Why the interpretation of the Heat Map is important to your business?
Having an impactful visual representation of what is occurring within your enterprise, holds an important weight when it comes to decision making and future perspective. Dataplayer tries to achieve that through the implementation of various analytical charts, but this time, we are focusing on the comprehension of only one of them.
A spectrum of visuals for your enterprise
The engagement map, in correspondence to the various shades of colours in its diagram, gives you an immediate overview of the number of clients and revenue, based on age and regional display. Its true importance, however, lies in your interpretation. The variety within the intensity of the shades isn’t just a visual contrast, but also a clear indicator of your strongest (boldest), alongside your weakest (lightest) aspects as a business. Your perception on what these “Hit versus Miss” points represent may alter, yet you should use every piece of the given information to its fullest potential.
SWOT within the Heat Map
This is where the eminent SWOT (strength, weakness, opportunity and threat) analysis can come into play. This framework is a foundational assessment model that measures what an organization can and cannot do, and its potential opportunities and threats. Your prominent data displayed by the engagement map can be an impeccable fit for the previously mentioned audit.
Performing a SWOT analysis helps you thoroughly understand your business by presenting a viewpoint of the company’s operations from a different angle.
-Strengths: Good internal attributes that support a successful outcome, all your bolder data. Use these excelling points to your advantage by further nurture and continually investing in them.
-Weaknesses: Inferior internal attributes that work against a successful outcome, your dim shaded data. They are limiting you from achieving an optimum level, so as you probably hear on a day to day basis: ”Nothing personal, it’s just business”. These areas either need to improve to remain competitive, or be cut off completely.
-Opportunities: External factors that your business can use to its advantage. Perhaps the visual display shows you a potential investment material in a region or age-group you hadn’t considered before. Use that blazing data to your advantage.
-Threats: External factors that could jeopardize your business success.
It’s food for thought
The SWOT analysis in itself holds a lot of complexity as a technique, our simplification of it only gives you a perspective on how it can correlate with the data given by The Heat Map. Nonetheless, the study technique is a great way to guide business-strategy meetings. Similar to our tooltips, it opens discussions within the company, discourses about core strengths, weaknesses and brainstorming ideas.
The essence of this comprehension lies in using your data to its full advantage, which is what Dataplayer emboldens you to achieve.