Data Visualization Trends In 2023

Data is the foundation of a business success story. With the increased number of consumer touchpoints integrated into a business, the data received on the backend is piling up and getting complicated. To make data-driven decisions, such voluminous data must be comprehended and simplified. Thus, having data visualization in the right place allows businesses to understand data insights while giving them an upper hand in creating and implementing business strategies.?

How Does Data Visualization Help??

“Human brains process visual data faster than numbers or words.”?

Data Visualization enables businesses to interrelate consumer data in visual representation. These visual representations often include standard graphics such as infographics, charts, graphs, etc. The phenomenon behind these visuals keeps changing with time, but the essence remains the same, i.e., offering easy and simplified data insights. These insights help businesses in several decision-making areas, including audience segmentation, lead generation, content engagement, and sales outreach. Not only do marketers reap the benefits of data visualization for marketing and advertisement, but the internal management capabilities and business operations can also be enhanced.?

To support the benefits and popularity of data visualization in today’s data-driven world, let’s look at some statistics below.?

By 2028, the global data visualization market size will be worth USD 20.16 billion. –? Emergen Research?

62% of marketers gained a competitive advantage from data analytics.- IBM?

Companies using data analytics make decisions 5x faster and execute them 3x more likely than those not utilizing data visualization. - Bain & Company?

Although these numbers are tempting, there are always some challenges involved in accurate data visualization. For instance, there could be a lack of knowledge of data visualization, making data oversimplified, and so on. Avoiding such data visualization challenges can make your way to form strategic and informed decisions faster.???

Data Visualization Trends to Adopt in 2023?

Over time, several technological and creative advances have transformed data visualization to a great extent. This year, from startups to conglomerates, every company is moving with a unified mission of driving growth while focusing on operational efficiency, productivity, and resilience. As data plays a major role in achieving such vision, these data visualization trends will help businesses make informed decisions by focusing on vital metrics.?

Cloud Technology for Data Visualization?

Handling customer data securely is important. The mechanism of data visualization with cloud computing allows you to store, process, and view data more securely. Due to the centralized location on cloud, access to consumer data is fast and easy too.?

Not only security, but cloud computing data visualization is also compatible with the post-covid remote working of businesses.?

Mobile and Social Media Data Visualization?

With the increasing usage of mobile devices and social media platforms, large consumer datasets are available there. Social media is all about sharing more content to yield high user engagement. That means you can get your hands on plenty of information that is advantageous as well as disadvantageous.??

Managing great information is a difficult task. However, you can use a social media data visualization approach to boost the speed and quality of social media marketing decisions.?

Augmented Data Analytics?

Augmented Data Analytics for data visualization is the process of using advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP) to assist in data preparation and insights process.?

This approach to data visualization brings intelligent, automated, and intuitive tools for businesses that can be relied heavily upon.?

Strong Data Governance Strategy?

Having your data governance strategy in place is crucial for any business. To incorporate a robust data governance strategy, you need to gather the data custodians (who will have access to data), set adequate permissions, and make clear policies, methods, and procedures to access the data.?

In European countries, the Implication of GDPR is essential for businesses. Thus, if you’re operating in such areas, a strong data governance strategy can add to the credibility of your business.?

Video Visualization?

Apart from using charts, graphs, etc., video infographics for data visualization is another powerful method. Video visualization leverages storytelling and visual data illustrations to present meaningful insights for business leaders.?

With the advancement of data visualization tools and techniques, you can create data visualization videos in just a few minutes. You can customize your video with different templates and include useful links as well.?

Key Takeaways??

Data Visualization is a promising approach for business leaders to stay ahead of the competition while offering meaningful user experiences. However, the nature of every business is different, and so do its data visualization needs. Not every data visualization tool or strategy will work for all companies. Therefore, it's crucial to take into account your objectives and select a data visualization trend that aligns with your business goals. This can potentially open up new opportunities for you.

While it can set you up for success, data visualization can also go wrong. To ensure success, be mindful of these five common pitfalls.