Small and Medium Businesses are awash in data about their customers, prospect, internal business processes, competitors and much more. Often they are not able to leverage this flood of data and convert it into right information for revenue growth, increased profitability and optimized business process. Business Intelligence (BI) tools will enable managers to transform data into information that will help them in understanding the health of their business. However, the acquisition cost of BI tools and the supporting staff often commend a high upfront cost. So, though beneficial, BI tool are relatively expensive for a small business.
Is Data Analytics too expensive?
BI vendors such as IBM, SAS, SAP and the likes target large businesses that can invest in teams of analysts who are trained by the vendors and constitute a committed customer base through the steep costs of either changing tools, retraining employees or just renegotiate terms.
BI tools are often sold through annual memberships and the initial subscription fee is often much larger than subsequent renewal fees.
Vendors often negotiate these fees on a case-by-case basis as they are often worth in the millions of dollars. However, given our knowledge of several BI tools, we can say that subscription fees usually range from $4000-$14000 per year while renewal fees would range from $3500-$12000 per year. This illustration is for one user (or one site, depending on the usage).
So, yes they can be expensive. And that is only the acquisition cost for a tool used by one data scientist.
This is simply not worth the investment of small and medium businesses.
So what can we do about it?
Ekival offers you the skills and tools required to make use of the data you already produce or collect to get a better understanding of your customers, business trends or competitive advantages you may have. Ekival offers you the ability to higher data scientists who use a combination of open-source tools and web-based subscription products to review your data framework and offer insightfull interpretation of the data. Our staff is experienced in working with entrepreneurs, managers, CEOs, architects, dentists, and clients in the public and private sectors.