How can the retail industry benefit from data visualization?
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.