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Consumers produce a vast amount of data about their behaviors, preferences and experiences that companies can utilize to improve their products and services to meet the needs of customers. The proper analytics tool is essential to reaching business goals such as increased engagement, higher sales, and more efficient operations.
To select a tool, first determine the type of data you’d like to integrate and how to accomplish it. Certain tools are designed for traditional enterprise reporting while others are designed to assist you do advanced mathematical analyses or track sensitive data, such as healthcare data. You also need to consider how the analytics tools you’re looking at will fit into your existing workflow systems and data architecture.
Some tools provide an iterative experience for data scientists as well as advanced users, while others are designed to allow non-technical or casual users to perform point-and-click analysis. Think about the features and capabilities of each tool, specifically those related to data visualization. Certain tools are designed to create visual charts while others require SQL or third-party tools in order to model the data before it can be analysed.
After you’ve narrowed your options down, think about the cost and whether the platform relies on subscription fees or software licenses. Some tools are free, while others require an upfront investment and ongoing maintenance fees. Make sure to weigh these costs against the potential ROI from the insights and efficiencies gained using the analytics tool.