Page 128 - DCAP208_Management Support Systems

Unit 8: Usages, Benefits and Success of Business Analytics and Data Visualization

Some of the benefits are discussed below: Notes
Improve Understanding: The data purpose is clear and you can dig into the details directly
on the screen to quickly obtain awareness about any problems and discover a new perception.

Maintain Focus: Data visualizations can be strikingly appealing. The mixture of data,
visuals, and interactivity creates a method that can inform, engage, and influence viewers.
Not many people enjoy staring at enormous data sets, or rows and rows of numbers, and
fewer can make sense of them without some type of data visualization tool, even if it’s
only a pivot table.
Tackle the growing volume of data: With huge amounts of incoming data, businesses need
to transform the data into simple visuals for effective evaluation. Interaction with large
data sets accelerates the analysis process.
Improve Decision-Making: By generating and analyzing data visualizations, you can
quickly identify dependencies, trends, and abnormalities that otherwise may go unnoticed.
Overlooking important pieces of data could be a disaster for your business, but data
visualization offers accurate views of your information to pinpoint specific data and
therefore speed up the decision-making process.
As we continue to collect growing amounts of data, possessing the tools and the ability to take
it and break it down for everyone to understand will only become more critical. In the past, data
visualization was viewed as a key analytical tool for researchers; it is now recognized as a vital
phase of successful research communication.

Self Assessment

State True or False:
6. Business intelligence’ is different from business analytics.
7. Business analytics is crucial to the success of any company and if you have a business it is
suggested to add that to your to-do list.
8. The majority of businesses are not capable of conducting their own analysis.
9. Data visualization is the practice of representing data in graphic or abstract form in order
to concisely demonstrate information and results.
10. Data visualization is not considered a very important phase of successful research
communication.

8.3 Success Factors of Business Analytics and Data Visualization

In this section, we will discuss the success of Business Analytics and Data Visualization.

8.3.1 Success Factors of Business Analytics

While most large companies have some unit deeply engaged in data mining, predictive analysis
or forecasting, very few have embedded analytic thinking throughout the culture.

Did u know? Rising midsize and smaller companies often struggle over where to start.
The advice to begin small and build on successes still remains true. Yet there is nothing more
painful than watching a company delay an analytics project over and over because they are

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