How people use, access, and discover data in business is being actively disrupte

Question

How people use, access, and discover data in business is being actively disrupted by tablets, which had been designed for consumers. Users have higher expectations for data displays and capabilities. Boring, static graphs and pie charts are unacceptable. Discuss how performance management-the monitoring of KPIs, for example may be improved by providing managers with data visualizations. Now consider the opposite. In your opinion, would lack of data visualization hurt the ability to manage performance? Lots of data are available to retailers to make good decisions-loyalty programs, Web analytics, and point-of-sale data. However, there is a big gap

Explanation / Answer

1)

Data visualization can act as a medium to reflect the current state of any organization or business. By displaying the static data in an easily interactive and accessible format, these visual mediums can help the management and stack holders to contextualize the data and extract value from it. It helps in accessing the various trends and patterns in the data. KPIs or Key Performance Indicators which are used to measure how well a company is achieving key business goals can be monitored effectively by using various data visualization techniques. Various KPIs like those used for sales or marketing can be presented in an interactive and reactive format such that the analytics gets refactored on its own based on the input provided. This real time change in the data accessing can really go a long way in managers and organizational heads easily interpreting the current state of the company and taking key decisions based on the KPIs. These data visualization technique could provide a more trendy way to show the analytics based on which plans can be made and actions can be taken.

Now, lack of data visualization would not hurt the ability to manage performance but it would help a lot in performance management. Performance has been managed even before data visualization techniques were not there but with their aid relevant action can be taken in a time bound fashion and they can greatly speed up the processes.

2)

Although there is an abundance of ways in which retailers can access the needs of their customers and can understand their needs, retailers are still a long way from using these techniques with the best of their abilities. Most of the retailers are not aware of the effective usage of these platforms. For example - retailers get confused on the type and number of matrices they would need in their data analytics platform to judge the demand of their customers. Loyalty Programs keep customers hooked on as long as there are some benefits for customers.. Retailers would have to be taught how to use these various platforms in sync so that the best result can be produced by the integration of these platforms.

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.