Consumers produce a vast amount of data on their preferences, experiences and other activities that businesses can analyze to improve their products and services to match consumer demands. Selecting the right analytics software to analyze and collect this data is a crucial step in meeting business goals for increased engagement, higher sales and more efficient operations.

When choosing a tool, begin by determining what kinds of data you’d like to integrate and the best way to accomplish it. Some tools are made to provide traditional enterprise reporting, whereas others are designed to assist you do advanced mathematical analyses or track sensitive data such as healthcare data. You also need to consider the ways that the analytics tools you’re looking at will fit into your current workflow systems and data architecture.

Some tools are designed to cater to advanced users and data scientists, while others let non-technical users analyze data using a point-and click interface. Be aware of the capabilities and features of each tool, particularly those that relate to data visualization. Some tools are specifically designed to create visual charts while others require SQL or third-party tools to create models of the data before it can be analysed.

After you’ve narrowed your options, be aware of the cost and whether the platform is cloud-based or built on software licenses and subscription fees. Certain tools are free while others require an upfront investment and ongoing maintenance fees. Be sure to evaluate these costs with the potential profit from the insight and efficiencies obtained by using the analytics tool.

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