Author: Jiamin Chen
The inspiring art in data analytic is visualized information. The booming of data visualization is changing how we think and feel. Data visualization convey complex concepts and stone-cold data into something more understandable and communicative.
The goal of this article is to demonstrate how data visualization could add value to business decision making process by providing information quickly and crisply based on a real case study for worldwide small business analytic. The dataset studied here is called “Doing Business”, which is provided and downloaded by World Bank, http://databank.worldbank.org/data/views/variableselection/selectvariables.aspx?source=doing-business.
Our analysis could be used to determine the best economy that provides conducive business environment to start and run a small business. In addition, the obstacles of doing business in each country will be identified and visualized in a dashboard.
1. Why should we love small business?
Small businesses make up:
- 99.7% of U.S. employer firms,
- 64% of net new private-sector jobs
- 98% of firms exporting goods, and 33% of exporting value.
2.1 Software used:
Tableau and Excel
10 measure areas from the data set:
2.3 Major concentration areas in our analysis:
We only focus on two areas in this study as a demonstration: “Starting a Business “ and “Trading Across Borders”.
2.5 Results and Summary:
The final dashboard, Figure 1, shows the top two economies in each areas (starting a business and trading across boarder) with the detailed rank information of each evaluation dimension. The number annotation beside the bars indicates the actual value of the corresponding dimension. The overall top 30 economies based on these two areas are mapped in a world map and colored by its rank. Figure 1 shows that Singapore and Hong Kong, China are the best economy entities that provide conducive business environment to start a small business.
The information of this dashboard could be used as guidance in making overseas expansion plan. The detailed information and rank help business owners better understand business regulations in every country.
Figure 1, Example of a Business Ready Dashboard
The integrated Tableau table below shows the percentage of a dimension with respect to the world average in difference countries. The largest difference indicates more challenge for small business owner. By clicking on the bars in a country, users can get information on how difference of its domestic factor deviate from the world average. For example, the cost to import of Botswana is 98.14% of the world average in 2012. This interactive Tableau graph could be used to analyze the challenges of doing business in a certain country.
In this study, two important questions in making business strategy are answered through those more actionable and communicative information that support decision making. And more information about this study could be find at: https://public.tableau.com/profile/jiamin.chen#!/.
This article is derived based on a course project entitled ‘ISYE 691 Data Analysis” offered in Spring 2015, at University of Wisconsin-Madison. Thank Professor Kaibo Liu for his instruction. And thanks my teammate Hwankok Yeo and Guangda Shi for their efforts.
Source: U.S. Census Bureau, SUSB, CPS; International Trade Administration; Bureau of Labor Statistics, BED; Advocacy-funded research, Small Business GDP: Update 2002- 2010, https://www.sba.gov/content/small-business-gdp-update-2002-2010.