Can you develop Data Visualization capabilities with little Investment?

This is a second of the four part series. You can find the first blog here. Here, I would be discussing data visualization from the perspective of various stakeholders.

Today, I will discuss about the firms who wants develop the data visualization capabilities without making a significant alteration to their budget.

Business should understand that although Data Visualization comes with its share of benefits. It is primarily a support function and will not directly impact either their sales or profit.

It is rightly called dashboard because just like a car dashboard it is very important as it enables the driver to make better decision i.e. what speed to drive in order to reach the destination on time, when to fill the gas, etc. But it is also true that without the dashboard the driver can still drive the car albeit with certain blind spots.

So it is imperative for all the firms to invest in data visualization in such a way in order to maximize their return. This is even more apparent for small and medium enterprises which operates on a thin margin.

The below are the few do’s and do’nts which small and medium enterprises can follow if they are planning to adopt data visualization in their organisation.

Do’nts:

• Buy visualization tools like Tableau and QlikView as these tools are very expensive which small and medium enterprise cannot afford
• Hire a Data Visualizer because data visualizer are either do not understand your requirement or if they do they are generally very expensive. Moreover, the work of the visualizer gets over after the development phase is completed. But you still need to pay her monthly salary.
• Hire a third party vendor which has association with the companies that develops visualization tools. As they will try to sell their product even though it does not best fit your requirement(s).

Do’s:

• Hire a third party vendor which specializes in this field and also have domain knowledge of your business.
• Pay the vendor per dashboard and not on a monthly basis. (Note: Paying on a monthly basis will prove beneficial to large organisation as they have more dashboard to be developed).
• Chart out an exit strategy and a hand over plan after completion of each dashboard.

Perfview Management Consulting ticks all the above boxes as our focus is on enabling the client to utilize the power of data visualization and not making the client dependent on us.

Next week, I will focus on small and medium enterprises who wants to leverage their data to make inform decision but have no idea where to begin.