Consumers produce a vast amount of information about their behaviors, preferences and experiences that businesses can use to optimize their products and services to meet the demands of their customers. Selecting the right analytics tool to gather and analyze the data is an essential step towards achieving business goals to improve engagement, increase sales and more efficient operations.
When choosing a tool, begin by determining what kinds of data you want to integrate and how to integrate it. Some tools are designed to provide traditional enterprise reporting, whereas others are designed to help you perform advanced mathematical analyses or track sensitive data such as health data. Also, you should consider the way that the analytics tools you’re considering will integrate 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. It is also important to examine the tools for data visualization and the features provided by each tool. Some tools are specifically designed to create visual charts while others require SQL or third-party applications to create models of the data prior to it being able to be analyzed.
Once you’ve narrowed down your choices, you should be aware of the cost and whether the platform is cloud-based or based on software licenses or subscription fees. Some tools are completely free, whereas others require an upfront investment as well as regular maintenance charges. Make sure you compare these costs against the potential return from the insight and efficiencies obtained by using the analytics tool.
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