Financial data visualisation : increasing decision making effectiveness within the Maltese public sector

Abstract

Decision making effectiveness demands that decisions outcomes can be measured, thus decisions should be based on accurate, reliable and timely information available to decision makers. Effective financial decision making has become a necessity for ensuring that the limited assets and resources available are utilised and invested in areas which will ultimately deliver long lasting business value, particularly in today's financial turbulence. In order to achieve business value and effectiveness, data visualisation techniques are being employed by the private sector to help decision makers in taking effective decisions towards increased value to all stakeholders. This essay looks into financial data visualisation requirements, aimed at serving as a reference for decision makers within the Maltese public sector for introducing data visualisation techniques by: • Demonstrating the importance of "Data Assets" within Malta's public sector; • Researching ratios as key performance indicators for visualising performance; • Overview data visualisation techniques and requirements; The justification for data visualisation and the need to recognise data asset prompts an overview of the decision making process and the leadership setup of the Maltese public sector as the main target group for financial data visualisation. Reviewed case studies from the UK public sector show that investments in data visualisation ultimately result in overall savings. The foregone results and financial ratios as key performance indicators serving as a financial data source for data visualisation (including examples) could thus be used within the Maltese public sector to assess effectiveness and overall performance. Conclusions concentrate about the fact that today users are no longer confined to their desk and thus a real need exists for data visualisation which amongst others, increases user performance and satisfaction. Through data visualisation, public sector leaders may assess past decisions and possible future scenarios allowing for increased decision making effectiveness. An insight to the future suggests that data visualisation plays an increased important role in decision making, which calls for public sector entities to utilise modern technologies to support decision making.