However, not all data visualizations are created equal. To harness the full potential of data visualization for your business analytics, it’s essential to follow best practices that ensure clarity, accuracy, and actionable insights to empower your business.

1. Know Your Audience

Before diving into creating visualizations, it’s paramount to understand your target audience or users:

Who will be consuming these visualizations, and what information are they seeking?
Who are you trying to communicate with?
What do they need to know?
What level of detail do they need?

Executives might need high-level summaries, while analysts require granular details. Tailor your visualizations to cater to the specific needs, roles and expertise of your audience.

This customization ensures that the visualizations provide relevant insights and are more likely to drive informed decisions.

For a busy executive, the interactive visualisation of data can help them spot items that need their urgent attention. For e.g. leave requests of employees, travel expenses approval, invoices payment etc.

2. Choose the Right Visualization Type

There’s a plethora of visualization types available, ranging from bar charts and line graphs to heatmaps and scatter plots. Each type serves a specific purpose and is suitable for particular types of data.

For instance, if you’re showcasing trends over time, a line graph might be the best choice. If you’re comparing categorical data, a bar chart could be more effective. Picking the right visualization type ensures that your data is accurately represented and easily comprehensible.

The time scale is also pertinent, ideally you want to present data that is meaningful in business context. Data visualization needs to be flexible as per the needs of the users.

3. Simplify and Declutter

While it’s tempting to include as much information as possible, overcrowded visualizations can be overwhelming and counterproductive. Embrace simplicity by focusing on the key message you want to convey.

Remove unnecessary clutter, labels, or gridlines that don’t contribute to the understanding of the data. Remember, less is often more when it comes to data visualization.

The labels on your data visualizations should be clear and concise. They should be easy to read and understand, and they should accurately reflect the data being presented.

4. Use Color Wisely

Color is a powerful tool in data visualization, but it should be used purposefully. Choose a color palette that enhances readability and conveys meaning. For example, use contrasting colors for different data categories to make them easily distinguishable.

Avoid overly bright or neon colors that could strain the viewer’s eyes. Additionally, ensure your visualizations are still understandable when printed in black and white.

Data visualization best practices invovle presentation of information in intuitive ways. Highlighting the actions with contrasting colors, for e.g. red color or notifications for things that need immediate attention is helpful.

The idea is to summarise key items into actionable form for the employees to boost their productivity.

5. Provide Context and Annotations

A data visualization without context can lead to misinterpretation. Always provide context by including titles, labels, and descriptions.

Annotations – explanatory notes on the visualization – can add depth and clarity to your insights. These tool tips and help can be added on hover movement of the cursor to avoid clutter.

If a sudden spike in sales was due to a special promotion, annotate that on the visualization. Contextual information prevents data from being taken out of context and helps the audience make accurate conclusions.

6. Ensure Data Accuracy
Inaccurate visualizations can lead to misguided decisions. Thoroughly review your data sources and perform necessary data cleaning before creating visualizations. Double-check axes, labels, and calculations to prevent errors.

When presenting data, transparency is key: mention the data sources and any assumptions made during the visualization process.

While data is being visualized, it is important to be mindful of your own biases. Your own experiences and expectations can influence the way you present data.

7. Use Appropriate Visualization Tools

The choice of visualization tool can significantly impact the quality of your visualizations. There are various tools available, from simple options like Microsoft Excel and Google Sheets to more advanced platforms like Tableau, Power BI or bespoke visualizations.

Choose a tool that aligns with your skill level and the complexity of the visualizations you need to create.

8. Mobile Design for Dashboards

In the age of mobile devices, it’s essential to create visualizations that are responsive and easily viewable across different screen sizes. This is particularly important if you’re creating interactive dashboards for business analytics.

Test your visualizations on various devices to ensure they maintain their integrity and functionality. Use visuals to highlight the key points of your data visualization. This could be done by using different colors, shapes, or sizes.

9. Tell a Story with Your Visualizations

Visualizations shouldn’t just present data; they should uncover a compelling story. The visualisation of data should be dynamically drive by intelligent software. It should help understand data patterns and uncover new opportunities for their business.

Craft a narrative that guides the viewer through the insights you’ve uncovered. Start with an introduction, present the main findings, and conclude with actionable takeaways. A well-structured narrative keeps the audience engaged and makes the data more memorable.

Data visualization should be used to communicate insights and findings about the data. For e.g. inventory procurement for electrical goods can highlight times of the year when the price is at its lowest to the procurement manager.

10. Iterate and Improve

Data visualization is an iterative process. Don’t settle for your first draft; gather feedback from colleagues or stakeholders and refine your visualizations accordingly.

