Data Visualization Holds the Key to More Efficient Decision-Making, New Report Reveals
Study discovers that people recall more information when data is paired with a relevant image
SAN JOSE, Calif., April 18, 2017 /PRNewswire/ -- Prysm, Inc., a leading digital workplace platform provider, today published a report that reveals how companies can increase the accuracy of insights, provide a more valuable discussion of data, and streamline the decision-making process. The study - and the final installment in Prysm's "Six Realities Disrupting the Workplace" series – surveyed 1,000 workers across the US and the UK to delve into the significance of collaborative visualization tools, discovering the value of graphic superiority in understanding, processing and decision-making in this data-driven age. The report highlights:
- 80 percent of organizations report more accurate decision making when using data visualization tools. Further, 86 percent of companies report faster decision making through data visualization, while 81 percent noted that the tools improved customer behavior insights.1
- The use of analytics tools is increasing as 85 percent of managers and executives say that the importance of analytics in decision making has increased in the last two years. But organizations are not deriving the full benefits of their data - two out of three say their companies are not doing a good job of making better or faster decisions.2
- When people hear information, they only remember 10 percent of it three days later. However, people retain 65 percent of information when paired with an image.3
Data visualizations and the business case for a visual workplace
For many years, extracting insight from raw data required technical specialists with deep domain expertise in data science and analytics. But data-visualization tools are leveling the playing field. Given that data and statistics are the primary drivers of business transformation in today's digital age, this information has to be presented in a way that is easily digestible from engineers to executives. The ability to weave information into coherent, visual stories that individuals, teams and external audiences can act upon with speed and sophistication is a vital tool for collaboration and decision making - and is one of the main drivers of the digital workplace evolution.
Prysm helps businesses of all sizes work smarter together and realize the power of their data with digital workspaces. Prysm Application Suite is the only enterprise-grade solution that delivers a seamless user experience from individual work on mobile devices to group collaboration using in-room displays to drive decisions and turn them to profitable outcomes. Enabling individuals and teams to not only see, but also explore data on screens ranging from floor-to-ceiling displays to handheld mobile devices creates endless possibilities for storytelling and data-driven decisions.
"Data visualizations not only increase engagement, but, most importantly, they present information that is easily accessible and understandable. These visuals can be used by all stakeholders within an enterprise to enhance and speed decision making," said Paige O'Neill, CMO, Prysm. "To be successful, companies need to deploy digital workplaces that complement data visualizations by providing a platform for individuals and teams to share content and drive decisions in real-time."
Prysm's "Six Realities Disrupting the Workplace" series:
- Reality #1: Employee Disengagement is a Disease
- Reality #2: Meetings Have Lost Their Mojo
- Reality #3: Outdated Technology is Productivity's Poison Pill
- Reality #4: The Most Productive Employees Wear Pajamas
- Reality #5: Innovation Requires a Silicon Valley Mindset
- Reality #6: Data Storytelling: How to Be Data Fluent in the Digital Age
About Prysm
Prysm is a leading provider of cloud-based, digital workplace solutions to many of the world's largest global enterprises. The Prysm digital workplace platform drives a new era of digital transformation and enterprise agility. By enabling individuals and teams to explore all their data, content, applications and tools on hyper-visual, always-on digital canvases, Prysm ignites innovative thinking, drives decisions, accelerates productivity and transforms presentations into experiences. Customers using Prysm benefit from an open, enterprise-grade solution that integrates with existing collaboration tools and scales to hundreds or thousands of users, while meeting advanced security requirements.
Founded in 2005 in the Silicon Valley, Prysm has nearly 500 employees with offices worldwide. Learn more at prysm.com.
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Contact
Shannon Lyman
Director of Communications
+1 859-699-6891
[email protected]
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1 Source: KPMG Survey
2 Source: Harvard Business Review
3 Source: Hubspot
SOURCE Prysm, Inc.
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