Data science news

How businesses can benefit from visual analytics

Enterprises seek innovative techniques that help them draw attention to key messages and allow them make informed business decisions in complex situations. Visual analytics is one such method that allows decision makers to gain insight into complex problems. It simplifies data values, makes it easy to understand and helps enterprises in communicating important messages and insights which otherwise would be difficult to understand without deep technical expertise.

The practice of presenting information visually is nothing new and the industry has witnessed a growing progression in the techniques down the years; starting with hand-drawn simple charts and tables followed by spreadsheets giving rise to graphs such as bar graphs, pie charts, and line graphs.

Data Visualization: Providing Data Insights that Cause Change

Great data insights don’t mean much if the folks controlling change don’t understand them or don’t have the time to pour over columns of data. Enter data visualization; the key to getting data insights to cause change that improves your market performance.

Data visualization
Data visualization is a little like herding cattle — it’s expensive and time-consuming, but, ultimately, necessary if you want to generate profits from your cows.
Of course, data visualization is only 1 means of corralling big data into something useful. Data analysis using statistical tools to generate descriptive, predictive, and prescriptive data analysis also synthesizes meaning from big data.
Even with data analysis, data visualization makes it easier to see not only descriptive data like height, age, and income, but predictive analytics reflecting the relationships among data, and prescriptive data showing the best alternative solutions.

Big Data Analytics, Mobile Technologies And Robotics Defining The Future Of Digital Factories 

47% of manufacturers expect big data analytics to have a major impact on company performance making it core to the future of digital factories.

36% expect mobile technologies and applications to improve their company’s financial performance today and in the future.
49% expect advanced analytics to reduce operational costs and utilize assets efficiently.

Gartner Predicts Three Big Data Trends for Business Intelligence

Big data has given businesses a window into valuable streams of information from customer purchasing habits to inventory status. However, internal data streams give only a limited picture, especially with the growth of digital business.

Three trends Gartner has identified describe information’s ability to transform business processes over the next few years.

No. 1: By 2020, information will be used to reinvent, digitalize or eliminate 80% of business processes and products from a decade earlier.
No. 2: By 2017, more than 30% of enterprise access to broadly based big data will be via intermediary data broker services, serving context to business decisions.
No. 3 By 2017, more than 20% of customer-facing analytic deployments will provide product tracking information leveraging the IoT.

Data science news

Paint by Numbers. Harness the Power of Data Visualization 

The spreadsheet is an object of obsession for data analysts and quantitative thinkers. But for business leaders, sorting through countless rows and columns of raw data isn’t ideal because their time is precious.

Data is crucial to your business’s success since it can drive some of your most important decisions. But to get anything out of it, the data  has to tell a story. And that’s where data visualization comes in. The easiest way to tell a data story may be with visuals (an infographic, a chart or a graph) and this can be very effective.

When data storytelling is done well, it engages the intended audience and allows for quick, clear communication. It can guide your business in the right direction and help many parties make informed decisions.

Why Graphic Content and Data Visualization Are Good for Business

In the content-hungry world of online media, there’s more potential than ever for evergreen graphic and data visualization content.
Various marketing channels crowded with competing messaging means marketers are constantly under pressure to create compelling content. Online platforms used to highlight messaging and promote branded content require a steady infusion of fresh content to keep audiences engaged. Developing a continuous stream of fresh content that generates audience interest can be challenging for any brand. However, it can also be an opportunity in terms of visual content marketing.

In the content-hungry world of online media, there’s more potential for evergreen content that can be used to create engagement over time. The need to constantly create compelling content is driven by people who are scouring the Internet for information that can help them understand market trends, compare competing value propositions, or aid decision-making. In many cases, brands are sitting on a lot of data that could position them as thought leaders, provide the insights audiences are seeking, and attract people to their business. While many brands use static infographics to share market intelligence, brands can also use existing standards for graphics processing and open-source technologies to turn the same data into engaging, interactive visualizations.

2015 Will Be the Year of Turning Big Data into Actionable Insights

We are living in the era of Big Data. The amount of data being collected has been growing exponentially, with no sign of slowing down anytime soon. It is predicted that in 2015, worldwide spending on Big Data-related software, hardware, and services will grow to $125 billion (IDC). Big Data provides a treasure trove of possibilities for marketers, but we have spent so much time fine-tuning our data collection that we have not moved beyond basic forms of analysis. This will be the year that companies small and large will take their data analytics to the next level. Turning data into truly actionable insights will supercharge your marketing and make your data more precious than ever.

Gone is the time when Business Intelligence (BI) meant an expensive, clunky tool from a software company like Oracle or SAP. BI tools have become more user-friendly and have put more emphasis on data visualization. Having a data scientist who can run extremely complex data models is great, but spreadsheets can be hard to present to your board of directors. That is why it is crucial for analysts to offer great communication and storytelling. Analysts need to present data in a way that makes sense to almost anybody. New BI and data visualization tools are making this much more attainable, as well as becoming easier to access through the cloud. According to Gartner, “by 2016, 25% of net-new BI and analytics platform deployments will be in the form of subscriptions to cloud services.” BI and data visualization are becoming easier to use and more readily available. This will open up the opportunity for companies of all sizes to gain incredible insights from their data.

 

Gramener at the IBA Banking Technology Conference

IBA

At the event Gramener will demonstrate how our Data Analytics and Visualization product helps several Banking and Financial services enterprises consume insights for rapid business actions.

IBA banking technology conference addresses core technology issues that are challenging the Indian banking industry today, and provides the audience with a diverse spectrum of technologies and business issues and those that have an inherent ability to profoundly impact the Banking business environment