Data visualization is the graphic representation of data and information. The power of data visualization is that it can make everyday metrics and complicated analyses more understandable, enabling quicker and better decision making. But if not handled properly, data visualization can be ineffective and confuse the target audience. Thus, it’s important to be deliberate to convey what you’ve intended.
Here are four key steps to consider when thinking through your data visualization plan to ensure clarity and usefulness:
- Select the right ERP system. Not only do you want an ERP system that brings together data from across your organization and functions as a single source of information, but you want one that incorporates business intelligence and data visualization tools. Features like search tools, reporting functionality and automatic data visualizations in charts and graphs enable anyone on your team to succeed in creating understandable data representations.
- Know your audience. The level of detail within your data visualization depends entirely on your audience. Department managers and branch or divisional leaders may need details on daily operations, whereas the C-suite requires only high-level information to make informed, strategic decisions. Your data should inspire people to act within the extent of their role.
- Know your message. Before determining your data visualization strategy, it is crucial to understand what message you want to communicate and how to best convey it. Is your purpose to state quantitative information, such as comparing the previous quarter’s actual sales vs. targeted sales? Or is it your intention to provide more qualitative financial information like determining whether your revenue uptick correlates with your marketing spend? Will data be displayed on dashboards for on-demand access or presented in weekly reports? Understanding these details and how the data will be used will help ensure your data visualizations effectively communicate your intended insights.
- Invest in your team’s skills. Even if you believe your finance team has an excellent data visualization skillset, ask its members about their proficiency levels and invest in training where necessary. Most data visualization solutions offer online or in-person training to boost everybody’s abilities.
Now that you have a better understanding of how data visualization can be used to communicate financial data, find out about a powerful data visualization tool, NetSuite SuiteAnalytics.
NetSuite data visualization
Discover how to achieve real-time transparency into company performance across all business functions — from summary level to transaction level — by breaking down data silos and bringing all data under one umbrella.
Using NetSuite SuiteAnalytics for business intelligence, your finance team gains access to powerful analysis and visualization tools that transform data into insightful data-fueled stories, all with easy-to-use tools and a visual, no-code approach.
NetSuite SuiteAnalytics also features:
- Filterable searches. Get real-time results by setting search filters that pull data from hundreds, thousands or even millions of records to pinpoint exactly what you need.
- Customizable reporting. Easily create standard and outside-the-box reports that meet your business requirements.
- Robust workbooks. Explore data, create sophisticated filters and analyze data using pivots and charts.
- Key performance indicators (KPIs) and dashboarding. Tie your searches, reports and workbooks together into compelling data visualizations. Leverage a single system of record across all areas of your business to view mission-critical information in real-time.
To learn more about NetSuite SuiteAnalytics and its data visualization capabilities, watch this on-demand webinar spotlighting financial data visualization.
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