Every person along the supply chain in the alcohol industry, from producers and wholesalers to liquor distributors and retailers, relies on data to track different aspects of their business. Today, big data is an invaluable asset, especially in the decision-making process. However, it can be difficult to make informed decisions when youâ€™re stuck trying to make sense of spreadsheets full of seemingly endless numbers. Thatâ€™s why itâ€™s essential to have a clear picture of how this raw data translates into an overview of your alcohol brandâ€™s performance. Data visualization tools help make all this information more accessible and understandable so that people in the alcohol industry can accurately interpret the collected information.
The Basics of Data Visualization
Essentially, data visualization takes all sorts of information and data and puts it into visual representations such as maps (heat maps, geographic maps) charts (line, bar, pie), plots (bubble or scatter), diagrams, and other matrices. This makes it easier to pinpoint alcohol trends, patterns, and even outliers. Data visualization works to paint a picture in a way that simplifies the massive amounts of data that is being collected in different areas of the alcohol industry.
Data visualization is especially essential when making major data-backed decisions. The right business intelligence (BI) can be the driving force behind growth. Whether producers are looking to improve the sales process, understand where field activity operation activities are the most effective, or make product distribution more efficient, the eye will naturally be drawn to the colors and shapes provided by graphs. Instead of getting lost in the numbers, users can quickly identify the important information.
By automating the process of data visualization, everyone from bar and restaurant managers to executives can easily create visuals to share annual sales depletion reports, marketing materials, investor slide decks, etc. The possibilities are practically endless.
Choosing a Data Visualization Tool
Fortunately, there are dozens of data visualization tools that can help companies better interpret complex data. Users can find the right tool that speaks to their learning style and is scalable according to their purposes. Once you have invested in an alcohol database, it is time to explore which visualization tools might work best for you. Keep in mind that data visualization is here to stay and will continue to grow, so you want a solution that can also adapt to different data theories as they evolve.
Start with a data visualization tool that has an intuitive dashboard and speaks to your own personal preferences. A lot of options will have a large set of similar features, so as long as the platform can handle large amounts of data and produce an array of different visuals, you will be off to a solid start.
Some of the most popular general purpose data visualization tools in 2021 include Tableau, Power BI, Domo and Sisense among others. Although these tools are robust and have comprehensive features, they are more suited to seasoned users that already have a decent level of experience working with business intelligence.
The Best Tool for Data Visualization in the Alcohol Industry
When it comes to tools that have been specifically designed to address the data visualization needs of the alcohol industry, there is really only one viable solution: Overproof. Unlike the general purpose tools aforementioned, Overproof is perfect for beverage alcohol leaders with any experience level in BI and does not require any special or technical skills to use.
The alcohol industry is a competitive market, which makes it all the more important for entrepreneurs to be in full control of their brand and all aspects of their business. Overproof Insights is our proprietary data repository and business intelligence platform. Fueled by dayâ€toâ€day actions taken by our customers using the Overproof app and by data we collect from trusted third parties, Overproof Insights turns regular metrics into smarter metrics that help businesses and brands succeed.
Overproof pulls data from over 1.5 million on- and off- premise venues with key proprietary data that goes beyond aggregate data-points like location and busy hours. Our 30+ attributes include premium rating; menu insights; tasting conversion insights; and competitor supplier and distributor presence. Obviously, that is a lot of data, which is why data visualization becomes so important.
Overproof has created data visualization dashboards to help our clients make sense of all of it in a way that is simple and straightforward. To track goal performance, Overproof Insights provides several gauge-style indicator icons that track various sales and marketing metrics including new account visits, retention account visits, distributor work-withs, store tastings, consumer sampling, merchandising, staff training, and more.
From pie charts and maps that show the status of sold accounts by geographic region, to bar charts that show team performance on new brand placements and product placements, Overproof Insights shows brand managers and owners business-critical data that is necessary to make strategic marketing and sales decisions.Â
Collecting big data is the first step in developing and perfecting a spirits marketing strategy. Without the addition of data visualization tools, it can be difficult to make sense of all the numbers and easily identify trends, outliers, and other important patterns that can influence decisions. For businesses in the alcohol industry, Overproof is a must-have tool that can optimize data and get the most out of big data.
What is data visualization and why is it important?
Data visualization takes massive amounts of data and turns it into visual representations, such as charts, graphs, maps, etc. This makes the data more accessible so that it is easier to identify trends, patterns, and outliers.
What are data visualization tools?
There are a wide range of visualization tools that can be simple and straightforward or complex and more obtuse. Each business should work to find a tool that is scaled to fit their enterprise, embraces their personal learning style, and provides an intuitive dashboard that is easy to navigate.
What are data visualization tools used for?
Essentially, data visualization tools provide those in the alcohol beverage industry with a way to automate the creation of visual representations of large data sets. Millions of data points can be analyzed and distilled down to the major takeaways. This helps tremendously when it comes to the decision-making process for any business.
What are data visualization techniques?
Data visualization techniques can include: line, bar, and pie charts; bubble or scatter plots; heat and geographic maps; diagrams and matrices.
Which tool is best for data visualization?
When it comes to data visualization for brands in the alcohol industry, Overproof is the best solution for data visualization. The company provides a range of apps and solutions that speak directly to the needs of the industry.