The role of data in the competitive financial services sector has become extremely important. The foundational question many financial institutions face is how to utilize data to make informed decisions. Identifying the underlying and hidden patterns and meanings in analysed data give credit unions a head start in the right direction. Good visualization approaches, tools and projects can accelerate the journey.
What is visualization? Often called business intelligence, it is a technique through which information processed from data is presented in charts, diagrams, and images to understand and explore complex phenomena, or in simpler terms, it is an organized representation of the information in your data.
The primary goal of visualization is to create an actionable insight. The challenge here lies in showing the analysis in an unambiguous manner to facilitate decision-making. The good news is that various tools are available in the market like SSRS (SQL Server Reporting Services), Tableau, PowerBI, Qlikview, Domo, etc. that can help in quick reporting, and produce interactive customizable charts that absorb real-time data.
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