Digital transformation and becoming an AI driven organisation have become an objective for many businesses over the recent years. Embracing and effectively managing data in all its forms is a critical part of success for these organisations. Becoming data driven means that companies need to treat data as an important asset, evolve their organisational culture with data in mind as well as adjust their business strategy to emphasize data and advanced analytics.
Whilst many organisations are taking substantial steps toward the shift, the progress towards data-oriented goals have been slow. According to the recent 2019 Big Data and AI Executive Survey 69% of participants reported that they have not yet created a data-driven organisation, 53% stated that they are not yet treating data as a business asset and 52% admit that they are not competing on data and analytics.
A picture worth thousand words
Data visualisation helps us understand and analyse information faster. In today’s economy driven by data, turning gigantic datasets into a clear visualisation is critical to make sense of, and understand key insights. Whilst some people might be more comfortable with extensive spreadsheets, majority of people prefer digesting information in visual format. Our brain is wired to grasp visuals better and we can process visual information quicker. Research has also confirmed that the graphical aspect of data presentation has a defining impact on the rate of its consumption, leverage and retention.
But to succeed with data visualisation, companies need properly defined, relevant data. For most organisation data is a real problem as it might be scattered in silos or of poor quality. Bad data makes it difficult to become data-driven and negatively impacts the process of digital transformation, including machine learning.
Knowledge is power
As stated by The Economist, the world’s most valuable resource is no longer oil, but data. With big data getting even bigger every day, having BI and AI systems in place only create competitive advantage if they are being used to create actionable insights that can generate real business impact. Visualisation is the tool that gives data the power to tell a story and create meaning in a more effective way than facts or numbers in a plain spreadsheet would.
Benefits of visual data such as quicker decision-making, simplifying of complex processes, profiling of the customer, analysing new trends or creating a data-driven sales and marketing strategy mean that it has the ability to transform businesses. Matching data with visual design can also mean good news for revenue. Because visual data is consumed and comprehended better, it enables better understanding which in return helps to plan and execute business strategies better. As a result, it leads to enhanced ROI.
At 4C Associates, we have developed Insight-As-A-Service which combines 4C’s knowledge of procurement and subject matter expertise with cutting-edge data analytics technology featuring AI and machine learning. A light touch integration process ensures businesses can quickly collate, visualise and action insights. 4C’s deep understanding of procurement and its nimble approach to deployment enable clients to gain greater insights into their spend and to identify opportunities to manage cost more effectively. To find out about how we can help you please contact Will Tickel at William.Tickel@4cassociates.com.