Updated: Jan 22, 2020
As business leaders, you often need to take both operational and strategic decisions that often impact your organization in many ways. Some of your decisions can have massive implications for your organizations. Thus it is a good idea to resort to data-driven decision-making, to help improve the effectiveness and accuracy of your decision making process.
Data visualization tools, which is a graphical representation of your information and data, can help you leverage upon your business and operational data. It helps derive ‘actionable’ insights that are often crucial to making the right decisions.
Data visualization often needs an array of analytical tools for examining data sets (structured and unstructured) and to obtain useful insights based on conclusions.
How does Data Visualization improve decision-making?
There are four ways in which data visualization can help you improve your decision-making process
Improved speed of decision making
Data visualization helps you draw ‘useful insights’ from massive amounts of data within a short period of time.
For example, you would like to track the trends of winning deals or contracts over the last few quarters, to identify which Business Units and Customer Segments contributed the most.
Data visualization make it easy for you to capture trends as well as deviations, so that you know where your business is headed.
Improved accuracy of decision-making
Data visualization makes it easy to provide data in a ‘consumable’ form for decision-making. It contributes to make you more effective as a business leader, who is driving ‘more actions’ rather than analyzing ‘more numbers’.
Further it gives little scope to bring in personal biases, as it simplifies information to the level where it can be easily understood, grasped and acted upon.
For example the above chart, we had mapped Opportunity days per stage vs Historical average. As a business leader you can easily deduce that you need to drive actions in the last stage (circled in red) as there are no records available to map against the historical average data.
Easy communication to team-members
Data visualization makes it objective and easy for your team members and subordinates to understand the basis behind your decisions. You can easily present the visual illustrations that influenced your decisions in certain areas.
Data visualization is therefore a useful tool to possess during all team and strategic meetings.
Establish collaborative frameworks across your organization
Data visualization transforms data and information into a universally acceptable form. By providing access to visual information, you enable and empower others to develop more informed opinions and contribute constructive perspectives to aid the collaborative decision-making process.
Working illustration on data visualization (Case)
KVP Business Solutions, one of Salesforce.com’s leading partners in India and located at Bangalore, implemented Einstein Sales Analytics for one of Europe’s largest dairy products manufacturers.
The company manufacturers and supplies dairy ingredients and has established SBUs (Strategic Business Units) to cater to its various customer segments.
The customer sells its product-lines in 5 regions viz. EMEA (Europe & Middle East), Greater China (China + South Korea + Japan), North America, Latin America and SEAP (South East Asia & Asia Pacific)
The customer wanted KVP to provide the right analytics implementation to bring out the below insights: -
1. Year-on-year Opportunities won & loss trend
2. Opportunities win rate = Total number of opportunities won
Total number of opportunities in pipeline
3. Current Average deal size = Total revenue from sale of products
Total number of orders
4. Opportunity stage cycle time = Average sales cycle time (baseline) -
New average sales cycle (new business)
The customer also wanted segmentation of this data by region, by year and by salesperson.
KVP deployed its Einstein Sales Analytics implementation based on collection of 4 years of available data (2 years of previous data + 2 years of estimated data through extension of data patterns).
Our implementation can throw-up enough & more insights to the customer, to guide their day-to-day review & decision-making mechanisms. It also allows them the option to deep-dive and conduct micro-analysis and macro-analysis as per the requirements of their review mechanism.
Few of the customized dashboards created by KVP is as below:
Figure Description: Interactive dashboard on year-on-year trends for Opportunities won – provision for automatic calculation of win rate (circled in green) and Average deal size (circled in red)
Figure Description: Dashboard to review opportunities stage cycle-times (time period for conversion from opportunity to sales
Figure Description: Interactive dashboard on year-on-year trends for Opportunities lost with deep-dive on reasons for loss – automatic calculation of Lost rate & Average Deal size lost
Conclusion and next steps:
In today’s competitive scenario, data & insights-driven decision making are the primary factors that ensure whether businesses can survive and succeed. The quality of insights is directly dependent on the quality of analytics tools that are used to analyse the data or volumes of data pertaining to your business operations.
AI-driven Data visualizations tools (enabled with predictive and prescriptive analytics) like Einstein Analytics ensure that you can get the insights that you are unable to get from manual or outdated mechanisms. Let KVP partner with you to improve the quality of your analytics through AI-driven analytics automation.
KVP is an industry solution focused Salesforce.com partner with an operating base in India. We support our customer's digital journey using pre-built industry solution specifically designed on Salesforce.com. We help you manage your data, operations & transactions profitably, effectively and most importantly - securely.
Please write to us at email@example.com for more information on Einstein Analytics, and how it can help you deliver the insights you want to transform your business.