Data is one of the most integral assets that a company can possess today, but it can often be unclear as to how to leverage that information.
The rise in IoT and artificial intelligence (AI) has brought a large wave of data to companies, at huger volumes than ever before. All of these data are very useful for companies, which is why many business owners aren’t sure how to get started with interpreting or analyzing such massive amounts of raw information.
Effectively using, managing, and analyzing data is absolutely essential to keeping your business thriving over the next few years. The majority of business executives and managers agree that today, data is absolutely necessary for the growth, financial performance, employee experience, customer satisfaction, and competitiveness of a business.
But when it comes to data analytics, it’s often difficult to figure out which analytical tools to use. With new analytical tools being released all the time, companies often have a harder time when it comes to deciding which tool is the best fit for their needs. More than ever, businesses are generating data at increasingly larger volumes, and it’s much more valuable to businesses that have the means to take advantage of the data and monetize it. The best way to do this is through the use of analytical tools, but how do you choose the best one for you?
It’s important to understand your business’s needs and current capabilities in order to make it easier to choose the analytics tools that will work well for your company. Take a look at the classifications of your company’s current inventory and determine what you will need in order to succeed. To do this, it’s worth making a list of the metrics that you want to track, along with those that you are already tracking. If your current tools are working well for tracking certain metrics, you may want to consider an analytics tool that will integrate with them or can be used easily alongside them to track further metrics and key performance indicators. Knowing exactly what you want an analytics tool to do for your business can help you make the right decision.
Every analytics tool on the market aims to do the same thing for your business, but it’s important to bear in mind that you are always going to find some tools that have better and more powerful features than others. To make sure that you are going for the best option, it’s a good idea to make a shortlist of various analytical tools that appear to be suitable for your company and compare the features side-by-side to figure out which one will be the best fit for your business.
The amount of experience that your team has with data and business analytics should also be taken into consideration when choosing the right tool for your company. Consider how much experience you have and how much technical support you may benefit from as a result. Each analytics tool comes with a different set of capabilities and functionalities, and if your team doesn’t have much experience with data analytics, you may need to rely on a strong customer support team to ensure that you are getting the most out of your analytics tool.
Most good analytics tools have a free demo version that you can try out to get a feel for the software and decide whether or not it is a good fit for your company. And just like you would not purchase a car without taking it out for a test drive, it’s a wise idea to give the demo version a try before you decide on the right analytics software to use. Spending some time in the demo version of the software gives you the chance to apply it to real-life situations in your company. It gives your team a chance to try it out, and see how it works with other software programs and tools that you employ for marketing and other business operations.
Reviews and Feedback
It’s also a good idea to read reviews and feedback on an analytics tool that you are considering, especially if you’re in a situation where there is no demo version to try out. Check out third-party review sites or ask questions on sites like Quora so you can be sure that you are getting an honest and unbiased answer from past customers, rather than relying on the positive reviews that the analytics tool company post on their website.
Gathering and storing data on your customers is not something that should be taken lightly, and any tool that you use for collecting, storing, transferring, or analyzing data should be highly secure and receive regular updates. Make sure that you are using a tool that comes from a reliable source that takes data security seriously, creates regular software updates to prevent cybercrime, and offers a range of features to help you keep valuable business and customer data as safe as possible.
Current and Future Trends
Finally, another important factor to consider when choosing a data analytics tool for your business is whether or not it is designed to stay abreast of trends both now and in the future. You will want a tool that is set to update with the latest trends in areas such as digital marketing and search engine optimization, for example. Data analytics is constantly changing; you can learn more here about its history and how it has taken on an art form over the years. The last thing that you want is a data analytics tool that is left behind as the landscape changes and new trends and technologies advance the way that data is collected and analyzed. You may prefer to opt for a tried-and-tested tool that has been around for a long time and proven itself to be able to stay ahead of the curve. With so many options available, choosing the right data analytics tools for your business is no easy feat.