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The document discusses the importance of data visualization in communicating business insights, highlighting its purpose, types, tools, applications, and advantages and disadvantages. Data visualization simplifies complex data, identifies patterns, and enhances decision-making but also poses risks like misinterpretation and oversimplification. Overall, it serves as a crucial tool for businesses to analyze data effectively and make informed decisions.

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sanjanapawar545
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2 views

bcom 1

The document discusses the importance of data visualization in communicating business insights, highlighting its purpose, types, tools, applications, and advantages and disadvantages. Data visualization simplifies complex data, identifies patterns, and enhances decision-making but also poses risks like misinterpretation and oversimplification. Overall, it serves as a crucial tool for businesses to analyze data effectively and make informed decisions.

Uploaded by

sanjanapawar545
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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USING DATA VISUALIZATION

TO COMMUNICATE
BUSINESS INSIGHTS
VIRTUAL COMMUNICATION
GROUP 4
Points to be discussed:

1. Data Visualization
2. Why do we need Data Visualization?
3. Types of data visualization
4. Tools used
5. Applications
6. Advantages & Disadvantages
What is Data Visualization?
Data visualization is a way to present data in visual form like charts, graphs, or maps
making it easy to understand the data or information by placing it in a visual context.
It makes complex data more accessible, understandable, and interpretable.
What is the purpose of Data Visualization ?

§ Data visualization is a way to make data more fun and simple to understand.
§ It's like turning boring numbers into colorful pictures that reflects a meaningful and
exciting concept.
§ The main goal is to help people see patterns, trends, and important information in data
quickly and easily.
§ It also makes easier for us to make decisions, share information clearly, and discover
insights.
Types of Data Visualization for business
insights
In business, there are several types of data visualizations that can provide insights. Here are few visuals
that are mainly used:
1. Bar Charts : These are great for comparing data across different categories. Eg- comparing sales
figures for different products and Employee Performance Evaluation
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4
2
0
Category 1Category 2Category 3Category 4

2. Line Charts : These are useful for showing trends over time, such as sales growth or website traffic
fluctuations .
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Eg- stakeholders to understand performance over time. 4
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Category 1 Category 2 Category 3 Category 4

Series 1 Series 2 Series 3


3. Pie chart : is a type of circular graph used to show how a whole is divided into different parts.
The entire circle represents 100% of something, and it is split into sections
Eg- showing types of customers, pie charts is mostly used in presentations to stake holders

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

4. Scatter Chart-is a type of graph used to display and compare two sets of data. In simple
terms, it shows how two things are related by plotting points on a grid.
Eg – mostly used in business for guid future budgets
Y-values
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0 0.5 1 1.5 2 2.5 3
Platforms/Tools for data visualization
Here are few most popular tools :
1. Microsoft Excel : Excel good for simple data visualizations in business. Offers bar, line, pie charts. Easy to use.
Popular choice for basic visualizations.

2. PowerPoint : PowerPoint useful for basic data visualizations in presentations. Offers simple charts. Helps convey
key data points effectively.
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3
2
1
0
Category 1 Category 2 Category 3 Category 4

Series 1 Series 2 Series 3


3. Quantum GIS : It is a free and open source Geographical Information System software that can be used for various
business applications like geo-data analysis, mapping,3D visualizing, and many other tasks.

4. Microsoft Power BI : Power BI great for business data insights. Creates interactive reports, dashboards. Easy to use.
Helps analyze data effectively. This platform is widely used for business insights.
5. Google data studio : Google Data Studio a free tool that features interactive dashboards
and reports for visualizing data effectively, with easy sharing and collaboration options.
And many more...
Applications of data visualisation
■ With the perspective of business insights data visualization is important for effective
virtual communication too and can be applied for :
- Analyzing sales trends-
- Monitoring key performance indicators (KPIs)
- Tracking marketing campaign performance
- Visualizing financial data
- Identifying growth opportunities
- Making data-driven decisions
- Spotting patterns
- Communicating complex information clearly
Advantages & Disadvantages of Data
Visualization
Advantages Disadvantages

1. Simplifies Complex Data: Makes large data 1. Misinterpretation Risk: Poor visuals can lead
sets easier to understand. to incorrect conclusions.
2. Identifies Patterns: Highlights trends, 2. Over-reliance: Can lead to missing deeper
bottlenecks, and outliers. insights behind the data..
3. Improves Decision Making: Enables faster, 3. High Setup Costs: Initial investments in tools
data-driven decisions. and training may be expensive.
4. Enhances Communication: Facilitates better 4. Data Quality Issues: Bad data leads to
sharing and understanding among stakeholders misleading visuals.
5. Supports Forecasting: Helps predict future 5. Oversimplification: Can mask complex
trends and optimize planning. relationships within the distribution network.
Conclusion

To conclude, data visualization is like a super tool for businesses to understand complicated
data, find trends, and make smart decisions. But be careful with how you interpret the
visuals and keep your data safe. By using data visualization wisely, businesses can make
better choices.

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