Data is the most vital asset of almost every company. Monetizing your business data is not a simple task, so you can find out the right analytical tools. The specially developed tool generates better insights to gain an excellent edge in this highly competitive marketplace. Most of the corporations have a lack of methods and standards around the analytical capabilities. It is the main reason why they fail to know which kind of tool will keep the best competencies around. It is possible for your organizations to get efficiencies and develop deep common knowledge when every group is making use of various analytical tools.
If you want to avoid the inconveniences, it is important to look at the new capabilities which bring faster and deeper analytical insights. It is the best tool that helps you to create the best possible environment where you can effectively perform the data analysis process. Selecting the right data analytics process is not a daunting task when you follow these simple tips.
1. Research and Finding
At first, it is advised to conduct some interviews with the major stakeholders such as end-users in every group. It includes:
• IT administrators
• Data scientist
This process aim is to map a present state of analytical capabilities and usage of an analytical tool within your organization. Along with this, you can also acquire a comprehensive inventory of exactly what capabilities and tools every group are utilizing in its respective area. It is equally important to determine the pain points of users and gaps in the functionality within the current toolset. It is the first and most important step to perform before selecting any data analytical developer or tool.
2. The Landscape of The Current State
It is another important step in selecting the right tool for data analysis. Also, you can look at the market of current analytics to map everyone into the tool classes. You can opt for the multiple tools when the data is available in one or several classes. The mapping is an excellent process that helps you in several situations when the focus completely on driving downs the complexity. There are some other situations where you look for assistance in choosing which kind of tools you should use for what kinds of company problems. Here are a few tool classes required for the exercise as follow:
• Report Writers
• Semantic Layer Reporting Tools
• Data Visualization & Discovery Tools
• MDX/Cube Query Tools
• Modeling & Data Science Tools
• Embedded Reporting and BI Tools
• ML & AI Use Case Driven Tools
3. Capability Tree
Once you have performed step successfully, you can go the next step. In this stage, you need to develop the capability tree. The main function of this tree is to leverage the range of capabilities exactly from the first step. Also, they divide them against the existing landscape of tools. By using this example, you may look at both the gaps and overlaps which are available in the current capabilities of your organizations.
You can read the analyst reports over the criteria which are used for ranking the analytical tools. It is really helpful while filling out your capability tree. It will bring you directly for an upcoming purchase or spending. If this analysis process is entirely based on particular tools, then it is relevant to add non-technical criteria. It includes:
• Existing presence/skillsets/support
4. Decision Matrix
It is another vital step in choosing the highly appropriate data analytics tool. Now, you need to develop the Decision Matrix. It brings a technique to score different capabilities. For instance, anyone can utilize the 5-point scale as well as offer the weighting for every capability for each tool class or tool.
It is entirely based on the significance of that particular capability to your organization. The entire variability of scoring will aid you in determining the overall weighting of every capability as the final rank is considered.
5. Decision Tool
The final step of this process is to create a decision tool by using your decision matrix. It helps you to find out which kind of tool is used to which kind of business project or business capabilities. This tool also leverages your decision matrix for determining what capabilities to add to a specific tool decision.
If you are following these steps properly, you can easily pick the suitable data analytical company or tool for your business.