Black is a universal colour when it comes to clothes, shoes, accessories, gadgets or pretty much any consumable. People have become conditioned to seeing this colour in their everyday lives and black makes sense to us without delivering any shock value. For the same reasons, over the past couple of years, there has been a strong increase in the popularity of visualisation software. Humans are wired for visual information and pictures make sense to us faster, and more effectively than words and numbers, in fact up to 60,000 times faster. Pictures also speak a universal language and images make sense to us because they can tell story. So no points for guessing why this rise in popularity.
What’s the big deal?
The overarching purpose of visualisation solutions is to present information in a format that is much easier to understand than linear data and turn data into actionable insights while saving considerable time. Visualisation can include graphs, lines, pictures, colours or shading or a combination of all these. In addition, visualisation could be one dimensional or multi-dimensional, interactive or demonstrative. In our world today, where we are encountering information overload due to consumerisation of IT and ever changing legislation, pictures will almost always be more revering than pages of words and numbers.
When it comes to visualisation, it is important to understand the distinction between various visualisation solutions on the market. Information visualisation solutions either:
1. Create visual images of a data owned by an organisation, such as CRM systems and dashboards
2. Present independent data in the form of charts, such as infographics or
3. Can pictorially depict external or commercial information in the form of pictures, such as Encompass, which is currently the only software targeted at commercial information
Five ways to identify if visualisation will be your new black
Establishing what type of visualisation solutions will benefit your organisation is important before embarking on investing in one. For professional services industry, all of the above forms of visualisation can deliver significant value but the one that is less well known is No.3. A software that quickly converts commercial information into a picture that shows relevant information at a glance with easy deep dive into areas of interest, is definitely worth consideration. Such a solution, of which in Australia there is only one, directly translates into cost savings and operational efficiencies for a firm.
Here are five questions that will help you identify if visualisation will work for you:
1. Do you conduct regular background searches through brokers of commercial information and need to find relevant information fast?
2. Do you need to share these reports in real time with team members for their opinions and share their comments?
3. Do you need to use these reports at a later date and ensure they are easy to access and review?
4. Are you focused on developing a more customer centric firm by showing clients easy to understand reports and advice?
5. Is search, purchase, review and management of commercial information a significant cost for your firm?
If you have answered yes to some or all of the above, then you need to consider a visualisation software that makes your life a whole lot easier rather than the laborious and manual task of searching through a haystack of commercial information for the proverbial needle.
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Lawyers, accountants, corporate advisors and lenders must review and cross reference official documents from a range of sources, to verify facts at the beginning of every matter.