"Words and pictures are yin and yang. Married, they produce a progeny more interesting than either parent." --Dr. Seuss
The news is flooded with discussions on the topics of Data Art/Infographics versus Data Visualization. Do we understand which each one brings to the bargaining table? How do they apply to Financial Statement Analysis? Both bring very real, but very different, results to our business intelligence.
Understanding is the key to valuable data visualizations. Sure, Data Art will entertain our audience but what we truly care about is delivering Data Visualizations which will lead to deeper understandings of complex data. John Sviokla, vice chairman of Diamond Management & Technology Consultants, Inc., impresses the benefits of Visualizations. The 3 Benefits he discusses in his article, Swimming in Data? Three Benefits of Visualization, are:
- Great visualizations are efficient — they let people look at vast quantities of data quickly.
- Visualizations can help an analyst or a group achieve more insight into the nature of a problem and discover new understanding.
- A great visualization can help create a shared view of a situation and align folks on needed actions.
InstalyticsTM is the Business Intelligence tool which marries words and pictures for a deeper understanding into your complex data. The static illustrations below are provided to simply "entertain" you. However, for a deeper understanding, you would be able to Drill into this visualization. Switch between YTD to QTD. Narrow the Heat Map to show only specific location(s), etc. Accomplishing the top 3 benefits mentioned above: Efficiency, Insight and Collaboration.
This Heat Map allows the user to visualize where YTD Sales are concentrated.
Or, this Heat Map visualizes how YTD Counts are performing.
Again, these are simple infographics allowing us to illustrate the exciting Business Intelligence which can be garnered from your accounting data. It's time to Visualize your way out of data overload!