Visualize data in numerical format

Numerical data should be presented as charts, tables or graphs wherever possible. Researchers can use a wide range of tools to present material in an attractive and clear format. Spreadsheets can organize numerical information and generate graphs and charts. Graphics packages can also be used to portray both numerical and non-numerical information.

Tables are one of the easiest methods of presenting quantitative data, but they must be well organized. Tables must have clearly labelled rows and columns and be organized consistently.

Graphs and charts present numerical information in a visual form. Each part of the graph or chart should be labelled clearly. There are various styles of charts to choose from. For instance, pie charts are used when the components of the data being shown must add up to 100 percent. They are most often used to show market-size data, classification data or market shares.

1. Pie Charts

2. Spider charts

This type of visual representation is sometimes used to present comparative numerical information in a way that quickly and easily highlights differences among categories.

3. Bar charts

Bar charts or histograms are a common tool for illustrating data and are most commonly used with rated data. They can be used to show customer satisfaction levels, market size for different companies and trends within a group.

Present data in qualitative format

There are many effective ways to visualize data if it’s qualitative as well. Information can be presented in the form of a flow chart that communicates processes or decisions, or it can be explained in relation to marketing frameworks. Quotes can add emphasis to a point, because they indicate the thoughts of the consumer. However, quotes should never directly identify an individual.

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4. Flow diagrams

This is a very simple and effective way of presenting organizational data. Flow charts should be labelled clearly, and the flow of a decision or process through the various stages should be clear and easy to understand. The reader should be able to start at one point and follow a path through to the conclusion.

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For example, a strategic alliance with an international distributor might be sought to reduce transportation costs, or a joint venture with a local manufacturer might be used to enter a new market more rapidly.

Because of the expense and business risks of international trade, it is essential for companies to know whether their international business partners are providing the required benefits. In some cases, a partnership might actually cause more damage than it brings benefits.

Keep an eye on how your partners perform

To determine how successful their partnerships are, companies must be able to monitor and measure the performance of partners.

This is only possible if companies have a clear idea of the value the partner should be bringing to the partnership, which should have been specified during partnership negotiations.

For example, a company might have developed a partnership with a call center in a foreign market on the understanding that a specified number of customer calls would be handled every hour for a specified cost, or a partnership with a master franchisee might have required a set number of franchises to be set up in a target market within three years.

When establishing a partnership, companies must agree on what partners should achieve, define the performance criteria and develop a plan for measuring the criteria regularly.

Performance criteria can be qualitative or quantitative.

Crunching the numbers to quantify performance

Quantitative criteria are those indicators that involve measurements and numbers. Results for quantitative criteria can be shown numerically, for example by a graph showing levels of sales or time between deliveries.

Quantitative criteria for measuring partnership performance can include the following:

• Sales at established intervals
• Profits over time
• Reduction of marketing cycles over time
• Productivity increases or decreases over time
• Sales growth over time
• Percentage market share
• Returns on investment
• Levels of capital

Don’t forget the intangibles too

Qualitative criteria are also important to the assessment of a partnership. These criteria are ones that cannot be enumerated.

Measurement of qualitative criteria is often dependent on the opinion of the individual gathering the data because it relates to the quality or characteristics of something. Some examples of qualitative criteria include:

• Customer loyalty to a product
• A company’s strategic position
• A company’s relations with other businesses in a market
• The perceived level of product quality
• Product recognition

Set up a strong routine

When companies have agreed on criteria for monitoring a partner’s performance, they must establish a system for monitoring and measuring these criteria. This involves making a number of design decisions.

One of the most important decisions is the frequency of evaluation.

Because companies will be uncertain of how successful a partnership will be, new partnerships are usually assessed more frequently for the first few years, and then less often as time passes.

However, in times of rapidly changing circumstances, more regular evaluations might be instituted again.

Another important step is deciding who will perform the assessment. Evaluation might be carried out by a company manager, or it might require the participation of management teams representing the partners.

Special training might be required if staff are unfamiliar with evaluation procedures in complex organizations. For some criteria, such as financial figures or quality levels, outside companies might be needed to evaluate partner results.

The measurement design must also include a plan for communicating the results of assessments to key personnel. Measurement will be useless unless action can be taken based on the results.

What criteria are most important for you to assess with your business’s partnerships?

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