Any business is a dynamic and complex environment of stakeholders with strong needs, opinions, and expectations. And to succeed in such a setting, it is essential to capture and process the diverse data generated and obtain as much value out of this as possible. And it is where a data platform will come in handy. As a rule, BI solutions have the function of capturing and structuring data for its further efficient and transparent processing and analysis in the context of its value chain. The data platform for business offers just everything in order to generate reliable and objective information that is valuable for companies in all industrial sectors. And this is especially true when it comes to custom solutions.
Data Platform for Business – The Basics
Data is a key asset of companies. The capture and processing of data is key to optimizing competitive advantages, monitoring the business, and controlling costs. To be able to fully utilize all the info that you get, systematic and reliable data architecture is required. Here, the data platform for business is a core service. As a central point for data capture, structuring, and analysis, the data platform is also used to exchange and process data internally and externally.
All in all, a big data analytics platform provides a common environment where you can work, create reports, share your results with others, and make decisions using your own data. A properly selected solution offers you more ways than ever to view and work with data. But the trick is to find a tool that works well for you.
Choosing the right BI platform can be a daunting task when so many BI platforms claim to be the best in the business. But the utility may be useful for one firm and may not be suitable for another to simplify the selection process; these are critical opportunities or factors that you may need to consider.
#1 – Data
What type of data is in your organization’s treasure chests? How much info is there? How much of it is actually helpful? How fast will it grow? What is the current state and how many different data sources are there? And most importantly, how will this data be used or add value? Without a data management system and data management policy, the answers to the above questions are not so easy to get. Starting an implementation path without considering the above can lead to failures. In order to prevent this from happening, it is important that you consider all the data specs in advance.
#2 – Business Needs
A BI platform addressing your current and future business needs is the way to go. What KPIs or metrics are currently being used by your business? Does your company need mobility? How many data consumers and analysts do work for you? Will a platform be able to perform preliminary analytics (i.e. training / AI, etc.)? What security measures should be taken? And most importantly, how it will add value to the business, provide a single version of the truth, and empower leaders to make decisions. Make sure that you have answered all these questions before purchasing a tool.
#3 – Cost
How much does a license cost? Is it perpetual or annual? How much will the support cost? What is the investment in equipment? How much will the seller’s services cost? Are there available human resources in the market? Will the room be more expensive or cloudier? It is critically important to have an open discussion with all the stakeholders before paying for a license model that suits the organization. Given the cost alone, many businesses opt for open source tools only to realize later that there is no available support or unicorns that can work wonders with these tools. In particular, if there is no direction, there is no match to the business or data, which can be easily analyzed with a few clicks (using another BI tool), after processing hundreds of lines of code every time a new business need arises.
BI tools can do a lot for you. They can boost business effectiveness, raise ROI levels, and optimize internal processes. However, in order to achieve all the above, you need to approach tool selection with special care and responsibility.