Did you know that about 65% of bad business decisions stem from incorrect or misinterpreted data? To prevent this from happening, more and more companies started implementing data visualization that allows them to have an insight into data relevant to company growth.
However, the problem with data visualization is that raw data is presented to the viewers, who are then prompted to make their own decisions. And, this is where the problems arise. Even though data visualizations are an ever-evolving way to present company data, each employee gets to make their own conclusions and decisions.
This is how misinterpretation and misunderstanding happen.
However, there is a much more efficient method to present data to employees. It is called Information Design, and it can be best described as a storytelling tool that presents data with a purpose.
The main idea behind information visualizations is to inform the viewer about a data set and its specific parts. The viewers don’t get to interpret data on their own, as conclusions have already been made for that data, and it is being presented in a snackable design.
So, how to make the switch to Information Design?
Data visualization with IBCS® becomes Information Design, enabling a whole new level of insights into existing business intelligence. IBCS® is, essentially, another name for standardized reporting which leads to effective decision-making. Short for International Business Communication Standards (IBCS®), this standard is based on a set of rules that increase the accuracy of a company’s decisions.
IBCS® can be described as a unified language, graphs, and presentations that make business communication clear and straightforward. If four people are in charge of preparing reports in a large enterprise and they do not use a unified standard, the result will undoubtedly be an insufficient basis for decision-making.
IBCS® at a glance
Communication standards are what makes the difference between success and a wrong decision. Success is imminent to those who rely on accurate, correctly presented, and easily understandable data. IBCS® has the following standards that make every annual report understandable at a glance.
These standards are described in SUCCESS.
Say. Get across the message necessary for making a decision.
Unify. Use simplified presentations that display unified and clearly recognizable data.
Condense. Condense information in one place so that comparisons can be made at a glance.
Check. Ensure visual integrity and correctness to show the state of matters at a glance.
Express. Use proper visualization and standards that are consistent in all reports and presentations.
Simplify. Avoid clutter and aim for clarity, so the viewers don’t have to think about the meaning of the data presented.
Structure. Structure content so that equal is compared with equal.
Implementing IBCS® and following the SUCCESS rules will allow a company to create a standardized reporting system that every employee can read, interpret and understand.
Many businesses are unable to make significant progress as they are stuck sitting on mountains of unstructured data, measuring the wrong KPIs, and not visualizing insights effectively to support the work of their different departments. With HICO-Group by your side, you can make your data visually meaningful and produce insights that matter. Let’s chat.
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