First, it's ultra violet and visible light spectroscopy, not ultra visible spectroscopy because you use both light ranges.
In these ranges you excite electron systems within the molecules. These may exhibit characteristic size effects (quantum dots, pi systems in organic dyes) or splittings (ligand field theory for inorganic complexes). Apart from that, for measurements of concentrations by the Lambert-Beer law, it's very precise.
If you are looking for something else, you have to be more specific.
Usually it is called UV/Vis Spectroscopy and not "Ultravisible" spectroscopy. It covers the ultra violet and visible ranges of electromagnetic spectrum. The energy of this range is mostly used to excite the valance electrons in atoms and Pi electrons in molecules.
As said above it is UV/Vis and this is the range of energies that can cause electronic state transitions in molecules and atoms. It is also where fluorescence emission occurs.