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We’re now creating and accumulating data faster than we can name it. Indeed, the world will be storing 40 zettabytes (with a “Z”) of data by 2020, according to research house International Data Corp. And, says NBC News, “from mega to giga to tera to peta, the prefixes we use to describe piles of bytes are starting to run out.”
As the data grows, it’s becoming ever more imperative for organizations of all types to find ways to sort and analyze the records in their burgeoning data stores. Today, how a business manages its digital files is often the determining factor in its success. The Economist Intelligence Unit says companies that consider themselves ahead of their competitors in their handling of data “are three times more likely to rate themselves as substantially ahead in financial performance.” But how do companies analyze all the data they’ve stored?
For years, organizations have used business intelligence and analytics software to build reports from various repositories. But this is often a timeconsuming process controlled by the information technology department.
Some companies have recently taken the step of hiring data scientists – a relatively new job title. Data scientists are professionals with a solid background in statistics, modeling, computer science and business analytics who use their expertise to collect, aggregate and analyze large data sets to spot trends, which can lead to better organizational decisions. But good data scientists can be hard to find and expensive to employ. There is, however, another way.
Data visualization software is a sophisticated, yet easy-to-use, tool that allows anyone who is familiar with an organization’s data to quickly analyze, graphically display and share information – in effect, making anyone using it a data scientist.
Data visualization software can tie directly into a variety of data sets, files and spreadsheets in realtime. Then, with just a few clicks, a user can pull data from just about anywhere and have it rendered in an interactive chart, table or dashboard. And, since the software allows users to interact with the data, managers can group, analyze, organize, and summarized data with speed and efficiency.
Data visualization gives key decision makers the ability to see patterns – such as sales trends, customer buying habits, production bottlenecks – and respond accordingly.
Data visualization tools can help medical centers track physician and hospital performance; universities analyze student applicant pools; wholesalers measure the adoption of ecommerce initiatives; securities firms collect, analyze and interpret customer trading data; and much, much more.
Indeed, data visualization software puts incredible data analysis capabilities into the hands of people throughout an organization, creating a team of knowledge workers able to see problems, spot efficiencies, and seize new opportunities – no matter the amount of data stored.
Interested in learning more? This ebook describes the fundamentals of data science, examines the power of data visualization software, and explains how just about anyone in an organization can be a data scientist.
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