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Visual Analytics
Today’s business environment drives an unprecedented need to understand, analyze, and take action on the ever-increasing mountains of customer and operational data. This coupled with the need to make decisions faster, and within a more complex business environment, is resulting in organizations demanding better business intelligence tools.
There are three different ways of delivering information to business users within your enterprise:
First, there are reporting tools that summarize and display historical data. The relationships within the data are known and usually obvious. For instance, a report may list the top 25 customers and their total sales for the past month.
Second, there are forecasting tools that analyze trends in historical data and predict future values. Forecasting tools are also based on known relationships within the data (which may not be as obvious) and are useful for planning.
Third, there are exploring tools that probe the unknown relationships among customers, products, stores, and other key business entities. Exploring tools are often referred to as analytic tools or simply analytics. The purpose of analytic tools is to break a complex business issue into smaller and simpler parts, thereby gaining an understanding of the issue and generate insights into the unknown relationships hidden within your data. As compared to reporting tools, analytic tools probe deeper into the casual relationships, such as the seasonal buying habits of high-frequency customers in a particular region.
There are analytic tools, such as data mining and predictive analytics, that rely on sophisticated computation to detect frequently occurring patterns. These tools are useful for experienced analysts who have the skills to configure the analysis runs and interpret the results. These tools are not appropriate for direct use by business users. There is a need for a different type of tool.
Visual analytics rely on a users intrinsic ability to detect patterns visually, thereby being able to see and understand the complex relationships within their business data. Aptly put, seeing the relationship in business data is the basis for managing your business. To the business user, visual analytics is the means for cutting through the fog hiding business reality.
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