The economic slowdown has put a lot of pressure on companies to work more efficiently and try to earn more from their investments. With so many new competitors emerging all around the globe, it has become very crucial to gain even a single penny to survive and grow. To thrive in such a challenging environment, Business Intelligence tools have been introduced that can help in making strategic decisions.
Most of the companies have made a lot of investment in ERP and CRM software. Because of these huge investments, these companies are looking for BI solutions that can easily use the already stored data in various databases or even data warehouses. It helps in getting quicker ROI if the BI tools can provide analytical reports on available data with least amount of data transformation.
The BI software available in the market comes with one or more unique features. And, here comes your duty of whether you want to make the right choice for a successful implementation or waste your time, opportunity, and money.
There are many factors that you should focus on while choosing BI software for your company. Let us see some of the key factors that can help in evaluating the BI software.
Ability to manage data
There is a possibility that your company is handling different databases in different format. If it is true, then there are high chances of complexity as well. Whatever software you select, should be able to handle data coming from all different sources. For example, the data should be properly filtered and stored in a data mart that can be easily used to get the desired results.
Handling multiple applications
Your organization might be using different applications. Some of these applications might be producing their own data. The BI software that you select should have the ability to study the respective data and further integrate with these applications to get the desired results.
Compatibility with different platforms
There are chances that your company is using different hardware or software. Therefore, you should make sure that whatever BI software you select is able to support all these different platforms.
Flexible for being deployed at multiple geographical locations
Do you have offices in different locations all across the globe? If yes, then opt for a BI tool that supports multiple languages and gives users the flexibility of selecting the language of their choice. This scenario is highly in demand when you are dealing with multiple offices in different parts of the world.
With so many BI software available in the market, it is very important that you analyze the applicability of the above-mentioned factors to your business needs and identify which tool is must suitable. There are other factors also, such as security (access being granted on the basis of role), audit (where there is an audit built in). Therefore, it is very important that you select the vendor very carefully before making any investment.