Consumers generate a huge amount of information about their preferences, experiences and other activities that businesses can use to enhance their products and services to match the demands of their customers. Finding the right analytics tool to gather and analyze the data is an essential aspect in achieving business goals to increase engagement, better sales, and more efficient operations.
To choose a tool, begin by determining the types of data you’d like to integrate and the best way to implement it. Some tools are designed for traditional enterprise reporting while others are designed to assist you perform advanced mathematical analyses or track sensitive data, such as health data. You also need to consider the ways that the analytics tools you’re considering will integrate into your existing workflow systems and data architecture.
Certain tools are designed for experienced users and data scientists, while others let non-technical users conduct analysis using a simple point-and-click interface. You should also examine the features and capabilities for data visualization offered by each tool. Some tools are designed to create visual charts while others require SQL or third-party applications to model the data prior to it being able to be analysed.
Once you’ve narrowed down your options, take note of the cost and whether the platform is cloud-based or based on software licenses or subscription fees. Some tools are completely free, while others require a substantial upfront investment to get started and ongoing maintenance costs. Be sure to weigh these costs against the potential ROI from the insights and efficiencies gained using the analytics tool.
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