When it comes to actually mining Big Data for insights, many companies don’t know where to start or focus on the wrong things and get bogged down…. I say with confidence, Data Visualization is your Key, to making the most of Big Data!
Condensing piles of data to just a few charts is a balancing act of art and science. The visualization should narrate what the next short-term actions should be in order to improve the business outcome.All you need is a few charts with great data visualization – and this is worth 1,000 slides.
The next good tip is – keep reports easy to understand and don’t forget the actionable steps that need to be taken based on the visualization insights or report insights. Your data visualization should always include recommendations as to what the business user or decision maker need to do.
It’s a 4 step process, ‘DATA – VISUAL INSIGHTS – ACTION – MEASURE’
When it comes to Big Data, it’s important to ask the right questions about what kind of information can empower your business, and your customers.
Identify trends and looking at what people are looking out for during that period. Information can be rendered useless or useful during different periods in your customers’ life.
For example, we found 35 out of 450,000 customers who were at high risk of leaving. That’s a small number, but the loss of those customers would have meant a loss of about $3.75 million dollars.
If the company had waited for a completed data warehouse implementation, this insight would have been missed and the company would have been in danger of closure!