The Benefits of Data Visualization
It is clear that market research is in for a change, and the hype surrounding data visualization and dashboards will be a catalyst for this change. It has forced technology platforms to develop in a direction that greatly benefits the research buyer.
As with all hypes, there is a life after the hype itself. At Dapresy, the requirements for modern dashboards has driven technology that enables new behaviors and adds value to the market research process. Dashboard platforms will no longer be just a tool; they will be Data Hubs for many varying kinds of information such as sales, shipments, advertising, email campaigns – in addition to survey data.
In the near future, Enterprises will purchase cloud based Data Hub platforms that will have the ability to visualize data from many sources. This will allow market research companies to directly deliver information to a Data Hub they control or to set up relevant data visualization portals in the Data Hub that are owned by the Enterprise. And, it will no longer be necessary to feed raw data. Many Enterprises will create middle layers that combine information that is then sent to the presentation layer in the hub.
It will not be enough for a technology company to just provide a Data Hub platform. They will require an experienced team with a market research background and the ability to understand how to present their data effectively. Dashboards and data visualization platforms will need to be expanded in terms of functionality to also include process support for feedback management and improvement work processes.
The real value of data visualization
Building your dashboards right requires not just the technology platform itself, but also the knowledge to design the dashboard in the right manner. An experienced dashboard designer has the ability to think outside of PowerPoint. A good dashboard allows the user to unfold the data in many ways. You do not need to think sequentially; good visualization will create a story for the user. Not all people want information in perfect order: 123456. Some people understand better if they see the information differently, e.g. 162345 or 125634. Good data visualization recognizes that our brains work in their own unique way and therefore need data presented accordingly in a flexible, user-controlled manner.
Great data visualization filters away everything that is not relevant. If needed, more detail easily unfolds, but only when you ask for it. One dashboard slide replaces hundreds of unnecessary PPT slides. With a well-designed dashboard, users see what is relevant for them, how the results affect their business, as well as how they perform compared to relevant benchmarks. If the Dashboard is correctly configured, the user will understand what needs to be improved and how to do it.
Finally, because a dashboard is real time and online, everyone sees the same data - based on roles – thereby eliminating the PPT problem of seeing an old or wrong version of the document. Everyone is literally on the “same page.”
Good Data Visualization improves understanding; it does not dumb down the data.
This is where the technology company needs to be competent in understanding market research in addition to understanding how the human brain works when interpreting the results. We anticipate new services offered from market research companies providing advice on how to best structure the visualization. Technology will no longer be the barrier. The challenge will be how to best benefit from the technology to reveal the value from the data. This will be a big challenge since many market research companies today are used to working ”question by question, slide by slide.” What we see today are too many visualizations that have the same structure as PowerPoint. This is why the market is questioning whether or not dashboards are a hype. Turning a PowerPoint slide deck into an electronic deliverable and calling it a “dashboard” is confusing people and clouding their thinking about dynamic dashboards. Never, ever transform your PPT to an online PPT.
What Visual approaches work best, and the importance of interactivity
Up until last year, the Dapresy board received their monthly financial updates in traditional Excel sheets. The problem with this approach is that people tend to jump right into the details and miss the important summary story. Nowadays, the board receives their financial updates online via InfoGraphic images. These images show where we deviate, and a simple click on the deviations reveals a new InfoGraphic (or dashboard) with the detailed information.
With a Dapresy dynamic dashboard, you can stop, discuss, and then decide if you would like to test a hypothesis. Simply clicking some filter settings allows you to see the details in order to draw the conclusion. This is a powerful and impactful way to present data. No matter what level employees are in the company, the majority of them want to see the big picture in a way that is easy to understand.
Many people say that once you have seen the data the first time, you will want to see the details directly next time. However, this is normally not the case (unless you visualize heavy production data). Normally, you read a report once a month or less. Each time the visual metrics ground you in the context of the information. In our day-to-day activities, we have so much other information projected at us from mobile devices, tablets, computers, etc. that we are ”information exhausted.” This is why dashboard visualization is so important. By providing summary key metrics data first, and then allowing the reader to drill in as they require, your brain readily absorbs and retains the information. This is why data visualization is very relevant. It allows people to “open the hood” and find pertinent information underneath.
