Consumers produce a vast amount of data on their habits, preferences, and read review experiences that companies can utilize to improve their products and services to match consumer demands. The most appropriate analytics tool is essential to achieving business goals such as increased engagement, greater sales and more efficient operations.
When choosing a tool, first determine the type of data you want to integrate and how you plan to integrate it. Some tools are specifically designed to provide traditional enterprise reporting, whereas others are designed to assist you conduct advanced mathematical analyses or track sensitive data such as health data. You also need to consider the way that the analytics tools you’re considering will fit into your existing workflow systems and data architecture.
Certain tools provide an iterative experience for data scientists and sophisticated users, while others are primarily designed to allow non-technical or casual users to perform point-and-click analysis. Think about the features and capabilities of each tool, focusing on those related to data visualization. Some tools are designed to create visual charts, while others require SQL or third-party tools in order to model the data prior to it being able to be analyzed.
Once you’ve narrowed down your options, take note of the cost and whether the platform is cloud-based or built on software licenses and subscription fees. Some tools are free while others require an upfront investment as well as ongoing maintenance fees. Be sure to weigh these costs against the potential return on investment from insights and efficiencies gained through using an analytics tool.
