Business Description
Today’s finance teams are producing an unmanageable amount of information, making anyone who can be considered a financial leader essential to enabling businesses to capitalize on trends, enhance performance, enhance products and services, set realistic objectives, and make better decisions. But the collecting and processing of data, in itself, isn’t very valuable. It’s hard to draw meaningful inferences from a pile of 0’s and 1’s. What’s really valuable is the presentation of actionable insights in a straightforward, easily digestible way. Financial data visualization is more important than ever to enable companies to present their information and statistics in a way that drives real change. The human brain processes images 60,000 times faster than words, so adding relevant graphs, charts, and diagrams is what triggers comprehension for teams and drives engagement with partners, colleagues and customers. It’s important to note that visualization techniques such as chart, table, graph, infographics, and maps all have one goal in common: To make it easier for users to look at their data, discover trends and tell a story based on data. Visualizations allow for more precise analysis and help teams avoid misunderstandings. Data visualization tools allow finance teams to create a wide range of charts and diagrams that display data and other information more effectively. How to visualize financial data the right way? Not all data visualization is the same. When it’s done right, it can make complex ideas easier to comprehend. But when it’s not done right, data visualization can actually make your audience more confused or even misrepresent your data altogether. If you’re a finance leader looking to enhance your analytics strategy and communication, here are a few things to keep in mind: Investing in right technology There are a lot of technology tools on the market today. Some of them actually help users create powerful visualizations. Finance leaders often start by investing in enterprise resource planning (ERP) solutions that break down data silos and provide a single point of access to information. Then, they look for platforms that allow them to visualize their data with drag and drop, chart and chart libraries, intuitive search, and guided navigation to help answer questions. Knowing your purpose Before you begin creating visualizations, it’s important to know what you’re hoping to achieve. Identify whether you’re going declaratively or exploratively. Understand your key performance indicators (KPIs). Knowing the answers to those questions will help you determine which tools and formats will work best for you. Keep your audience in focus Depending on who’s viewing your data visualizations, the level of detail you’ll need will depend on the context. For example, if you’re presenting financial data to the C-Suite, you’ll want to make sure that the information you’re sharing is high-level and highly relevant, helping leaders make informed strategic decisions. On the other hand, if your presentation is to the line of business leaders, you want to make sure you’re providing them with the details they need to make informed decisions. Train your team in data visualization 60% of agile finance leaders say their team’s ability to visualize data is “excellent,” while only 24% of their peers say the same. While every member of your finance team can do basic data visualization, training combined with a new hiring focus will take your data visualization competencies up a notch. Implement training on your data visualization tools so your team knows what your technology can do. When you hire new ones, focus on people with a solid data analytics background and extensive experience in data visualization.