As your business analytics evolve, so should your visualizations. Stay updated with new techniques and trends in data visualization to continuously improve the impact of your insights.

Once you have created your data visualization, test it with your audience. Get feedback on what they understand, what they don’t understand and anything important that is not captured in the visualization.

Conclusion

Data visualization best practices are a potent tool that can transform raw data into actionable insights, driving informed decisions for businesses.

By following these best practices, you can elevate your data visualizations to new heights. Whether you’re presenting to executives, collaborating with analysts, or sharing insights across departments, effective data visualization is your gateway to unlocking the true potential of your business analytics.

Kreyon Systems has expertise in enterprise software development for government & public corporations with end to end data lifecycle management. If you have any queries, please reach out to us.

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7 Metrics to Track Success of your Business Management Software:
Business management software can make it easier to measure & improve the key performance metrics for your business. Here we look at ways to measure the effectiveness of your business management software:

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How Custom Software Solutions Can Benefit your Business:

Kreyon Systems offers Custom Software Solutions for enterprise businesses & government organisations. Here’s a look at how custom software solutions can benefit your business and what you need to consider before commissioning them:

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Scaling a business is tough, especially, if you don’t have the right fundamentals. People who’ve achieved great success in business owe their success to mastering the fundamentals, deep understanding of the market, customers and execution. While it takes countless factors to make a business successful, here are the most important ones to scale & grow your business. These factors are chosen by an elite group of successful entrepreneurs who’ve built businesses with at least $10M in recurring revenue every year.

1. Sales Automation

Sales is to business what oxygen is to humans. A business that has a recurring source of revenue is the basic need for a scalable business. More importantly for a business to be scalable, it has to bring in revenue with a repeatable process.

The foundation of a strong company lies in its repeatable sales processes. According to HBR, “50% of high-performing sales organizations admit having “closely monitored, strictly enforced or automated” sales processes.” The way to sustainable revenue and growth lies in automating and closely tracked sales processes. It enables sales teams to excel, contribute and rake in consistent revenue for the company.

The HBR study further revealed “48% of under-performing organizations have non-existent or informal sales processes.” The companies that rely on the brilliance of individual salesperson over standard processes tend to lose out in the long run.

2. Leverage Partnerships

A successful business is built on key relationships with customers, vendors, employees, management and the investors. The ability of a business to build and forge partnerships makes a difference to its fortunes. Scalable companies understand the levers needed to create a solid business. Identifying the right partners is important, it also involves saying no to partners & clients that don’t add real value to your business.

Your company can leverage great partnerships to scale and grow your business. The best companies come up with creative ways to distribute its products/services and win customers. Whether it is the channel partnerships with distributors in key geographies or the way employees contribute to the overall growth of the company, partnerships matter.

3. Processes & Systems

The key aspects of a company like its sales, marketing, hiring employees, training, customer onboarding, support and building products/services etc. has a strong bearing on the business. When the company follows repeatable processes and has systems in place for most disciplines, it becomes easier to build a scalable business.

The automation and business management tools are often used by businesses for streamlining processes. Without processes and systems, the consistency of deliverables and business remains a question mark. This is more so when things change and are in a state of constant flux. When processes are well defined, it could be a tad easier for teams to cope with the changes. However, when things are not documented, automated and structured, things can go downhill very quickly.

Even in organisations that need constant innovations, new ideas and experimentation, structured processes are always helpful. They provide a framework for people to follow and structure their work accordingly.

4. Talent Pool

The businesses of the digital world are driven by ideas, enterprise and execution capabilities of their teams. Talent is a hot commodity in business. When employees have the freedom to choose, is there a reason for them to stay with your business? The best companies provide reasons for employees to stay with them and build great products/services. It creates a win-win opportunity for employees and the business.

Good talent pool that has the ability to build superior products/services is a differentiator. Ideas often fail, products/services become obsolete, but the quality of the talent pool can provide resilience to a business. Talented individuals who share a common goal are a great asset for a business.

5. Market Opportunities

The fate of any business is dictated by the market. Great companies build a market share that helps them grab a lion share of the customers. They are thoughtful and pragmatic in their approach. They answer questions such as:

Is your product or service unique?
Who are your competitors?
What is the size of your market?
What is your pricing model compared to your competitors?
Is the market ready for your product/service?
Are there new entrants that can take away your market?

To scale and grow your business, you have to find convincing answers to these questions. The approach and answers to the questions may change with time. Scalable businesses find ways to improve themselves to grab a bigger market share. 

6. Sustainable Innovations


Scalable businesses are built on innovations that customers are willing to pay for. Innovations are the best way to differentiate your business. The best businesses master the art of generating new ideas on a regular basis, they learn and master the art of executing these ideas.

