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We are visual creatures. We see colors, patterns, and shapes to make sense of the world that we live in. In an age where data is overflowing from all corners of the world, it helps to simplify it into images that we can easily consume. This is where data visualization steps in, and it is more than just bar graphs or pie charts. It’s almost an art of putting form to functionality.  Why is it necessary? Data visualization allows one to take the data back to a point where convoluted problems can be made easy and interesting to solve. One can arrive at a solution only when complex data is made understandable. There are numerous large databases for one single product, but how does one decide on an actionable point? In that complex data, there is a story waiting to be discovered and told. To present that story, one requires a knack of presenting it in an interesting way while balancing factual data points and weaving a well put together scenario that enables business.  What are the challenges? Despite data visualization being the most effective way of understanding data, it comes with its drawbacks. Here are some of the most pressing ones. Differences in the level of understanding Even in organizations spread worldwide, data is still represented in the form of bar graphs and is rarely interactive. It may be necessary for more complex visualization to increase data literacy, reduce waste of resources, and benefit business effectively. A dearth of skilled personnel A shortage of data scientists and skilled resources who can feed the right data to the right people continues to be a big challenge. At present, most data visualization experts are freelancers, and dedicated teams have only just begun to crop up in organizations. Data is collected without a plan or with a bias Establishments spend an inordinate amount of their time and resources in cleaning and processing data instead of visualizing it. The other concern is that any bias in data becomes a hurdle in making correct visualizations for decent predictions. What are the tools that help in troubleshooting them? Although there is various data visualization software available in the market, Tableau and Microsoft Power BI appear on the leaderboard as popular tools preferred by data visualization practitioners. Tableau, established almost a decade before Power BI, remains one of the most used platforms. However, Power BI has successfully played catch up in the last three years and made a place for itself replacing Qlik. Tableau and Power BI: Which offers better usability? Source With Tableau and Power BI being the top tools used for data visualization for a while, let’s take a look at which software offers the most optimum ease of working and suits best to the practitioner’s abilities based on the following parameters. 1. Cost Power BI, a service made and provided by Microsoft, has a simple pricing model that reflects the same approach employed in Microsoft Office 365. On the other hand, Tableau assumes a deeper usage level at $500 per user/per year with virtually no limit on data. Tableau also goes well beyond a simple per-user subscription model to provide a wide range of licensing options based on the specific roles individuals play within an organization.  Source 2. Easy to use Power BI has a slight edge over Tableau in terms of its user interface that has roots in Microsoft Office 365, which most end-users are already familiar with and do not need to make additional payments for as it’s a part of the Microsoft stack offering. That also means, no additional licensing (only for advanced users) is required.  However, Tableau is an independent platform and enjoys a certain popularity among novice users as it is quite easy to navigate. When it comes to drilling down into data, Tableau provides some notable advantages. It is investing in natural language capabilities specifically designed for BI use cases; it facilitates deep exploration with advanced analytics and provides a community environment where easy accessibility is paramount. Also, the turnaround time for Tableau is rather swift in comparison, Power BI may take almost the same time as the task.  Source Explore our Popular Data Science Degrees Executive Post Graduate Programme in Data Science from IIITB Professional Certificate Program in Data Science for Business Decision Making Master of Science in Data Science from University of Arizona Advanced Certificate Programme in Data Science from IIITB Professional Certificate Program in Data Science and Business Analytics from University of Maryland Data Science Degrees 3. Market share A total of 25,109 companies are using Microsoft Power BI, which is almost half compared to Tableau, which boasts of 49, 366 customers. Also, last year, Salesforce, a cloud-based software company, expanded by acquiring Tableau for $15.7 billion. Tableau Software Inc. has achieved revenue growth of 14.1 % and improved market share to approximately 12.19 %. Source Our learners also read: Top Python Courses for Free Read our popular Data Science Articles Data Science Career Path: A Comprehensive Career Guide Data Science Career Growth: The Future of Work is here Why is Data Science Important? 