You're struggling to improve your vendor relations. What data visualization tools can help?

2 Types of data visualization tools

When it comes to data visualization, there are many options available depending on your needs, preferences, and budget. Spreadsheet software such as Excel or Google Sheets allow you to create basic charts and graphs from your data. For more advanced and interactive features, business intelligence software like Power BI or Tableau offer dashboards, filters, drill-downs, or alerts. Data visualization platforms such as Domo or Qlik integrate data from multiple sources and provide cloud-based solutions. Finally, custom data visualization tools like R or Python enable you to create your own applications using code.

3 How to choose the right data visualization tool

Selecting the right data visualization tool for your vendor relations requires careful consideration of several factors, such as the type and volume of data to be visualized, the purpose and audience of the data visualization, the functionality and usability of the tool, and the cost and scalability of the tool. For instance, you need to consider whether you are dealing with structured or unstructured data, qualitative or quantitative data, static or dynamic data; whether you are looking to create an internal or external visualization, an analytical or persuasive one, a descriptive or predictive one; whether you need access to templates, customization options, interactivity features or support; and finally whether the initial investment, maintenance fees, licensing options or integration capabilities fit your budget.

4 Best practices for data visualization

To make the most of your data visualization tools and improve your vendor relations, you should follow some best practices. Start by defining your goals and questions, such as what you want to achieve, what you want to know, or what you want to communicate. Then, choose the appropriate type and format of data visualization for your data and goals, such as pie charts for proportions, line charts for trends, or maps for locations. Keep your data visualization simple and clear by avoiding clutter, confusion, or distortion in your design, layout, or color choices. Lastly, test and refine your data visualization by checking for accuracy, relevance, and readability of your data and visuals. Additionally, consider soliciting feedback from your vendors or other stakeholders to ensure a successful outcome.

5 Examples of data visualization for vendor relations

Data visualization can be a powerful tool to help improve vendor relations. Examples of data visualization for vendor relations include a vendor scorecard, which can show how each vendor performs on key metrics, a vendor map displaying the geographic distribution of vendors, a vendor dashboard displaying their current status and performance, and a vendor infographic summarizing their main features and benefits. With data visualization tools, you can gain more insight into your vendors and make better decisions. It can also enhance communication and collaboration with vendors, giving you more clarity and confidence in your vendor network.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?