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When selecting analytics software, consider required features, future plans, operating system, and budget. There are two types of software: programming and transactional data. Document requirements, identify limitations, and ensure compatibility with the operating system. Determine budget and consider a pilot project before full implementation.
There are four main elements to consider when selecting the best analytics software: required features, future plans, operating system, and budget. Analytics software has experienced a huge growth in popularity that is expected to continue to grow. The purpose of all analytics software programs is to provide the tools needed to review schedule or transaction details in a structured way.
Typically, there are two types of analytics software products: programming and transactional data. Programming analysis is the process of reviewing actual code and system architecture. This type of software is used to evaluate the efficiency of the current program and explore the options available for ongoing expansion or changes. Typically, this type of software is used by system or business analysts to help define processes.
Transactional analysis software is used by financial and business analysts to identify patterns and trends within large data sets. He or she typically needs to have skills in data management, statistics, advanced mathematics, and related subjects to manage this process. Deploying and managing this type of software is a special skill that usually requires vendor-specific training.
To select the best analytics software product, the first step is to document your requirements. Make a list of all the features that the program must have, as well as a list of features that would be nice to have. This list of requirements will be referred to several times during the selection process.
Look at the current analytics process and think about features that aren’t possible with the current tool but are required by the business. A limitation list is a great way to identify workarounds or inefficient business processes that could be eliminated or improved with a different solution. Look ahead five years and think about the types of tools that will be needed to run the business within that time frame.
All software programs are designed to work with specific operating systems. Be sure to check the operating system the analysis software will run on and ensure that the selected solutions are all compatible. Talk to technical staff early in the process to learn about options, limits, and other requests in this area. Any selected solution usually requires technical services support to be implemented successfully.
The budget is a fundamental limitation for all business decisions. Speak with financial services personnel and senior management to determine how much is available for this initiative. Keep in mind that many companies start with a pilot project on a small budget as a proof of concept. All major analytics software companies are familiar with the process and will usually be happy to provide pricing for this type of implementation. It may be important, however, to also get a five-year and ten-year price point for a full implementation so that business owners can make a sound decision.
