Why Data Visualization is Important to Chief Experience Officers (CXOs)
There is a lot of buzz surrounding the topic of data visualization in finance. Is there a reason for it? Chief experience officers are in charge of analyzing data and communicating data trends daily.
In many instances, CXO’s deal with time-sensitive matters, and reaching an accurate decision in a short time window is of vital importance for project success. This specifically applies to the finance sector, where wrong or late decisions can cost companies and clients a lot of money.
This is precisely why data visualization in finance has become a hot topic. Data visualization encompasses all actions of placing data in a visual context to understand the significance of data and streamlined communication. For instance, CXO can hardly identify patterns, correlations, and trends in the text-based data. But, once the data has been processed by data visualization software, all of the above can be easily spotted. Let’s dive into the specifics. Here is why data visualization is essential to a CXO.
Amplifies Your Messaging
Companies usually communicate with potential customers and clients via written words. There is a reason why Instagram and other social media networks became popular. They enable image-sharing and interaction. This is quite understandable since our brains are hardwired to have stronger responses to images than text. Communicating data through text is boring, and the chances are that only a few will read through the entire body of the text.
Data visualization services became popular because they empower companies to leverage data and images to convey strong messages to the target market. Presenting accurate and exciting data is a great way to amplify a message. But to make it unique and engaging, that data has to be presented attractively. And that’s precisely what data visualization does.
Provides Clearer Understanding
Success in communicating to clients and stakeholders depends on how easy is it is to understand. If you try flashing around with spreadsheets and texts, the chances are that it will be tough to know what you are trying to say.
Data visualization will help you easily understand the story behind the numbers, so you can easily communicate it to the stakeholders and clients. The internal and external organizational processes are complex, and they generate copious amounts of data. For instance, financial data visualization can help even people with no background in finance to discover trends and understand correlations.
Aids Decision Analysis
Every business decision a CXO makes is based on previous experience and available information. Where currently available, information provides the frame of reference for the decision-making process. Experience is something that can lead to a bias, which results in poor decisions. With data visualization, things are different, as there is no room for experience.
Data charts and images leave no room for improvisation, which promotes data-driven decision-making. This is extremely useful if several people are interpreting the data. Some employees might intentionally deliver biased data visualizations out of fear that delivering bad news may impact their position.
The best way to avoid this is to embrace the power of data visualization outsourcing. When presented with accurate data, CXOs will have a better insight into the whole picture and be able to make better business decisions. What’s even better, a CXO can come back and take a look at the updated data visualization and see the impact the decisions had on the outcomes.
The Key to Actionable Insights
Business data is this amassed organizational experience delivered through numbers. To act on it, it has to provide precise insights. It is hard to do so when you have to identify the correlation between two numbers on page 4 and 14 of the report.
Data visualization includes charts, graphs, and other visualizations that make insights straightforward. In fact, by taking just one look at financial data visualization, CXO can identify trends in investment management, sales, marketing communications, financial accounting, and other commercial domains.
To make the best possible decision, a CXO must have insight into a broad scope of data generated by the company-customer interactions. Most importantly, the internal and external communications and outcomes of the marketing and sales departments. Identifying the correlations between the actions of these two departments is vital for improving the overall customer experience.
Data visualization is the only known method to seamlessly integrate, process, and generate visual reports on multiple sources of data. This allows CXOs to connect the dots between individual actions and outcomes and prepare the next strategy to deliver better results across the board.
Identify and Prepare for the Upcoming Trends
The business data hides the story about the upcoming trends. Thanks to data visualization, CXOs no longer have to sit idle with a reactive mindset. Thanks to data analysis, CXOs can now quickly identify upcoming trends and plan for them.
Since the data visualizations can be updated quickly, CXOs can spot subtle changes in customer behavior and preferences and act on them immediately. Framing a data-based strategy without the need to go through a vast pool of data manually makes it easier to achieve business goals.
According to the Technavio Report, market growth is accelerating at a 12% rate. This is simply because every day, more and more companies realize how important big data is. At the same time, it is fragmented thanks to the harsh competition. The same report has found that one of the critical drivers for this market is the data explosion across all verticals.
Since more and more companies will be turning to data visualization outsourcing, it has become vital to find and partner up with a reliable data management company on time. We invite you to check out Data Entry Outsourced a professional data management company that offers high-quality data visualization services.