8 Ways Data Science Brings Value to the Business Relevance of Data Science for Managers The Ultimate Data Science Cheat Sheet Every Data Scientists Should Have Top 6 Reasons Why You Should Become a Data Scientist A Day in the Life of Data Scientist: What do they do? Myth Busted: Data Science doesn’t need Coding Business Intelligence vs Data Science: What are the differences? upGrad’s Exclusive Data Science Webinar for you – Watch our Webinar on The Future of Consumer Data in an Open Data Economy document.createElement('video'); https://cdn.upgrad.com/blog/sashi-edupuganti.mp4 Top Essential Data Science Skills to Learn SL. No Top Data Science Skills to Learn 1 Data Analysis Certifications Inferential Statistics Certifications 2 Hypothesis Testing Certifications Logistic Regression Certifications 3 Linear Regression Certifications Linear Algebra for Analysis Certifications Pros and Cons of Power BI and Tableau As some of the most popular software for data visualization, users need to analyze the advantages and disadvantages of both software to explore the difference between Power BI and Tableau.  Advantages of Power BI Microsoft Integration: Since Microsoft has developed Power BI, the tool is compatible and integrated with Excel, SharePoint, SQL Server, Azure and other Microsoft products for smooth functioning.  Usability: PowerBI offers an intuitive learning curve for new users and is easy to navigate for those familiar with Microsoft 365. It allows for the quick creation of dashboards and reports, even by those who might not have technical expertise. Affordability: When it comes to Tableau vs Power BI, Power BI offers a free version as well as a low-cost plan. Businesses can get different subscription plans according to their size and needs. Power BI offers an entire range of features at a much lower price.  Disadvantages of Power BI User Interface: The interface is much more cluttered with bars and icons that often block the view of crucial information, reports and dashboards. Limited data connectivity: Power BI has a tough time handling relationships between complex tables. The process is time-consuming, and one might have to create new fields only to join tables. Restriction of features: There are several limitations while using the free version, including limited data capacity and limited features. Advantages of Tableau High Performance: Tableau offers users advanced data visualization and data transformation abilities. Moreover, it has a faster data processing power for large data sets.  Customization: The tool also provides various visualization tools such as graphs, charts, and more for easier analysis of data and more customization features. Increased Data Connectivity: The tool provides flexibility when choosing data sources and allows multiple connections to various data sources for informative reports. Community support: Users can approach the active Tableau community for tips, resources and help with a promise of finding a solution to most problems. Disadvantages of Tableau Expensive: It can be expensive to implement Tableau, especially for smaller companies where the decisions are taken with an eye on the finances. When it is about choosing between Power BI or Tableau, the cost is a major concern. Steep learning curve: Beginners need to have proper training in programming languages and data analysis to effectively use Tableau. It is also more challenging to grasp than Power BI.  Microsoft Integration: Tableau uses a single sign-on process to integrate with Microsoft products like Office 365, Dynamics 365, and Microsoft Flow. Correct data visualization and the impact on business Data visualization is a great way for companies to communicate information, both internally and externally. It’s a tool for businesses to become storytellers. To navigate raw data, it is imperative to find the needle in the haystack. Also, charts and maps can help businesses efficiently evaluate their employees’ sentiments and take appropriate action to create a more enjoyable work experience. Visualization tools automate the process of organizing information, which helps businesses make faster decisions. For most companies, sales and marketing departments rely on the fast turn around of data visualization tools. A well-defined business case is capable of giving you, as a data visualization practitioner, the necessary insights into what your client’s needs are.  Learn data science courses from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs, or Masters Programs to fast-track your career. Here are a few examples of my own work that you can study for reference. WFH Readiness: How prepared are we as a planet? Women in power: Global representation of women in politics from 1997-2019 Do you want to reduce the carbon footprint? Focus on what you eat, not whether your food is local. Sources: Technology Advice | Experfy.com | The Innovation Enterprise | Tableau.com | Medium.com |  It Business Edge | Encorebusiness.com | Pubs Online | SelectHub | Technology Advice | Medium.com | Data Flair Training | Data Chant | Appsruntheworld.com | 360suite.io | Appsruntheworld.com | Medium.com | CSI Market

