There are two types of data visualization: exploratory and explanatory. Within the data science field, data visualization is recognized as the process of displaying data to provide insights that will support better decisions that is, telling the story behind the data. Often thought of solely as graphic presentation, data visualization encompasses visual summaries of information that span pictures, diagrams, charts, and maps alike. Understanding data visualization, its application to finance, the various tools available, and the skills needed to effectively tell the story is essential.ĭata visualization is the visual or pictorial representation of data. As management accountants, when we communicate the fruit of our labor, i.e., share financial results and analysis, we serve as storytellers. The art of effective storytelling has never been more important. Having such data visualization skills enables management accountants to tell the stories needed to propel business growth, transform product and service offerings, and ensure the long-term sustainability of the organizations we support.

In order to exploit the digital transformation of business, finance and accounting professionals need to be able to explore new ways to manage, analyze, and extract value from data, to apply analytical and critical thinking skills to address strategic issues, and, especially, to be able to effectively communicate the “story” in the data. The skills needed to transition to this role of strategic advisor are different than those generally learned in a traditional accounting education.

Best data visualization tools 2020