Advanced data visualization transforms datasets into insights and is useful for at least 72% of businesses. The latest techniques include geospatial visualization, heatmaps, density maps, network diagrams, and time series analysis.
In 2023, JPMorgan predicted that economic growth would slow down in 2024 as the effect of pandemic-era support fades and broader monetary policy takes its toll. The leading financial institution expects “real GDP growth” to rest on the border of contraction and expansion. GDP growth was better than expected at 2.8% in 2023, but JPMorgan predicted growth of just 0.7% in 2024.
Goldman Sachs expressed pronounced skepticism about US economic prospects after a Trump victory. According to Goldman Sachs analysts, it would take the economy years to recover from the downturn a Trump win could bring about. This doesn’t affect the scenario of a Trump victory, though.
According to UNDP’s 2024 trends report, labor productivity is stagnating, the socioeconomic impact of innovation remains low, and life expectancy continues to increase. It has risen from 46 years on average for men and women in 1950 to over 73 in 2024.
Transforming datasets into insights
Across sectors and industries, it is crucial to be able to transform complicated data into actionable insights. Advanced data visualization approaches play a key role in this process, giving businesses tools like GIS mapping software to make sense of huge data volumes. Visual data presentation allows decision-makers to identify normally overlooked trends, patterns, and relationships.
Advanced visualization techniques include 3D plots, interactive dashboards, heatmaps, bubble, waterfall and radar charts, and real-time data feeds. They go beyond basic graphs, allowing users to explore data in a more intuitive and detailed way. By facilitating the identification of patterns, trends, and anomalies, they let businesses gain insight and make better decisions.
Data visualization in numbers
According to 72% of businesses, the latest data visualization tools provide quicker access to insights. 63% of business leaders find they would have missed insights in the absence of data visualization possibilities. 57% of businesses feel they have been successful in the market because they used data visualization to gain and act on growth insight.
56% of steadily growing businesses attribute their success to consistent visual data use in meetings and presentations.
48% found team collaboration increased after they incorporated data visualization into regular reporting.
Company employees are 30% less likely to share raw data than visual data, and companies leveraging advanced data visualization are 19% more likely to identify growth-relevant trends.
Key techniques: heatmaps, network diagrams, time series analytics
The list of essential data visualization techniques starts with geospatial visualization, which involves using mapping software to plot data points onto locations. This reveals spatial patterns and relationships. The technique is especially useful for businesses that operate in different countries or regions or need to analyze supply chains, demographics, or sales territories.
Heatmaps and density maps
Heatmaps and density maps represent data values using color gradients across a two-dimensional space. These maps display data point intensity in a given area, such as customer activity, website clicks, or resource usage. By highlighting areas of high and low concentration, they help companies identify hotspots and allocate resources more effectively.
Network diagrams
Network diagrams are essential for understanding social networks, organizational structures, communication flow, and other complex systems. Businesses can detect bottlenecks, identify key influencing factors, and improve collaboration by mapping out connections and interactions.
Time series analysis
Finally, this involves gathering, recording, and visualizing data points. This technique is critical for tracing changes over time, including stock prices, sales trends, or online user activity. Time series analysis helps businesses identify seasonal economic patterns and predict future tendencies.
Recap
- Foreseeable economic downturn necessitates use of advanced data visualization techniques
- Geospatial visualization involves using mapping software to plot data points onto locations
- Heatmaps display the intensity of customer activity, website clicks, resource usage
- Network diagrams are key to understanding social networks.
