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Role of Data Visualization in Finance

The paper discusses the importance of data visualization in finance, highlighting that the finance sector has not fully embraced these tools compared to other fields. It emphasizes the need for firms to utilize graphs and charts in financial reports to improve comprehension for both financial and non-financial users. The study suggests that enhancing data visualization can facilitate quicker understanding of complex financial information.

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Masud
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6 views1 page

Role of Data Visualization in Finance

The paper discusses the importance of data visualization in finance, highlighting that the finance sector has not fully embraced these tools compared to other fields. It emphasizes the need for firms to utilize graphs and charts in financial reports to improve comprehension for both financial and non-financial users. The study suggests that enhancing data visualization can facilitate quicker understanding of complex financial information.

Uploaded by

Masud
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Exhibit 16

American Journal of Industrial and Business Management, 2023, 13, 841-856


https://www.scirp.org/journal/ajibm
ISSN Online: 2164-5175
ISSN Print: 2164-5167

Role of Data Visualization in Finance

Md. Kamrul Hasan Chy1, Obed Nana Buadi2


1
Department of Computer Information Systems & Analytics, University of Central Arkansas, Conway, USA
2
Department of Economics and Finance, University of Texas at El Paso, El Paso, USA

How to cite this paper: Chy, Md. K. H., & Abstract


Buadi, O. N. (2023). Role of Data Visualiza-
tion in Finance. American Journal of Indus- Even though data visualization has been gaining momentum in different
trial and Business Management, 13, 841-856. fields of study, Finance needs to catch up. There still needs to be more use of
https://doi.org/10.4236/ajibm.2023.138047 data visualization tools to communicate with the financial and non-financial
users of financial data. Financial data or numbers are sometimes difficult to
Received: July 8, 2023
Accepted: August 21, 2023 comprehend, even for the mid-and low-level executives of a firm. In this
Published: August 24, 2023 study, we show how a firm can convey financial information to users by uti-
lizing data visualization tools. While some improvements have been noticea-
Copyright © 2023 by author(s) and
ble in filing proxy statements, there is still more room to use graphs and
Scientific Research Publishing Inc.
This work is licensed under the Creative charts in 10-K and annual reports. Firms should use graphs and charts more
Commons Attribution International frequently so that non-financial users can decipher the underlying meaning
License (CC BY 4.0). of numbers within the shortest possible time.
http://creativecommons.org/licenses/by/4.0/
Open Access Keywords
Data Visualization. Finance, Financial Statements

1. Introduction
From ancient times when humans depicted survival strategies on cave walls to
present times when people are ever busier and distracted in a number of activi-
ties, data visualization has been playing a pivotal role in displaying complex raw
data into easily understandable visual graphics. Many disciplines consider data
visualization equivalent to visual communication because it communicates in-
formation clearly and efficiently to the users via tables, charts, graphs, and plots.
The purpose of data visualization is not only to gain insight but also to save time
for the users of the data (Chen et al., 2014). By utilizing data visualization tools,
users can clean data, explore data structure, detect outliers and unusual groups,
identify trends and clusters, spot local patterns, evaluate modeling output, and
present results (Unwin, 2020).
Businesses in today’s world need to process vast amounts of data generated

DOI: 10.4236/ajibm.2023.138047 Aug. 24, 2023 841 American Journal of Industrial and Business Management

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