business?

Today, companies and organizations are bombarded by a massive amounts of data. Therefore, it is challenging to find a solution that keeps up with and utilizes the data. Data visualization is part of the solution for enhancing the ability to understand and receive data faster.

 

How to build data visualization?

There are some tools to help built data visualizations. Excel would be the most common and simplest tool for constructing basic data visualization. With the increased amount of information today, the tool that is used to create data visualizations needs to have the ability to work with a large amount of data efficiently. Tableau and Power BI are well-known and effective tools for data visualization.

 

Building graph

 

Lesson learned from my work experience about data visualization

From my work experience as an analyst in the banking industry in Thailand, data is critical for making decisions that provides competitive advantage and maximizes the results.

YES! Data visualization is my best friend as an analyst in summarising lots of data and understanding data’s correlation. From my work experience, most of the reports are in excel format and there are tons of them. We cannot possibly understand the raw data and make any conclusion or decision. Also, a high management level needs to be able to understand what is happening quickly to make the best decisions.

However, in 2020 a global bank that I was working with replaced the core monthly report with Tableau. This shows that Tableau is being chosen to become a critical part of business and make data-based decisions.

 

 

The Data School
Author: The Data School