Mapping your business operations to the top!
6 minute read ·
Welcome to our latest blog post! This blog post is discussing the importance of data visualization for senior managers, VPs, and CEOs.
For this post we set out to help leaders understand how data visualization can make it easier to process and understand vast amounts of data, and how it can be used to inform strategic decisions and drive business growth. We will explore data visualization through mapping tools and techniques such as Proximity and will provide real-world examples of how data visualization can be used to improve operational efficiency, increase revenue, and gain a competitive edge in the marketplace. If you’re a senior manager, VP, or a CEO - this post is for you!
Some tips before we start:
For many executives, business decisions taken provide the stepping stones towards achieving required results, which in many cases also have to meet the expectations of customers and stakeholders. Making the right decision for the right reasons in a timely manner is key to optimal and sustainable performance. Below are 10 great tips on how to make effective decisions in a timely manner to get the best from BI tools and their data sets:
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Understand the relationships between datasets informing your decision-making, you should be able to judge the relevance and accuracy of one data set against another.
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Know the reason (the why) a data set exists and who is keeping it up to date compared to other data sets in use.
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Know who are the 'business' owners for the different data sets you are leveraging. If you are relying on a data set to make an informed decision, you are equally relying on the owner of that data. Get to know them.
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Keep an open mind when analyzing data. Don't let preconceptions or biases cloud your judgment. Be open to new insights and possibilities, and be willing to change your mind if the data suggests it is necessary.
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Prioritize the data sets that are most important for your decision-making. Not all data sets are equally important, and focusing on the most relevant ones will save time and reduce the chance of being overwhelmed by irrelevant data.
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Get feedback from others. Collaboration and communication are key in making effective decisions. Share your data and insights with others, and solicit their feedback and input.
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Be mindful of the context in which the data was collected. Knowing the limitations and assumptions behind the data will help you interpret it correctly and avoid drawing incorrect conclusions.
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Use data visualization tools to clearly communicate and present your data. This will make it easier for others to understand and interpret the data, and will help you identify patterns and trends more easily.
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Continuously monitor your data sets. Keeping track of how the data evolves over time will help you identify any changes or trends that could impact your decision-making.
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Trust your instincts, but don't rely on them exclusively. While intuition can be an important tool in decision-making, it should be used in conjunction with data and analysis to ensure that decisions are informed and well-reasoned.
Throughout reading the rest of the blog, you will find other relevant insight and tips to help you with making the right decisions.
Benefits of Using Mapping Business Intelligence Tools
Before we dive in, quick suggestion: when making important business decisions, you need accurate data to back up your claims. That's why data cleansing is such an important step in using mapping business intelligence tools. By cleaning your data, you can improve its accuracy. This, in turn, will give you a more precise, factual picture of your business and help you make better decisions.
Mapping business intelligence tools can automate tasks that used to take up valuable time. Think about how much time it takes creating meeting dashboards and tables to present for a short half hour. Mapping BI platforms will perform these tasks for you! The gained efficiency will allow you to focus on what matters most, growing your business, and get things done. Mapping platforms also allow you to access data from various sources in one place, which means you don't have to spend time searching for information from different systems.
Mapping BI software provides a way to identify trends, patterns and outliers in the data that can be used for forecasting and predictive analysis. The data can now be viewed in a geographical context and in relation to other datasets and assets. This can help you make more informed decisions that are based on real-world data, rather than intuition or assumptions.These insights can be used to plan for future business scenarios and make proactive decisions.
For example, a property management company could use mapping BI tools to see the location of their properties and track their occupancy rates. This information could help them identify which properties are performing well and which ones may need improvement. They could also use this data to identify patterns and trends in rental prices, service costs, and P&L factors to make informed decisions about the necessary adjustments. Additionally, mapping BI tools allow them to see the location of their tenants and market demographics of the surrounding area, which can help them make data-driven decisions about potential properties to acquire.
Another benefit, tracking key performance indicators (KPIs) is essential for any business. Mapping BI tools make it easy to track KPIs and see how your business is performing at a glance. You can easily monitor progress, identify areas that need improvement, and make adjustments to optimize performance.
