One of the key challenges business leaders face today is how to turn the volumes of data gathered from a variety of sources into actionable insights.
In fact, 96 percent of the 144 CFOs and CIOs surveyed by KPMG admit that untapped benefits from using data remain on the table. As a result, line-of-business (LOB) leaders are missing out on opportunities to spot key business trends, identify operational inefficiencies, and recognize ways to increase revenues and reduce costs.
The use of analytics can help line-of-business leaders keep a finger on the pulse of current business and operating conditions, enabling them to respond more quickly to market and operating changes as they occur.
Data visualization enables LOB chiefs to spot trends that are emerging ahead of the market through the use of heat maps, scatter plots, and sparklines.
Rich data visualization tools help make information and insights pop for LOB execs much more than static bar charts or pie charts. Visual exploration within a data discovery platform also aids leaders in making more informed and rapid decisions.
Compare this to traditional BI reports that are created by IT or data analysts. By the time IT gathers the data and compiles a report, the information isn’t an accurate reflection of the business and operational trends that are occurring at that moment. Plus, static reports don’t allow LOB leaders to probe data and charts used to represent key trends, leaving additional insights untapped.
By comparison, data exploration and visualization enables the spotting of critical market trends so actionable insights may be anticipated and drive the course of business ahead of the competition.