How To Choose The Right Business Intelligence Platform

Data can be an extremely powerful asset to any company. Some organizations use it to identify patterns in their customer base, some companies use it for supply chain optimization, and others even use it for predicting the future! But without the right tools and resources, there's no way to make all that data work in your favor. In this article, learn all about business intelligence platforms and how they can help you get the most out of your data!

What is a Business Intelligence Platform?

A business intelligence platform is a software application that enables an organization to collect, store, and analyze data to better understand their business operations. A BI platform can provide insights at all levels of the organization, from the front-line workers to the C-suite. 

There are many different types of business intelligence platforms on the market, so it is important to choose one that best fits the needs of your organization. When selecting a BI platform, you should consider its features, price, scalability, and integration capabilities. You should also take into account whether the platform can be used by non-technical users and whether it offers self-service analytics.

The Difference Between Commercial, Open Source, and Custom BI Platforms

When evaluating business intelligence (BI) platforms, it’s important to understand the difference between commercial, open source, and custom BI platforms. Here’s a quick rundown of each type of platform:

Commercial BI platforms are proprietary software solutions offered by vendors. They typically come with a subscription fee and may require additional costs for support and maintenance. Commercial BI platforms often offer a wide range of features and functionality out-of-the-box, making them a good choice for organizations that want an all-in-one solution.

Open source BI platforms are free to use and modify. They’re typically developed and supported by community members, not vendors. Open source BI platforms offer more flexibility than commercial solutions, but they may require more technical expertise to set up and maintain.

Custom BI platforms are built specifically for an organization’s needs. They offer the highest degree of flexibility but also come with the highest price tag. Custom BI platforms are usually developed by third-party firms or in-house teams.

So, which type of BI platform is right for you? It depends on your organization’s needs and budget. If you need a comprehensive solution with little customization, a commercial BI platform may be the way to go. If you’re looking for more control over your data and analytics, an open source or custom platform may be a better fit.

Why Choose a Custom Platform?

There are many reasons to choose a custom business intelligence (BI) platform. A custom BI platform can be tailored to fit the specific needs of your business, providing you with the flexibility and functionality you need to make data-driven decisions.

A custom BI platform can also be designed to integrate with your existing systems and workflows, making it easy to get started and ensuring that you get the most out of your investment. Additionally, a custom BI platform can be scalable, so that it grows with your business.

When choosing a BI platform, it is important to consider your specific needs and requirements. A custom BI platform can give you the power and flexibility you need to make data-driven decisions and take your business to the next level.

Costs of Buying a Business Intelligence Platform

The costs of buying a business intelligence platform can vary widely depending on the features and functionality you need. However, there are some general guidelines you can follow to get an idea of what you'll need to budget for.

First, you'll need to consider the size of your organization and the complexity of your data. If you have a large organization with complex data, you'll likely need a more robust and expensive platform. On the other hand, if you have a smaller organization or simpler data, you can get by with a less expensive platform.

Next, you'll need to consider what features and functionality you need. The more features and functionality you need, the more expensive the platform will be. So, it's important to only choose the features and functionality that are absolutely necessary for your organization.

Finally, you'll need to consider support and maintenance costs. These costs can vary depending on the vendor, but they're generally an annual fee that's based on a percentage of the purchase price of the platform. Support and maintenance costs are important because they ensure that your platform is always up-to-date and running smoothly.

By following these guidelines, you should be able to get an idea of the costs associated with buying a business intelligence platform.

How to Choose the Right Business Intelligence Platform?

It is important to choose the right business intelligence platform for your company in order to make the most informed decisions possible. There are a few key factors to consider when choosing a business intelligence platform, including:

- The needs of your business: What specific information do you need to track and analyze in order to improve your business operations? Make sure that the platform you choose can accommodate your specific needs.

- The size of your data: How much data do you have, and how quickly is it growing? Make sure that the platform you choose can handle large amounts of data efficiently.

- The skills of your team: Do you have a team of analysts who are comfortable using complex software, or do you prefer a more user-friendly interface? Consider the skill level of your team when choosing a platform.

- The budget of your company: Be realistic about what you can afford to spend on a business intelligence platform. There are many affordable options available, so don’t overspend on features that you don’t really need.

Business intelligence platforms are a dime a dozen these days. But with so many options on the market, how do you choose the right one for your business? It's important to consider your specific needs and goals before settling on a platform. With that in mind, here are a few things to keep in mind when choosing a business intelligence platform:

- Consider your company's size and structure.

- Think about what kinds of data you need to collect and analyze.

- Decide what level of customization you need.

- Make sure the platform is compatible with your existing systems.

By keeping these factors in mind, you'll be well on your way to finding the perfect business intelligence platform for your organization.