We know that Data Visualization has diverse applications. This fact has been emphasized more than enough. What lies next is the bigger question. Which are these sectors and how? That is what I will try to answer here in this blog
Keeping the ongoing trends in mind, I have listed down 10 sectors that could see a whole new light with the incorporation of Data Visualization in their processes. Without further ado lets dive in and find out which are these sectors. Your company may fall in these sectors and you might end up with a new idea to revolutionize your business by the end of this blog.
Travel websites can benefit from Data Visualization by incorporating a visual representation to monitor feedback, pricing, popularity, etc. Visualization can show popular destinations, popular searches, popular seasons for booking. And once you have an idea about these, being a business owner, you can tweak things in ways that could completely turn tables in your favour.
Renewable Energy Systems are becoming affordable and important day-by-day. These systems if have proper visualization can give information about energy consumption, weather stats, ETA for backup etc then the user can plan accordingly. For eg. : a solar power system can show history of consumption of energy in the form of line charts to represent or predict consumption trends. Similar system could also be used by energy-providers to manipulate supply and conserve more energy.
Financial Institutions use a variety of techniques and information while calculating insurance. They go through your records and what not to gain insights. Even your CIBIL score is calculated in a similar manner. However, if these people have graphical representation of your details and earnings it would make matters simple and the process transparent.
Using live and historical data feed one can gain insights on extremely dynamic entities like stocks. These visualizations well help better understand the trend and make predictions. Besides this Banks can also use visualization to chart their NPAs and PSLs further increasing their efficiency and investment returns.
In USA, farmers rely dominantly on technology to generate optimum harvest. India can also follow the same. Most of the farmers in India are poorly educated to understand the technicalities. However if information about seasons, rainfall, floods, droughts etc is represented in graphical manner then it can be easily understood and translated for them.
Now this is one of those golden sectors where data visualization can do wonders. It be can applied on a variety of processes. Medicines before being launched i the markets are tested for an average of 10-15 years. That is a long time and mammoth amount of data. The medicines, their reactions, their effects and side-effects, etc can all be charted so that the doctors gain an even more clear perspective. Besides this treatments of patients with chronic diseases could also be charted. These are just to name a few applications.
“What?” this is what came to your mind when you read this sector. But no people. Its usually the most unconventional approaches that yield the most. Mining is indefinitely associated with transportation. There is a huge fleet of trucks or machines that enter and exit the mining sites. A visualization system to map out where these trucks go and the amount of material they are taking will make it easy for mine in-charges to better utilize the resources at hand and plan wisely.
This probably the sector that never sees a recession. and it never should. Right to Education is our fundamental right after all. But what if we could make it better with a little more application of technology. We already have smart classrooms, but how about “Smart Schools” ? A comprehensive performance management system that would work at three levels : Students, Teachers and Management. Sounds interesting right?
The sector that catapulted Reliance, can also benefit from data visualization. Having a graphical representation of their audience, performance, services, management will help telecom sectors to target better and generate more revenue by providing more services and judiciously using their resources.
This sector has multilevel application. Visualization can be used by a small shopkeeper and a big mall owner too. You would ask how. Let me explain. A small shop owner can have a track of his inventory, see the most sold item, restocking options, etc. Whereas a big mall owner h=can apply the same visualization to monitor electricity and water consumption. Manage rents and contracts, see the trend for customer density, expansion plans and what not.
So my friends as you can see that the possibilities are immense and the above mentioned are just a few of ideas where data visualization can very successfully revolutionize the whole sectors. Imagination is the only limit. THINK. DIG IN. BE COMPETENT. INNOVATE. what else?