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The power of insights. Turning valuable data into smart business decisions.

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Data can help lift our brands and make our businesses grow, but all this information by itself, without any context, would not give us the results we desire.

Many companies are concerned about having all the data and KPI’s available, about their customers, the market, their sales performance, etc. trying to evaluate their decisions and measuring results. But sometimes forgetting how to use this information where it really matters, which is turning it into real strategic actions.

Deciphering information and turning data into valuable insights requires a strategic approach that starts with identifying what do we want to achieve and how are we going to do it, especially throughout the buyer’s journey. We want to make sure we set up clear goals for each step as it will help brands understand if their efforts are being effective or what strategies they need to change.

This is where business intelligence tools like dashboards work as a great allied, allowing businesses to spend less time processing data and focus more on generating powerful insights to create successful strategies.

How can the retail industry benefit from data visualization?

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The retail industry generates a large amount of data constantly. Sales, promotions, and client information are just some of the few things that can help companies achieve their goals.

But what do we do with all this information that we collect from our businesses? The best data in the world would be worthless if we can not understand it. It is right here where the data visualization becomes important. The main objective of data visualization is to communicate, in a clear way through graphics or infographics, all the information collected, in a way that facilitates making business desitions.

It may sound easy, but one of the biggest challenges of professionals working with big data or business intelligence is that they are not “communicators” and that much of the valuable information gathered can get lost in translation.

In the retail sector, data visualization software, such as Tableau, can help us in a simple, user-friendly way, identify key market indicators like sales by location, historical purchase information, product availability or shopping cart behavior and turn that information into visually attractive and easy to understand graphics that provide context to the data.

These visualizations will allow members of different business areas to make real-time business decisions in a matter of minutes.