Consumers create a wealth of information about their preferences, experiences and other activities that businesses can use to enhance their products and services to meet consumer demands. The right analytics tool is crucial to reaching business goals such as more engagement, increased sales and more efficient operations.
When choosing a tool, begin by determining what kinds of data you want to incorporate and how you intend to implement it. Some tools are more geared towards traditional enterprise reporting, while others are designed to help you perform more sophisticated analytical analysis or track sensitive information like healthcare data. You also need to consider what analytics tools you’re considering will fit into your existing workflow systems and data architecture.
Some tools are made for sophisticated users and data scientists, while others allow non-technical users to conduct analysis using a simple point-and-click interface. Take note of the capabilities and features of each tool, especially those that relate to visualization of data. Certain tools are made 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, be aware of the cost and whether the platform is cloud-based or based on software licenses or subscription fees. Some tools are free, while others require a significant upfront investment in order to start and ongoing maintenance costs. Make sure you evaluate these costs against the potential ROI from the insights and efficiencies gained through using an analytics tool.