Business intelligence (BI) tools can help you analyze data, create reports, and visualize insights for better decision making. But with so many options available, how can you choose the best BI tools for your budget? Here are some tips to help you find the right fit for your needs and goals.
Before you start comparing BI tools, you need to have a clear idea of what you want to achieve with them. What are your key performance indicators (KPIs), data sources, and business questions? How often do you need to update and share your reports? What level of technical skills do you have in your team? By defining your BI requirements, you can narrow down your options and prioritize the features and functionalities that matter most to you.
With so many tools on the market today, the importance of assessing where you are in your journey cannot be underscored. Tools are only as good as the people behind them. You have to be able to spend the time properly implementing, effectively utilizing, and strategically assessing outputs with any tool. So before you jump in the deep end, assess your (or your team’s) ability to actually manage the tool from start to everyday. And if you can’t commit the time, energy, or money, then be ok doing it the “old school” way until you are - otherwise, you’ll have wasted those precious resources and put yourself behind instead of ahead.
The price tag of a BI tool is not the only factor to consider when planning your budget. You also need to account for the total cost of ownership (TCO), which includes the initial purchase, installation, maintenance, upgrades, training, and support costs. Some BI tools may have lower upfront costs but higher ongoing expenses, while others may offer more value for money in the long run. You can use a TCO calculator or a comparison matrix to compare different BI tools and their costs over time.
The TCO is an important factor when choosing a BI tool. From the initial Product purchase, individual user licenses and possibly software updates to be paid for the organisation, hidden costs must also be uncovered & managed accordingly. Training on the use of the product by developers, IT Support & end-users must also be considered by the organisation. In PowerBI you would have different licenses including: Free, Pro, Premium per User & Premium per capacity. Another key factor when chosing a BI tool is the integration with other tools or software and the Data connectors available In my opinion Microsoft PowerBI is the clear leader, as integration with PowerPoint, Teams is relatively easy. The data connectors list is also expanding.
Another aspect to consider when choosing a BI tool is how easy it is to use and scale. You want a BI tool that is user-friendly, intuitive, and flexible, so that you can create and customize your reports without spending too much time and effort. You also want a BI tool that can grow with your business, handle large volumes of data, and integrate with other systems and platforms. You can test the ease of use and scalability of different BI tools by requesting a demo, a free trial, or a proof of concept.
Some tools are easier to use than other, and in my opinion Microsoft PowerBI is the clear winner. With a free software download and free license, end-users are able to connect to their (usually on-prem) data and create visualizations within minutes. Like all Microsoft Products, the User Interface is intuitive. The only caveat with "everyday Joe's" developing their own reports quickly is that they did not learn the important fundamentals like Data modelling including Data cleaning and Data visualization. Organisations can train their employees to enable these "everyday Joe's" to become Citizen developers within their organisation.
One of the best ways to learn about the pros and cons of different BI tools is to read the reviews and ratings from other users. You can find online reviews and ratings on websites like G2, Capterra, or Software Advice, where you can filter by industry, company size, features, and more. You can also ask for referrals and recommendations from your peers, partners, or industry experts. By checking the reviews and ratings, you can get a sense of the quality, reliability, and customer satisfaction of different BI tools.
Finally, you need to make sure that your BI tool aligns with your overall business strategy and goals. You want a BI tool that supports your vision, mission, and values, and that helps you achieve your desired outcomes and impact. You also want a BI tool that aligns with your culture, processes, and policies, and that fosters collaboration, communication, and innovation. You can align your BI tool with your strategy by creating a BI roadmap, setting SMART objectives, and measuring your results.