by Siddharth Pawar

31 May 2023

Blogs

5271

Temperature tracking, no contact deliveries and “click and pick” shopping, the past months have resulted in a new ‘normal’ for everyone. Although doors were literally closed throughout most of this year, it also made way for the retail and consumer packaged goods (CPG) industry to open windows to stay afloat with the help of data analytics. The emergence of this COVID-19 seems to have radically transformed how the retail industry operates, keeping in mind the safety of their customers and their team members in which big data analytics has a large role to play. Leveraging Data Analytics today is more critical than ever A long term plan and readiness for economic instabilities by tracking retail data and using it to fuel a cycle of continuous improvement, can empower a company to quickly and effectively address the following questions: Where do the stocks stand? Is visit frequency really important for sales performance or is there another way to measure it? Which stores are out of safety compliance and by how much? Which high-volume stores are witnessing unusually low sales? How is consumer behaviour changing – both online and offline? The new reality: How to unlock? Although a study by Forrester projects a 9.6% contraction in global retail sales in 2020 amounting to $2.1 trillion in expected losses this year alone, the tide can still be turned as 70% retailers look to adopt predictive analysis. India’s e-commerce adoption has increased almost five fold since 2014, going from 14 billion US dollars to a staggering 84 billion US dollars predicted in 2021 in India’s e-commerce market size and established brand equity. It does help that the demand in a densely populated country like India would be high in the absence of any other option. Retail chains are opening up as unlock procedures are underway and are hopeful about running like a well oiled machine again. Source CPG concerns for a post-pandemic world The pandemic has induced a health and hygiene related mindset and products that are organic, natural and cruelty free seem to be trending the charts. At the same time, saving money is riding high on everyone’s conscience which puts the industry in a dilemma to provide a middle ground for both.  With the following drivers or methodologies in the data collected, companies can bring the industry and the economy out of a dump. Source Homegrown brands stand to make a tremendous profit, playing their cards right and it is seen that 80% more consumers are indulging and pampering themselves globally. About 60% of Indian consumers have tried at least one new brand or product this year because their regular ones were unavailable. If they perceive these new purchases to be just as effective, the sales will likely result in a permanent conversion. Explore our Popular Software Engineering Courses Master of Science in Computer Science from LJMU & IIITB Caltech CTME Cybersecurity Certificate Program Full Stack Development Bootcamp PG Program in Blockchain Executive PG Program in Full Stack Development View All our Courses Below Software Engineering Courses Read more: Role of Big Data in COVID-19 Aid – Since The Very Beginning Impact of investing in data analytics for retail The brick and mortar system of stores remains popular, which beats the assumption that stores are a thing of the past and adoption of data driven technologies can bolster the fact they are here to stay.  Source Many examples of companies that have found a lasting impact on retail behavior with significant shifts have emerged. Major brands like Unilever and Coca-Cola saw a massive rearrangement of their products for maximising the economies of scale in production and distribution. Reallocation of ad expenditure allowed many companies to stop out-of-home advertising and make a radical turn to print , TV and other channels. Notably, Burger King, whose social media has been booming. However, there are concerns over hate speech online to be dealt with. Direct to customer (DTC) acceleration has shown that the ecommerce penetration in the first 3 months of 2020 was the same as the last 10 years according to a study by McKinsey & Company. Companies like General Mills have achieved a YoY growth as big as 250% with e-commerce and PepsiCo could gauge changing consumer behavior and launch DTC capabilities in record time. In-Demand Software Development Skills JavaScript Courses Core Java Courses Data Structures Courses Node.js Courses SQL Courses Full stack development Courses NFT Courses DevOps Courses Big Data Courses React.js Courses Cyber Security Courses Cloud Computing Courses Database Design Courses Python Courses Cryptocurrency Courses Upcoming omnichannel retail analytics trends Buy online, pick up in store (BOPIS) is the new option that has made things exciting in a rather bipartisan movement of goods ie, buy from store or get goods delivered on your doorstep. When online purchases come with extended shipping periods due to COVID-19 restrictions and hotspot mapping, many physical stores can only allow a limited number of customers at any given time due to physical distancing recommendations and, in some cases, are not able to accept walk-in customers at all.  BOPIS can solve that problem. A recent study conducted by weighing solutions provider Shekel indicated that 87% of consumers prefer contact-free shopping experiences like click-and-collect lockers, or pick-up at the store. Source Other Sources: 1,2,3,4,5,6,7,8,9  Including an omnichannel approach to retailing can also be an effective way of safeguarding businesses and consumer health. In addition to the stores, building their own e-commerce-enabled websites can enhance consumer experience. Collaborating with e-commerce apps like Grofers and Bigbasket should also strengthen brand presence, collect data and develop insights, and test new products and promotions. With Amazon jumping into the retail space with unprecedented innovation of carts which can evaluate your cart value as you shop, is to look forward to. With the festive season around the corner, it will be interesting to see how various retail brands tackle this new reality and emerge on the other side with revived businesses. If you are interested to know more about Big Data, check out our Advanced Certificate Programme in Big Data Programming which is designed for working professionals and provides 7+ case studies & projects, covers 14 programming languages & tools, practical hands-on workshops, more than 400 hours of rigorous learning & job placement assistance with top firms. Learn Software Development Courses online from the World’s top Universities. Earn Executive PG Programs, Advanced Certificate Programs or Masters Programs to fast-track your career. Explore Our Software Development Free Courses Fundamentals of Cloud Computing JavaScript Basics from the scratch Data Structures and Algorithms Blockchain Technology React for Beginners Core Java Basics Java Node.js for Beginners Advanced JavaScript

by Siddharth Pawar

23 Oct 2020