Price monitoring tools: BI or Data Viz?
By: Lizeo Group
Tags: Data Visualization, Price Monitoring, Big Data, Business Intelligence, Price

Once your pricing data is collected and prepared, it is time for the analysis. But, when the volume of data is too large, a spreadsheet quickly shows its limits. To make the analysis more effective, your company must have high performance tools, that combine various functions: simulation, modelling, monitoring, etc. And, since the result of this analysis will be shared, discover our best practices to select the most suitable solution to achieve your business objectives but also for the final users of your analysis.

BI or Data Visualisation ?

Data Visualisation or Business intelligence: which is the best ally for your reporting strategy?

If you have sufficiently worked on your data to build KPIs and you are ready for the analysis, ask yourself if you have the right tools. This is the stage where the question of choosing between Business Intelligence and Data Visualisation comes up.

Data Visualisation is the graphic representation of your Data in the form of tables, graphics and diagrams that are easy to analyse. Its objective? Facilitate rapid decision making (or fast monitoring), through clear indicators which allow real “storytelling” with data and help efficiently manage the last mile. In particular, it is used to carry over large amounts of data in a concise and automated way, at a frequency you set. It facilitates the analysis for non-technical but decision maker profiles: CEO, Data Managers or Officers and Marketing Directors.

So-called Business Intelligence or “IT decision-making” tools offer a more detailed analysis by providing data “crunching” and by using broader historical data to extract meaningful and actionable information. They are used by analysts and operational teams as part of data mining, but also for the visualisation of key performance indicators (KPI) in their reporting. Opting for Business Intelligence will allow you to draw strategic conclusions from the data present in your company while keeping some historical data. This tool is more suitable for analysts and operational teams.

To read also: 5 steps to analyse sell-out prices on the tyre market

Data visualisation vs Business intelligence

Data Visualisation tools aim to address an analysis problem in an efficient and graphic way. They allow decision making or monitoring within a specific scope.

The purpose of Business Intelligence tools is to provide the analyst with an interpretation tool, data crunching and a sophisticated data analysis. By opting for “multi-filters”, by inserting different aggregates or by cross-referencing his/her data with other Data, the analyst has a 360° view of the analysis.

Establish user personas to optimise your marketing strategy

If, at first sight, Business Intelligence and Data Visualisation tools seem very similar, particularly through their data visualisation objective, in real terms, their use is far from being the same. While both help with decision making, their strategic function differs.

What criteria to choose them? In marketing, the audience is always the focus of your questions. Beyond the simple maturity of your target, its objectives must be taken into account. To do this, opt for a proven tool: the user personas. For optimum efficiency, these “expected targets” must be defined before the internal redistribution data.

How to create a persona ?

If you are starting from scratch, create a “ profile ” of your target by answering a few questions.

” of by answering a few questions. What is his/her technical background?

What is his/her level of maturity with respect to the data?

What is his/her business?

What are his/her objectives?

Who are the studies for?

What is the frequency of use?

Far from being contradictory, Data Visualisation and Business Intelligence tools are complementary. Today, they are essential for any company who wants to handle business data, no matter its form. Analyst, sales engineer, marketing specialist or decision maker: whatever the targeted persona, take care to adapt your tools to their needs and maturity. And above all: optimise your use of data by choosing the right strategic tools beforehand!