Proximity Analysis With Mapping Business Intelligence Tools
Mapping business intelligence tools can help you understand how geography affects your business. For example, proximity analysis can help you see how close your customers are to your business. This information can help you make informed decisions about where to open new stores, or where to hold events. You can also use this information to target marketing and sales efforts.
Spatial analysis is another key area for mapping business intelligence tools. This type of analysis can help you understand how people move around in your city or town. You can use this information to make decisions about where to build new roads or public transportation systems. You can also use it to plan events and festivals.
Additionally, mapping BI tools can provide a way to analyze and predict the impact of natural hazards or environmental changes on your business. You can use this data to identify potential risks and take proactive measures to mitigate them.
Mapping BI tools can allow you to compare and contrast different data sets, for example, you can compare the location of your properties to the location of schools, hospitals, and other important facilities that can affect the value of your property. By identifying the areas where your properties are located close to these facilities, you can make informed decisions about potential investments and rental prices.
Visualizing Data With Business Intelligence Mapping
Effective data visualization is crucial for making informed decisions within a business. Business intelligence mapping tools like Proximity, provide a means for presenting data in a variety of formats such as charts, graphs and maps, tailored to the specific needs of the user.
Data visualization is a fundamental aspect of business intelligence, enabling the identification of patterns and insights within the data, simplifying the process of understanding and interpreting it. Furthermore, utilizing data visualization in communication with partners, stakeholders and employees ensures a clear and concise conveyance of complex information.
Mapping tools are particularly advantageous in comprehending complex spatial relationships between different datasets, providing a means for optimal resource allocation and informed expansion into new markets. For instance, utilizing Proximity software to visualize customer locations on a map enables the identification of patterns and insights that can inform marketing strategy and identify promising areas for expansion.
To give a bit of a real-life context behind using mapping to visualize data:
A good example of how mapping software can be used effectively would be a company that specializes in delivering goods to customers. If the company were to use mapping software, they could map out the locations of their warehouses, delivery vehicles, and customers. This would allow them to optimize their delivery routes, reduce fuel costs, and ensure that customers receive their orders on time. Additionally, with the help of mapping software, they can also plan for contingencies such as traffic, accidents or natural hazards.
On the other hand, an example of overlooking and not using mapping software would be a real estate company that wants to expand its business. Without mapping software, the company would have to rely on traditional methods of gathering information such as visiting each location in person or looking at data on spreadsheets. This could be time-consuming, costly and may not provide a complete picture of the market. As a result, the company may miss out on valuable opportunities to expand into new areas or may make decisions based on inaccurate or incomplete information, which will set the business back behind the competition.
Integration of Other Systems & Data Sources Through Mapping
Integrating other systems within a mapping BI can greatly enhance the capabilities and insights provided by the mapping BI tool. By integrating data from other systems such as CRM, ERP, or financial systems, businesses can gain a more holistic view of their data and make more informed decisions.
For example, by adding in customer data from a CRM system with location data from a mapping BI tool, a retail company can gain insights into customer behavior and preferences in specific geographic areas. This can help them make informed decisions about which products to promote and where to open new stores.
Similarly, viewing financial data from an ERP system with location data from a mapping BI tool can help a property management company to identify which properties are performing well and which ones may need improvement, allowing them to make informed decisions about rent adjustments or potential investments.
Integrating other data from external sources such as weather forecasts, traffic data, and news feeds can provide insights into how external factors might affect your business. The same property management company could use this data to predict how changes in the weather or traffic patterns might affect their occupancy rates or rental prices.
Other systems used within a mapping BI tool can provide a more comprehensive view of data, allowing businesses to analyze and compare different data sets and their effect on the business performance.
Concluding Your Exploration of Mapping Business Intelligence
You may now see how using BI tools and analyzing data can really provide organizations with the means to make better decisions. Data analysis is a process of making sense of the various clues from the past, and by looking at these historical patterns, it can help to identify new trends and offer professional BI dashboards. Plus, data analytics can also improve decision-making processes, as it allows you to make more informed decisions based on available historical data and industry trends.
If you’re interested in taking advantage of mapping business intelligence within your organization, consider exploring Proximity—a software designed to optimize business intelligence tools so that all stakeholders are able to have access to real-time insights and data visualization tools. With Proximity’s easy-to-use capabilities and comprehensive insights and dashboards platform, there’s no doubt that you’ll be able to make smarter decisions for your business.