The headline says it all, but it’s worth repeating.
TADA’s premium executive dashboard is available at one-tenth the cost of our competitors.
The Case For Business Intelligence: Improved Visibility
To fully understand costs, it’s good to know more about why business intelligence tools and data analytics are important.
Businesses invest in BI and data analytics largely to improve visibility.
That’s the case for supply chain managers who responded to a 2017 GEODIS survey. Due to the volume and scope of services managed within the supply chain, respondents said their supply chain was complex.
Therefore, managers said that achieving extended visibility of their supply chain is one of their major objectives.
The ROI of Data Analytics
Global IT spending is expected to grow this year, according to Gartner.
As a result, companies are going to want to see a return on that investment.
Businesses that invest in data analytics are bound to do just that.
Nucleus Research found in 2016 that business deploying cloud analytics solutions (like TADA) “experience 2.3 times more ROI than those that are deploying on-premise.” This is due to “shorter implementation periods, lower costs for personnel and software, plus the ability to increase benefits over time.”
Self-service analytics also improves ROI.
Nucleus found that “in the past two years, the return on investment (ROI) of business intelligence (BI) deployments with self-service analytics was 1.5 times higher than the ROI of BI deployments without self-service analytics.” This is likely because “they:
- increase productivity,
- decrease the total cost of ownership (TCO) for an analytics deployment,
- enable the use of otherwise ignored business data, and
- empower companies to make more informed business decisions.”
Further, merely the ability to store and access data can be a boon to an organization.
In Larry Myler’s analysis of a Forrester webinar, we learned that “a 10-percent increase in data accessibility will result in more than $65 million additional net income for a typical Fortune 1000 company.”
How To Measure ROI
Finally, let’s look at how to measure ROI.
First, add up the costs of your BI tool. This could include the cost of the service, plus anyone who works directly with it.
Then, add up the benefits. Myler’s analysis suggests the following:
- More effective budget allocation
- Finding the best customers
- Improved value proposition
- Better overall marketing planning
Divide the benefits by the costs and find out whether you’re seeing a return on investment, and if so, how much.
If you’re using a competing tool and you believe your costs are too high or your ROI is near zero, consider talking to TADA. You’ll notice that TADA improves business visibility, and our price point yields a greater ROI than if you used a competing product. That’s because, on average, we’ve found that TADA—which includes a premium executive dashboard—is one-tenth the cost of our competitors.
We encourage you to set up a demo with us to learn how we can contribute to your organization's bottom line.