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In this blog post, our CTO, Ryan Wilkinson, shares his thoughts on the rise of big data and data visualization tools.
The big data industry is worth $189 billion and is set to continue its rapid growth reaching $247 billion by 2020.*
As a result, companies are increasingly looking for business intelligence solutions to leverage the abundance of data to increase their bottom line, bring products to market faster, or introduce flexibility into their business operations.
In turn, technology providers that deliver business intelligence are adding data visualization capabilities to help leaders make sense of the information faster.
Data visualization is the presentation of data in a graphical or visual format. In this format, analysts and decision-makers can identify patterns or relationships between large sets of data.
Data is powerful, but this power is only unlocked through analysis of the data. The human brain is wired in such a way that charts and graphs are easier for people to process than spreadsheets or reports. Presenting data visually, as part of an analytics program, enables a quick, easy mechanism for delivering insights. This business intelligence can then be used to:
While data visualization provides a snapshot in time, interactive data visualization takes the concept to the next level. An example of interactive visualization is a heatmap that shows data over time. Interactive visualization functionality also allows the user to modify or drill down into the charts or graphs for a more detailed analysis of the data. This enables the user to better understand the composition of the data and what inputs may be impacting the results.
For large multi-use fleet operators, data is a powerful tool to help streamline operations, increase workforce safety, or even improve customer service. IntelliShift, a cloud-based operations intelligence platform, unifies data into configurable dashboards, giving decision-makers end-to-end visibility of their connected fleet operations. Critical reporting is displayed using interactive data visualization. Decision-makers can see where their assets are at all times, whether operators are applying safe driving practices, as well as connections between dispatch information and customer satisfaction levels. All of this information, shown in a visual format, can enable smarter decisions. What’s more, the results of these decisions are measurable and reportable.
The amount of data available, as well as the way that data is packaged, is impacting the way decisions are made. Data visualization is empowering humans around the world to better interpret data so they can leverage its insights for their business. Weaving these data visuals into the business strategy is the most effective way to communicate big data in a meaningful way.
*Source: PCMag, “The Big Data Market Is Set to Skyrocket by 2022,” June 2019