As human beings, we constantly receive information about the world around us. The amount of sunlight hitting your eye, the level of ambient noise in your current location—these are all data points that tell you something about the current state of the world.
Since you receive each piece of data at a specific time, you automatically fill in the missing information between each moment. It’s something our brains have evolved to do exceptionally well: We stitch data points together to turn them into a cohesive, step-by-step story and decide how to act. Sometimes, we do this too well. We identify patterns and causes that aren’t really there. More business users are demanding access to data to gain their own insights and drive localized initiatives. The vast majorities of people have smart mobile devices and expect to access data from wherever they are. This any-device-anywhere culture will continue to grow as technology continues to become more powerful, and as data transfer rates improve globally. There is a huge transformation in adopting visual analytics by pharma and insurance industries to analyze and forecast data more quickly than ever. Let’s analyze how these industries leverage visual analytics to suit their business needs.
Visual analytics in Insurance industry
Insurance industry adopts analytics to understand how your sales organization is performing, investigate claims patterns to detect probable fraud, monitor claims processing status, create pricing models that let you interactively explore scenarios and evaluate overall portfolio risk profile in single dashboard. Using historic data to estimate future premiums isn’t new. But creating an interactive report that accelerates quick insight to forecast these costs is not a common feature in most insurance reporting tools. With Tableau visualizing historic data to estimate cost impact has been simplified.
Visual analytics in Pharma industry
Visual analytics is used by most of the Pharma companies to compare gene sequence from multiple patients in real time. This helps the pharma companies to analyze new trends, and take suitable decisions on trials. Additionally they can also create Health indicator dashboards that helps the management gauge the health of the R&D business unit and enables them to consistently drive innovation.
Importance of data visualization
Importance of data visualization can be felt in all instances of the organization, and it can prove to have a major effect on major aspects of decisions made at all levels. It has proven critical for:
- Improving operational efficiency
- Detecting and responding to business change
- Identifying business opportunities
- Measuring and monitoring productivity
- Increasing internal and external regulation compliance
More and more businesses are discovering that data visualization is becoming an increasingly important component of analytics in the age of big data. The availability of new in-memory technology and high-performance analytics that use data visualization is providing a better way to analyze data more quickly than ever.
Further visual analytics also enables organizations to take raw data and present it in a meaningful way that generates the most value. However, when used with big data, visualization is bound to lead to some challenges. If you’re prepared to deal with these hurdles, the opportunity for success with a data visualization strategy is much greater.
Good data visualization practices help not just to solve issues but also to pose new questions, encouraging the discovery and research process to go beyond common tasks to explore new patterns and trends that can potentially boost business efficiency.
Finally, data visualization helps to bring the complete decision-making structure into alignment and, if done correctly, it can enable more precise corporate communication.