How Data Visualization Can Make You a Better Decision Maker

The average person makes 35,000 decisions a day, according to scientific research. While we try hard to apply logic to our decisions, sometimes we don’t have all the information we need and several factors can limit our ability to make the right decision. Research also tells us that many of these decisions are influenced by biases, emotions, and memories.

In business, these decisions are critical. Luckily, in the era of big data, we have the ability to make better decisions based on our client’s historical financial data. But even all this data is useless unless it is transformed into insights we can use. This is the purpose of data visualization. When data is visualized, patterns become more obvious and it is easier to discover actionable conclusions.

How Data Visualization helps in Decision Making

“A Picture Is Worth a Thousand Words”

By using charts, diagrams, maps, and other visual elements, data visualization goes beyond presenting numbers to tell a story. With data visualization, the business can spot trends, patterns, exceptions, and opportunities more quickly, and then make informed business decisions with actionable insights.

Data visualization is fundamentally a storytelling tool. Using it, both financial and non-financial users can make key business decisions without wading through complicated spreadsheets with endless columns of figures. Due to the fact that 65 percent of the population is visual learners, facilitating employees’ ability to analyze, interpret, and apply financial data effectively can increase their competitiveness.

Read More at https://pathquest.com/knowledge-center/blogs/data-visualization-can-make-you-a-better-decision-maker/

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February 1, 2024

Pathquest

We are a subsidiary of Pacific Accounting & Business Services aka PABS, a result-driven Blended Shore Outsourced Accounting Firm. For the last 15 years, PABS has been catering outsourced accounting services to small and medium businesses across diverse industry verticals. Being a leading outsourced accounting company, PABS offers accurate & premium quality accounting, bookkeeping, and financial reporting.

While eliminating the accounting woes of our clients, we realized something was missing, and guess what? We already knew the answer – PathQuest. At PathQuest, we help make your business better and reach its full potential by moving beyond the conventional finance and bookkeeping operations. Our goal is to empower businesses and franchise owners across diverse industries to excel in their accounting processes, ensuring accuracy and effortless financial accessibility at their fingertips.

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