Answered: Read the following article and…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Read the following article and participate in the class discussion. The overall class discussion is worth 50 points.

Approach Your Data with a Product Mindset. - David, J., Nussbaum, D., & Troyanas, K. (2020). Approach your data with a product mindset. Harvard Business Review.

Topics of Discussion

1. Describe the importance of data visualization in driving business value.
2. Compare and contrast two data visualization tools, focusing on their use at the managerial level.

Expert Solution

Step 1: Importance of data visualization in driving business value

Data visualization is the process of transforming data into a visual format, such as graphs, charts, and maps. It is an important tool for driving business value because it allows businesses to:

Understand their data better. Data visualization can help businesses to identify patterns and trends in their data that would be difficult to see otherwise. This can lead to a better understanding of their customers, their operations, and the market in which they operate.
Make better decisions. Data visualization can help businesses to make better decisions by making it easier to see the relationships between different pieces of data. For example, a business might use a data visualization to see how changes in one metric affect other metrics.
Communicate more effectively. Data visualization can be a powerful tool for communicating complex information to a variety of audiences, including employees, customers, and investors. By presenting data in a visual format, businesses can make it easier for people to understand and remember the information.

Here are some specific examples of how data visualization can be used to drive business value:

A retail company can use data visualization to identify its most profitable products and customer segments.
A manufacturing company can use data visualization to identify areas where it can improve its efficiency and reduce costs.
A financial services company can use data visualization to identify and manage risks.
A healthcare organization can use data visualization to improve patient care and outcomes.