Effective Data Visualization in Finance industry
A picture may be worth a thousand words, but experts believe data visualization to be worth much more. Using advanced data visualization tools, finance leaders are capable of translating broad and deep sets of data into easily digested, actionable intelligence for the entire company.
Following are the pros the finance industry can grab a hold on to:
- Integrating operational and financial data: Data visualization techniques applied to the data the companies in finance industry generate, not only help better understand the business, but also what’s required to execute on strategy.
- Explore data deeply: With advanced data visualization, analysts can find answers to “why” the KPI is below target. And a good business intelligence platform facilitates analysts to further share those insights and understandings, driving collaboration between finance and other lines of business.
- Combine revenue and cost data: Visualization helps analysts to combine revenue and cost data within finance to that from operating units, and present a visual of this integration for everyone to understand quickly and take action on.
- “Tell me something I don’t know”: This tends to be the biggest question in the finance industry. Data visualization provides fresh insights to help decision makers not only identify hidden problems and opportunities within business operations, customer segments and new markets, but also take action to improve business outcomes.
- IT-free handling: Data visualization can help an amateur analyst with limited analytic skills to rapidly identify key relationships and uncover insights, without any IT support. It’s that easy and layman.
Finance Industry does involve huge chunks of data that if visualized, can reflect the best possible outcomes. And, for the sector that includes monetary involvements, it becomes increasingly important to simplify its baseline with data visualization at its back end.
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