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Pivot charts are helpful in understanding the data better and making decisions based on it. They can be used to identify patterns, trends, and outliers. They also provide visual representation of the changes over time or across different variables.

There are four types of pivots:

  • Strategic Pivot: This is when you change your business model and focus on a different industry.
  • Operational Pivot: This is when you change your company's operations so that it can better handle the changing market.
  • Marketing Pivot: This is when you change your marketing strategy to better target customers and increase sales.
  • Financial Pivot: This is when you change how you manage your finances, like changing from traditional bank loans to debt financing or going public with the company's stock.

The following are the steps that you should take before you prepare a chart for a pivot:

  • Set up your data collection and analysis process.
  • Identify the current situation in your business and prepare a forecast for what will happen in the future.
  • Determine what changes need to be made to stay competitive.
  • Create an action plan that outlines how you will implement those changes into your business model, organization, and data science process.
  • Prepare charts that show how these changes will affect different aspects of your business model and organization over time.
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Examples of pivots:

  • Linear Regression vs Exponential Regression: The linear regression model was used for many years until it was discovered that the exponential model could better predict the outcome of a given dataset.
  • The decision tree method is a way of predicting customer behavior based on given rules. The classifications and decisions that are made by the model can be used to take any given action, such as sending out an email or pushing a marketing campaign.

Pivots are a crucial part of data science. In order to create a pivot, you have to have an understanding of the data, your goal and the audience. There are many resources available online that can help you with creating pivots and preparing charts in data science.

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