Consumers generate a huge amount of data about their preferences, experiences and activities that businesses can use to optimize their products and services to meet consumer demands. Finding the right analytics tool to gather and analyze this data is a crucial aspect in achieving business goals to increase engagement, better sales and more efficient operations.
To select a tool, begin by determining the types of data you want to incorporate and how you intend to implement it. Certain tools are designed for traditional enterprise reporting while others are made to help you carry out advanced mathematical analysis or track sensitive information like healthcare data. It is also important to consider what analytics tools you’re looking at will integrate into your existing workflow systems and data architecture.
Certain tools are designed for advanced users and data scientists, whereas others let non-technical users analyze data using a point-and click interface. Take note of the features and capabilities of each tool, particularly those related to visualization of data. Certain tools are made to create visual charts while others require SQL or third-party applications to create models of the data before it can be analysed.
After you’ve narrowed your choices, you should be aware of the cost and whether the platform is cloud-based or based on software licenses and subscription fees. Some tools are free, while others require a significant initial investment and ongoing maintenance costs. Be sure to evaluate these costs with the potential return from the insight and efficiencies generated by the analytics tool.
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