The innovations help a business create more compelling products/services. The features, usage of technology, simplification of workflows for the customers, designs, superior support systems and automation are some of the areas for businesses to innovate. Companies that come up with innovations that solve problems for customers often end up leading their industries.

7. ROI Capabilities

ROI for a business is often a strong indicator of its ability to scale. A company that doesn’t provide great ROI will rarely attract capital. There are exceptions like FB, Google, Amazon in their early days, but most businesses are built on strong ROI since their early days.

The ROI capabilities of a business can be assessed by its execution capabilities. For scaling and growing a company, profitability is a valuable metric. It has become a buzzword again after the Corona pandemic. It indicates the efficient use of capital to grow and capitalise on the opportunities. The digital business gives companies many pathways to optimise their revenue to reach their customers innovatively, use resources more productively and build stronger businesses that benefit the community on a large scale.

ROI can be calculated for investments related to fixed assets, employees, sales & marketing, overall revenue and returns from a business in a given time period. SaaS product companies and technology driven businesses often provide great ROI, attracting the capital to rapidly scale & grow your business.  

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AI is penetrating various aspects of business and life. This infographic illustrates powerful ways to
use AI for Finance & Accounting for architecting better solutions for your business.

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Enterprise software development has undergone a paradigm shift in recent times. Companies prefer to drive their key objectives using software products and services. In this outcome driven economy, the most important metrics are measured and expected results well quantified.

Companies are seeing a surge in growth & demand for tools to operate companies in the virtual space. As per Bloomberg, enterprise software companies, which are into software products or services for businesses, attracted $30.42 billion from investors. According to Gartner, enterprise software spending is expected to be $507 billion in 2020.

As businesses around the world are looking to up their digital prowess, enterprise software offers potent ways for organisations to improve. Whether it is sales, marketing, operations, employee productivity, communication and overall performance goals of an organisation, enterprise software can help them become self reliant, digital and nimble.

Here’s a look at some of the areas for enterprise software development that can provide companies measurable results.

1. Outcome Driven Models

The outcome driven models are organisational objectives that the company sets out to achieve with an enterprise software. For e.g. a bank wants to disburse loans within 10 minutes for its customers and digital tools help them achieve that with ease. The traditional model may take upto several days to accomplish this.

The intended performance metrics can set the tone for the enterprise software tools. The top requirements from the software are expressed in terms of metrics. Some of these metrics could be:

a) Reduce average Inventory time of items by 10%
b) Measure & improve Employee Performance by 10%
c) Measure & improve Customer Service by 10%
d) Improve order processing and lead times by 10%
e) Reduce time for business approvals by 10%

2. Employee Engagement & Performance

Remote work is now part of the norm for most companies around the world. The remote workers are spread across locations. It becomes pivotal for organisations to use tools where they can unleash and bring out the best from their employees.

Enterprise tools and softwares can help employees stay on track. They can provide them daily insights, capture important project notes and help them work virtually without compromising on their productivity. For e.g. employees can work with automated time-sheet systems to bill their time for projects. The average time per week on a project, milestones completed on time etc. The teams can also see combined progress and their individual contributions using these tools.

3. Finance & Accounting

The statutory reporting requires customisations and changes for organisations almost every year. The changes in regulations, new compliance reports and programs need constant changes to business accounting practices. Companies are looking for softwares that can help them improve their financial reporting as well as performance.

With enterprise software, businesses can improve their finance and accounting considerably. The customisations can be done as per industry type and business models of customers. Companies can work with enterprise software companies that can help them prepare their accounts end to end.

Accounting and bookkeeping for businesses can open doors to new opportunities for them. For e.g. recovering customer receivables in time, automating tax payments, payroll, and payables can improve the bottom line performance for a company. The cashflow can be optimised and proactive alerts set-up for smooth functioning of an organisation.

4. Data Driven Business Opportunities

Data doesn’t lie. Organisations that are driven by data are more likely to be successful in the long run. As per Mckinsey, data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain customers, and 19 times as likely to be profitable as a result.

Organisations that use enterprise software and data at the core of their business are highly likely to be successful compared to their peers. For e.g. the data from finance and accounts can be used for preparing the management goals for the next financial period, it can be used to explore new business opportunities and patterns.

The data driven business is constantly learning and improving its operations. The machine learning models can be used to study data patterns inline with the organisational objectives. It can point out areas for cost optimisation, for e.g. reducing inventory time for items that move slowly and are expensive. The marketing can be improvised using the best matches to achieve the right segmentation.

