It is clear that data is a new form of capital from which businesses should be extracting as much value as possible.
According to a global survey conducted by Oracle, in collaboration with WSJ Custom Studios, 98 percent of executives from large enterprises across a wide range of industries believe their company is losing revenue as a result of not effectively managing and utilizing information. In addition, more than half of the 742 executives interviewed believe their company’s inability to manage significant data inflows could be costing as much as 16 percent of their annual revenue.
Visualization of data is becoming an increasingly important element of Big Data. The exponential growth of Big Data is well documented but the percentage of relevant data as a proportion is almost certainly decreasing. This makes finding and visualizing this valuable information of paramount importance.
But in order to extract the maximum value from this data, it needs to be presented in way that can be understood by anyone across the business and not just by people that hold a degree in data science. This is where data visualization comes in.
We need the ability to tame the chaos by providing tools that enable employees to find, explore, transform, discover and share information in a meaningful way.
We need the ability to tame the chaos by providing tools that enable employees to find, explore, transform, discover and share information in a meaningful
The ‘democratization’ of business information that data visualization brings about means people from different business functions can be given access to the data that is most relevant to their area of work and develop insights by applying their specific expertise.
The trick is to hide the technical management, integration and analytics work that go on in the background and provide employees with the data in an interface they can relate to.
Big data information discovery capabilities can drive the visualization of data through the use of applications that are geared around specific uses cases.
Applications are undoubtedly the best way to visualize data for those not versed in the more complex elements of data science. They are built for particular use cases, meaning they provide the relevant data and insights in the most suitable way.
Applications are undoubtedly the best way to visualize data for those not versed in the more complex elements of data science.
Data can be presented in numerous ways to help ensure effective communication, but applications should be user-centric and customizable.
Spanish financial services company, CaixaBank, has made substantial progress by putting data into the hands of analysts using Oracle Big Data Analytics. The bank is keen to have innovation at the heart of the business as a means to provide first class customer services. As part of this, it is making company data available across the organization so that employees can use it to make data-centric recommendations to its corporate leadership.
Effectively implemented, data visualization is the key to democratizing big data across the enterprise.
The other big challenge with data visualization relates to privacy and security. Employees should only be able to access business data that is relevant to their roles. Excessive access rights can add complexity and also increase the risk of data leakage or breaches of privacy. This is particularly important with an organization like CaixaBank which holds the personal and financial details of millions of customers. Organizations can address this through role-based access control, which gives employees access to data that is appropriate to their role and with a level of detail that is compliant with privacy policies and legislation.
Visualization initiatives like those deployed by CaixaBank play an important role in making big data visible and useful beyond the role of the data scientist. They complement the data scientist, freeing up these specialists to drive further value from company data by working with it in a more complex way. Effectively implemented, data visualization is the key to democratizing big data across the enterprise.
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