In our ever evolving digital world data is all around us. The same is true in business. Most companies have the means to collect and store that data, but are unaware of the many benefits and insights that the proper aggregation and display could produce. The need to use models for making predictions or forecasts is universal across businesses. There is this latent need, but most are unable to fulfill it because of two main issues: lack of adequate skills and cost of modeling tools.
The cost has fallen rapidly over the last few years with the emergence of open source software and the availability of inexpensive cloud computing solutions. As for the skill sets needed to extract quality data in a usable format, this comes down to visualization.
The ability to visualize data is built upon the old adage “a picture is worth a thousand words” or in this case “a chart is worth a thousand megabytes” or something to that effect. Dashboards have the ability to capture key insights and display them in an easy-to-digest manner through effective use of charts and images for a wide variety of uses. However, they can also bring life to a model in an insightful and exciting fashion. Models are essential to ask tough “what-if” questions that a well-structured dashboard can help accomplish. In this case study we look at Trenton Corp., a company looking to get the most out of their data.