Data Visualization Tools for Strategic Business Decisions

  • Authors

    • Benoît Mandelbrot Research Scientist, IBM Research / Yale University, France. Author
    • Louis Pouzin Computer Network Researcher, IRIA, France. Author

    DOI:

    https://doi.org/10.67228/3071642X/IJCFDE-2024PI2V6U

    Published 02-05-2024

  • Data Visualization, Business Intelligence, Strategic Decision Making, Interactive Dashboards, Visual Analytics, Predictive Analytics, Business Analytics, Decision Support Systems, Artificial Intelligence, Big Data

    Issue

    Vol. 7 No. 1 (2024)

    Section

    Articles

    How to Cite

    Mandelbrot, B., & Pouzin, L. (2024). Data Visualization Tools for Strategic Business Decisions. International Journal of Commerce, Finance and Digital Economy, 7(1), 01-13. https://doi.org/10.67228/3071642X/IJCFDE-2024PI2V6U

  • Abstract

    Data visualization has become an essential element in business intelligence, converting complex data into easy-to-understand charts and visuals that enable informed business decisions and strategic planning. Different organizations in the data-intensive industry create vast amounts of structured and unstructured data from enterprise systems, customer interaction, financial transactions, supply chain operations, and digital platforms, etc. in highly competitive environments. While traditional analytical approaches may falter at capturing these disparate, unstructured data sets efficiently, advanced visualization technology can help executives uncover patterns in the data, track company performance, identify emerging market trends, and forecast future business opportunities. Modern visualization solutions utilize AI, machine learning, cloud computing, and interactive dashboards to deliver real-time business insight, optimizing operations and organizational agility. This study aims to explore the importance of the data visualization tools in helping in the decision for strategic business context by analyzing the current technologies of visualization, the business intelligence frameworks and the analytical methods. The paper traces the history of visualization techniques, reviews the predominant business visualization platforms and suggests a conceptual model for visualization based strategic decision support. Moreover, the study identifies the benefits of interactive dashboards, predictive analytics, and visual stories to enhance executive decision quality. The results show that the use of effective visualization can increase the accuracy of data interpretation, ease decision making process, promote organizational responsiveness, and boost the competitive advantage. Advanced data visualization solutions therefore play a vital role in the implementation of BI ecosystems for sustainable organizational growth, innovation and evidence-based management decision making.

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