Dealing with Data about their prospects, Customers, internal business processes, suppliers, partners and competitors has become the norm of Enterprises. Transforming this Data into actionable insights to increase efficiency, and profits is making organizations turn to BI tools. The BI tool market is mature but still constantly evolving to meet the ever-changing analytical needs of Organizations.
How do I choose what tool to suit my organization you may wonder? You should determine which tool enables the types of analysis your users need and will use. Some tools are great at drilling down data and terrible at Visuals others just have fantastic dashboards but rely on another tool for its Data. If you consider the traits below you will have no problems with choosing the right tool for your BI needs
1. EASY OF USE AND TO IMPLEMENT
With the advent of SaaS what would take years to implement can now be achieved in a few weeks and often days. The last thing you need is a BI tool that requires months and months of training with ridiculously narrow bottlenecks at implementation. Time is money and Money is what you want your business to make more off, so prioritize ease of use.
2. INDUSTRY SPECIFIC
A Car dealer wouldn’t seek for business advice from a Carpenter, two entirely different industries. That’s why you should be seeking industry specific analysis the tool can provide you.
3. UNIFIED DATA SOURCES
Various BI tools can access data from several sources, some are limited. Some can extract data from Excel sheets to SQL servers. Make sure you pick the BI software that is able to crunch all your relevant data, not just parts of it.
Visual data representation is effective for self-serving businesses who are looking to reduce IT dependency. There’s difference between generating simple charts and morphing data into an actionable visual representation.
Traditional systems require a lot of resources and often can’t give you the right answer when you need it. Modern BI platforms are now capable of showing results in real time. If Up to the minute insight is necessary for your decision making, you should consider a BI tool with real time analysis.
Terms of services best reflects the level of security offered by the BI vendor you are willing to subscribe to. Read those thoroughly to avoid any surprises later. Data Security is important at a time of growing industrial espionage.
Executives who are always on the move want access to their data anytime, anywhere on any device. Especially when key decisions need to be made. That’s why a BI tool with a Mobile service is imperative.
IT cost has reduced compare to decades ago, the need to spend large sums of money on your BI tool is eroding really fast. Currently some BI Tools are free to use others are subscription based while some are outright purchase. It is vital you find out the Total cost of ownership which includes maintenance and implementation.
This traits are a good start to considered when considering a BI tool for your Company, take advantage of your Data today and get the necessary insights to advance your company’s goals.