1.
Functionality and Features
:
When selecting analytic software for mid- to large-size companies, it's crucial to assess whether
the software offers the required functionality and features to meet the specific analytical needs of
the organization (Ryan, 2023). Consider factors such as data visualization capabilities, statistical
analysis tools, machine learning and AI capabilities, data integration options, and scalability.
Ensure that the software aligns with your company's current and future analytical requirements
(Lester, et al., 2020).
2.
Data Security and Compliance
:
Data security and compliance should be a top priority when choosing analytic software. Look for
software solutions that provide robust data encryption, access controls, and authentication
mechanisms to safeguard sensitive data. Additionally, assess whether the software complies with
relevant industry regulations and standards, such as GDPR, HIPAA, or industry-specific
requirements. Failing to address data security and compliance can lead to legal and reputational
risks (Lester, et al., 2020).
3.
Total Cost of Ownership (TCO)
:
Analytic software involves both upfront and ongoing costs. Evaluate the total cost of ownership,
including licensing fees, implementation, maintenance, and training expenses. It's important to
consider the long-term financial implications of your choice. Additionally, assess the software's
scalability to ensure that it can accommodate your company's growth without significantly
increasing TCO. A thorough cost analysis will help avoid unexpected financial burdens down the
road.
Lester, J. N., Cho, Y., & Lochmiller, C. R. (2020). Learning to do qualitative data analysis: A
starting point.
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(1), 94-106.
Ryan, L. (2023).
Visual Analytics Fundamentals: Creating Compelling Data Narratives with
Tableau
. Addison-Wesley Professional.