5. Relationships Management

An enterprise software product can be used to maintain relationships with customers, employees, vendors and other stakeholders. A data driven approach to building and maintaining relationships for a business provides the best returns for it. When organisations build their models based on loyalty from partners, they can form long lasting impact. For e.g. customer credit can be extended based on organisational criterion & loyalty scores.

Companies can analyse their best customers, average time for customer payments, deal size and loyalty scores using software automation. They can also analyse the best employees, the most profitable projects and best deals from vendors etc using software.

The right enterprise software can help organisations improve their workflow, productivity, data management, customer service, relationships, operations and bottom line.

Kreyon Systems is an enterprise software development company building solutions that improve the bottom line for its clients. If you have any questions for us, please get in touch with us.

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$1.2 trillion dollars. That’s what analysts believe that those using big data in business will earn at the expense of their less insightful colleagues.

This is predicted to happen by the end of 2021. Big data is here, and it’s here to stay. Use it, or your business might lose out. In this post, we’ll look at how big data is affecting enterprise software across the globe.

Why is the Use of Big Data so Important?

With analytics, the more information you have, the better. Say, for example, that you survey ten people about their smoking habits. If all ten smoke, you might come to the conclusion that all people smoke.

That’s a somewhat erroneous conclusion, as you’ll agree. What makes it a valid one, though, is that everyone in the sample does smoke. The problem here is not the conclusion as such, but more that there wasn’t enough data to form a conclusion.

You could create sample sizes of ten, fifty, or fifty thousand people and come to a different conclusion every time. Therefore, if you want the most accurate results, you need enough useful data to draw a conclusion.

Big data provides swathes of information from which we can draw conclusions.

Surely Big Data is Nothing New

Big data isn’t a brand-new concept. Over the years, companies have collected millions upon millions of gigabytes of data. The difference now is that it’s easier and less expensive to access. Thirty years ago, you’d have had to analyze all that data manually.

This worked out to be extremely expensive, and so it was an exercise reserved for larger companies with the money to fund the analysis.

Artificial Intelligence Changed the Game

Artificial intelligence is growing at a fast pace. The international market in AI grew by 154% in 2019 alone. AI is capable of doing so much in our world today.

We can see an easy example of this in our search engine searches. Ten years ago, search engine optimization was simple. All you had to do was to make sure that you added enough keywords and got plenty of backlinks.

When you searched for a site, the search engine would use a limited range of ranking signals to find your results. The results were okay, with maybe one or two bad apples thrown in. Back then, search engines were like a kid in their first year of school. They could recognize shapes and colors, but only in a limited context.

Today things are very different. The search engine algorithms have learned how to understand the context of sites. They can now provide far more accurate search results. They’re more like a child going to high school. They’re a lot more capable now.  

It’s this advancement in the AI industry that has paved the way for the use of big data. An AI-enabled program can sort through thousands of records in seconds. It’s hardly surprising then that the big data industry has also shown record growth over the last five years.

Analysts predict that the market will be worth $103 billion dollars by 2027.

The Role of Big Data in Changing Enterprise Software

Enterprise software has always been aimed at improving the bottom line. Incorporating big data allows companies to make decisions based on a far wider range of parameters than was possible before.

Enterprise software being developed today must be capable of handling large amounts of data. More than that, it must be able to analyze big data in a meaningful way. That generally means incorporating an AI component.

Say, for example, that you’re developing a risk analysis program for an insurer. In the past, you’d have had to input parameters based on research. These parameters would include subsets of different risk profiles.

Because it was difficult to process the data you needed, you’d work with a few different subsets of people. You’d have, for example, a group that smoked and practiced sky-diving. When the program was set to search for the right risk profile, it would match as closely as possible.

So, if you smoked but didn’t skydive, you might end up in the same group as those who did. This, naturally, wasn’t fair. You’d be lumped together with other clients. You’d be assigned a higher risk profile because it wasn’t possible to drill deeper into the figures.

The smokers and skydivers would benefit because they were grouped under the same risk factor as you.

With the technology available to us today, though, a more accurate risk profile is easier to attain. Software now doesn’t have to check different profiles and find the group that matches best. It can, instead, analyze thousands of individual risk factors.

The upshot is greater accuracy and a more realistic assignment of risk. Enterprise software of the future will start to incorporate more big data analytics. This, in turn, will help companies to perform better market analysis and more accurate forecast models.

Author Bio:

Milica Kostic is a Cybersecurity awareness advisor at DataProt. She is committed to raising awareness of the importance of cybersecurity through her publications and initiatives.

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Kreyon’s software development solutions are built with innovation using latest technologies . Our software development company in Jabalpur serves clients around the globe. We provide software development services for business process automation, cloud based erp software and e governance solutions.  If you are looking for any assistance in building innovative software products or solutions, please get in touch with us.

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