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Businesses can use the data generated by consumers to improve their products and services in order to satisfy the needs of their customers. Choosing the right analytics tool to gather and analyze this data is a crucial step in meeting business goals to improve engagement, increase sales, and more efficient operations.
Start by deciding which data types you’d like to integrate, and how you intend to do so. Certain tools are more geared toward traditional enterprise reporting while others are designed to help you perform more advanced mathematical analysis or to track sensitive information like healthcare data. You should also consider how the analytics tool you are considering will integrate with your current workflow and data structure.
Some tools provide an iterative experience for data scientists and sophisticated users, whereas others are designed to allow nontechnical or novice users to perform point-and-click analysis. Be aware of the features and capabilities of each tool, especially those related to data visualization. Some tools are designed to create visual charts while others require SQL or third-party tools to model the data before it can be analysed.
After you’ve narrowed your options, pay attention to the cost and whether the platform is cloud-based or based on software licenses and subscription fees. Some tools are free, whereas others require a substantial upfront investment in order to start and ongoing maintenance costs. Make sure you consider these costs in relation to the potential ROI from the insights and efficiency gained using the analytics tool.
