To foster innovation and enhance decision making, asset managers need a lot more than just spreadsheets. Tools that can combine powerful analytics, seamless integration and intuitive reports are highly desired. Data visualisation can transform vast and complicated datasets by analysing the data and representing it in an easy-to-understand and attractive visual format.
Visual representation of complex data enables decision makers to grasp issues rapidly and gain a deeper understanding of the information being presented. Critical trends can be spotted quickly and insights can be drawn effectively. Thus, an organisation that relies on data visualisation will very likely gain a competitive edge.
Specialised firms active in this space offer data visualisation solutions to leading asset management and portfolio management firms.
Tips for analysing work and asset data
Know your audience
Many executives require no more than a simple pie chart, while others ask for all the insights you have gathered. It is essential to understand your audience’s requirements before presenting even a pie chart. You would need to determine whether your data visualisation techniques meet their requirements or not.
Choosing the right chart type
One of the most significant tips for data visualisation in asset management is to use the right chart to present your data effectively. For instance, if you are demonstrating a change over a number of periods, along with some other insights, a line graph would be the best way to show it visually.
Let’s look at the top five chart types commonly used in companies.
- Number charts
This type of chart is used to present a solitary count such as an average or sum of records, or monitor a single metric. It can also be used when you have limited space on the dashboard.
- Column and bar charts
These are for use when you wish to present changes by comparing one or more groups over a period of time, for instance, if you wish to see the change in the productivity of your top five employees over a period of three months. The only difference between a bar chart and a column chart is that a bar chart is displayed horizontally, while a column chart is displayed vertically.
- Pie charts
If you are dealing with a single set of data, pie charts are an ideal option. Pie charts are usually used when the exact value is less important, your data contains six or fewer categories and, more importantly, you are not presenting changes over a certain period of time. If your data contains more than six categories, you would need to use a column or bar chart.
- List
A list is used to help the reader digest the data bit by bit. It organises all the details in such a way that no data is missed. The list method is ideal when you do not want to compare values but want to analyse the values one by one, and you are not interested in looking at the bigger picture. For example, a simple to-do list helps you prioritise your daily tasks and not miss any.
- Key performance indicators (KPIs)
As the name suggests, KPIs are used to track the performance of a team or organisation against set targets. KPIs will show current progress, the targets and how they compare.
When it comes to data visualisation in asset management, several techniques are used for effective presentation. A perfect presentation would consist of multiple chart types to enhance audience engagement and provide solid insight on all the data. A data analytics dashboard could provide all these services effectively and efficiently. We recommend that a generic visualisation format be created, one that could be used across the organisation.
