Case Study on Data Visualization

What is Data Visualization?

Case Study on Data Visualization

Case Study on Data Visualization – Data visualization is the process of converting information into a visual representation, such as a map or graph, in order to make data easier to comprehend and extract insights from. Data visualization’s major purpose is to make it easier to spot patterns, trends, and outliers in massive data sets. Information graphics, information visualization, and statistical graphics are all terms that are frequently used interchangeably.

Almost every profession requires data visualization. It is crucial in large-scale data projects. Businesses required a way to rapidly and easily acquire an overview of their data as they gathered huge amounts of data during the early years of the big data trend. For similar reasons, advanced analytics relies heavily on visualization. When a data scientist is creating advanced predictive analytics or machine learning (ML) algorithms, it’s critical to display the outputs in order to keep track of outcomes and confirm that the models are working as expected. This is due to the fact that visual images of complex algorithms are usually better to recognize than numerical outputs.

History of Data Visualization

From maps and graphs in the 17th century through the introduction of the pie chart in the early 1800s, the concept of utilizing visuals to explain data has been around for centuries. When Charles Minard charted Napoleon’s invasion of Russia some decades later, it became one of the most quoted instances of statistical graphics. The map showed the size of Napoleon’s army as well as the path of his withdrawal from Moscow, as well as temperature and time scales for a better comprehension of the event.

However, it was technology that sparked interest in data visualization. Large volumes of data may be processed at breakneck speeds thanks to computers. Data visualization has evolved into a rapidly developing blend of science and art that will undoubtedly alter the corporate environment in the next years.

Why is data visualization important?

It’s impossible to think of a job that wouldn’t benefit from a greater understanding of data. Every STEM job, as well as disciplines such as government, banking, marketing, history, consumer products, service industries, education, and sports, benefits from data understanding. It’s easier to spot patterns and trends in a visual overview of data than it is to go through a thousand rows of data on a table. This is how the human brain functions.

Data is significantly more valuable when viewed since data analysis is supposed to generate insight. Even if a data analyst can derive insights from data without visuals, communicating the meaning will be more difficult. Even if the patterns cannot be identified without them, graphs and charts make it easier to communicate data discoveries. The importance of data visualization is frequently taught in undergraduate business schools. Without a visual depiction of insights, it can be difficult for the audience to grasp the actual importance of the findings.

The following are some of the other advantages of data visualization:

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  • The ability to quickly absorb information, gain new insights, and make better decisions
  • A better capacity to keep the audience’s attention with material that they can understand
  • A better knowledge of what has to be done next to strengthen the organisation
  • A simple means of disseminating information that increases the possibility to discuss ideas with all parties concerned
  • Data scientists are no longer required because data is more accessible and intelligible.
  • Increased capacity to act rapidly on insights and, as a result, achieve success with more speed and fewer errors

Types of data visualizations

Data visualizations can take a variety of formats. People are constantly coming up with new and innovative ways to visually convey data. In general, data visualizations fall into one of the following categories:

Infographics

An infographic is a visual representation of a topic that includes imagery, data visualizations such as pie charts and bar graphs, and minimal text. An infographic is an excellent method to go when you need to offer someone a fast summary of something that is difficult to describe in words alone. While infographics come in a variety of shapes and sizes, they are usually classified into one of the following categories.

  • Statistical infographics
  • Informational infographics
  • Timeline infographics
  • Process infographics
  • Geographic infographics
  • Comparison infographics
  • Hierarchical infographics
  • List infographics
  • Resume infographics
Charts

A chart is a graphical representation of data in its most basic form. To illustrate data points, charts utilize visual symbols such as lines, bars, dots, slices, and icons. The following are some of the most prevalent chart types:

  • Bubble charts
  • Bar graphs/charts
  • Line charts
  • Pie charts
  • Stacked bar charts
  • Word clouds
  • Pictographs
  • Multi-series charts
Diagrams

A diagram is a visual representation of information, similar to a chart. Two-dimensional and three-dimensional diagrams are also possible. Diagrams can be used to map out processes, aid decision-making, discover root causes, link concepts, and plan out projects. The following are some of the most prevalent diagram types:

  • Site maps
  • Use case diagrams
  • Flowcharts
  • Mind maps
  • Venn diagrams
  • Tree diagrams
  • SWOT analysis
  • Fishbone diagrams
Use cases for data visualisation:

Finance: When deciding whether to buy or sell an asset, finance professionals must keep track of the performance of their investment options. Candlestick charts are trading tools that aid finance professionals in analyzing price movements over time by displaying crucial information such as securities, derivatives, currencies, stocks, bonds, and commodities. Data analysts and finance experts can spot trends by examining how prices have changed over time.

Healthcare: Choropleth maps are commonly used by healthcare practitioners to illustrate vital health data. A choropleth map shows split geographical areas or regions that have been allocated a color based on a numerical value. Professionals can use choropleth maps to see how a variable, such as the mortality rate of heart disease, evolves over time in different areas.

Sales and marketing: According to research conducted by the media agency Magna, 50% of all worldwide advertising spending will be spent online by 2020. As a result, marketing teams must pay close attention to their web traffic sources and the money generated by their web domains. It’s simple to examine traffic trends over time as a result of marketing activities thanks to data visualization.

Scientists: Scientists and researchers may now obtain more insight from their experimental data than ever before because of scientific visualization, often known as SciVis.

Logistics: Visualization tools can be used by shipping corporations to discover the optimum worldwide shipping routes.

Data visualization tools and vendors

There are numerous tools for data visualization and analysis. These can be straightforward or obtuse, and they can be simple or complex. Not every tool is suitable for learning visualization techniques, and not every tool can be scaled to industry or business requirements. Remember that successful data visualization theory and skills may be applied to a variety of technologies and products.

When learning this skill, focus on recommended practices and experiment with your own personal style when it comes to visualizations and dashboards. Because data visualization isn’t going away anytime soon, it’s vital to lay the groundwork for future analysis, narrative, and exploration.

The following are some of the most common business tools.

  • Microsoft Power BI
  • Oracle Visual Analyzer
  • SAP Lumira
  • SAS Visual Analytics
  • Tibco Spotfire
  • Zoho Analytics
  • D3.js
  • Jupyter
  • MicroStrategy
  • Google Charts
  • IBM Cognos Analytics
  • Qlik Sense and QlikView

Conclusion

We now understand the significance of data visualization(Case Study on Data Visualization) and its function in business, as well as the importance of changes, profitability, and dangers in business visualization. As a result, we must choose the right form of data display for our needs and make sure it works effectively and addresses our problems. We may believe that using and dealing with it is a simple process, but it is not; taking the wrong step might lead to further issues, therefore we must seek expert advice on such matters.

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