As more companies increase their investments in data analytics tools, they will quickly gain a competitive advantage over businesses that do not.
However, there are factors to consider before making such an investment. With so many business intelligence (BI) tools on the market, it can be a confusing endeavor to strike the right balance between affordability and quality.
Purchasing a solution that is too expensive can seriously impact cash flow and return on investment (ROI). Yet, the least expensive solution may not have the product or service quality your company requires to achieve the maximum benefit. Therefore, finding the delicate between cost and quality is essential to optimize your ROI from an investment in BI.
The future of your business lies in making the best use of your data
As BI solutions have continued to top the list of CIO priorities for the past five years, companies that adopt data analytics are a step ahead in data-driven decision making. Companies that continue to base business decisions on gut feel based insights are being left behind. Businesses with quality BI solutions are able to analyze their data in many ways including identifying customer buying patterns, accurately forecasting future sales trends, evaluating marketing campaign efforts as well as optimizing operational processes such as purchasing and inventory management.
Choosing the right BI tool for optimal ROI
Of primary concern to any company when deciding to invest is the return on investment (ROI) the purchase will yield. For optimal ROI on a BI solution, you must first determine what you want to gain from the solution, and second, what you are willing to spend, as BI tools come in many shapes and sizes, with different price tags attached.
A quality BI solution will offer some key attributes. For example, a BI tool must allow users the flexibility to access their data from wherever they are and from whatever device they are using. Having mobile access empowers your team to make quick decisions while on the go. Since your data is one of your most important assets, another critical feature attribute is data security. Look for a solution that provides administrative levels of protection, as well as native authentication, LDAP security, and governed options.
For growing businesses, purchasing a tool that will grow in scale along with your increased data and resources should be considered. Ease of use is also important to getting your team onboard. A solution that offers an intuitive experience with accessible information that is easy to share with others will simplify implementation.
When researching various BI solutions, look for tools with customer recommendations and a track record or providing product satisfaction and business value. To see how Phocas compares with four BI vendors with sizeable market share in these metrics and more, click the links below:
Balancing cost with service to future-proof your business
BI solutions come in a wide price range. Yet cost does not always equal quality. If the more expensive solutions do not provide the solution your business needs, they are not worth the expense. Likewise, with the new low-budget solutions entering the market, users are finding that they fail to provide the support needed to use the tool effectively. Finding a tool that values service as well as product quality, and does not cost a fortune, is the answer.
At Phocas, we have a flexible licensing model so our customers only pay for what they are using. Additionally, the implementation of Phocas is quick, and our skilled BI consultants will help you uncover the opportunities and possibilities relevant to your business. While we offer an exceptional product that is treasured by our thousands of users worldwide, we also understand that a great product accomplishes little without the excellent customer support we provide along with it. Because we are committed to the success of every business that invests in our solutions, we have created a very dedicated customer success team. With more than 15-years of experience in helping manufacturing, wholesale distribution and retail businesses achieve their goals; we would be honored to share our knowledge with you. At Phocas, we know knowledge is power.
For more information on how Phocas can help you achieve a competitive advantage, click the box below to download our free eBook: Executive Dashboards and Scorecards.