8CIOReview | | MAY 2024IN MY OPINIONIn this era of information abundance, business executives must navigate a vast sea of data to make informed decisions. Artificial Intelligence (AI) can play a pivotal role in processing and interpreting data as well as predicting outcomes. More recently, Generative AI has emerged as a potent technology to create new data based on Large-Language Models (LLM) of existing information. While data visualization has long been utilized for effective data analysis and communication, amidst this data-driven revolution, the strategic importance of data visualization cannot be overstated as it provides an important conduit for a synergetic and trusted relationship between human decision-making and computational intelligence.The Significance of Data Visualization for Business ExcellenceBusiness executives are cognizant of the importance of data visualization for effective data analysis and reporting:· In a business environment increasingly driven by data, making the right decisions hinge on data-driven insights. Data visualizations enable executives to discern trends, anomalies, and dependencies in data, empowering them to make well-informed choices. Moreover, data visualization allows executives to do so more rapidly than if they were relying solely on data-rich tables and reports.· On the flip side, the corporate world comprises diverse stakeholders with varying levels of data expertise. In such an environment, data visualizations provide a universal language, facilitating communication and ensuring that data-driven insights are understood, agreed on, and acted upon.· Modern computational analytics churn out complex datasets GENERATIVE AI MEETS DATA VISUALIZATION: TRANSFORMING DATA-INFORMED DECISION-MAKING FOR BUSINESS EXCELLENCEBy L. Miguel Encarnação, SVP, Enterprise Data and Analytics, Head of Data Visualization, Regions Bankwith intricate structures. Data visualization simplifies data complexity, making it more consumable towards supporting its translation into actionable insights. In this sense, data visualization bridges the gap between data and strategic decisions.· Finally, well-structured visualizations can narrate a data-driven story, elucidating the impact and implications of data relationships, trends, patterns, and outliers. This captivates the audience, making data-driven insights more engaging and relevant, and evoking confidence and trust in the suggested inferences and proposed actions.The Synergies between Data Visualization and AI in Decision MakingWhile Data Visualization and AI have their own recognition in supporting data analysis, it seems as if the synergetic relationship of both warrants additional attention by business leaders. L. Miguel Encarnação
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