Explain the roles of graphical charts/diagrams in providing a better understanding of data in BI reporting. Give examples.

 Answer:

When the currency you’re playing in is dollars, and our goal is to collect millions of them, you’ll need to learn how to create visuals. Without a doubt, visuals and business intelligence systems go hand in hand more than ever. To find true success, you need to learn all that you can about data visualization and how it can be useful to you.

The following information will help you get a clear idea of how business intelligence works and why you need visuals.

When we make use of data visualisation, we are playing to the strengths of the human brain. Data visualisation is useful because it summaries and points out key metrics, such as sales revenue, customer retention, business productivity, profits and losses, overhead costs, and the size of your inventory. With data visualisation, we get a helping hand in pointing out market trends and existing problems, so that you are better able to solve them. When we are able to point out these problems, we and our team will have strong data that we can use as we put our heads together.

• We will start to take this level of care with all aspects of our company, making sure that there is always a need to simplify and clarify details.
• We will have the chance to give even the most minute piece of data the serious consideration it deserves.
• Though businesses are run on a set schedule, there are always matters you can’t foresee that need your attention. Data visualisation gives you the power to address these situations as soon as they arise.

As we can see, business intelligence systems and visuals go hand in hand. It is important that you not only understand why using these visuals is a must but how you can use them effectively so you can win big.

Example:

We might get information about a competitor planning to sell or go out of business. With such a short window to work with, you will want to begin breaking down information to decide whether you want to throw your hat in the ring as a buyer.