Businesses are screaming out for business intelligence solutions, they want the best possible solution for their business but are usually unwilling to pay top dollar. So, services like Good Data immediately fly out the window as the quoted cost for that was around $60,000 a year – far out of the reach of most small to medium sized businesses.
So then, what is the next best thing? Well, in my opinion, Qlikview is the best, self service business intelligence tool on the market. It makes light work of crunching huge data sets and has a seemingly endless amount of custom functionality (as you can add your own custom code / macros into the product).
They are the market leader and they know it – so, their prices reflect that position. I’ve been recently talking to their sales team and found the pricing to be very high. Let me give you an example: if you wanted to buy Qlikview Server with 10 viewer licenses, the cost would come to around £9,000. If you would like to automatically create PDF reports and send them to your clients / internal teams, that will be around an additional £5,000 per year. Let’s now say that you want to pull data from not only local databases, but also from 3rd party tools like Google Analytics, well you’re going to need another connector called QVSource, at a price of around £2,000. *Prices rough representations of quotes available at time of writing.
For a small business, these prices do seem ridiculous – my question is, can you ever recover your investment?
The honest answer is, that it’ll completely depend on your business model, but let’s run through the potential ROI generating features:
- Profile customers to understand their likes and dislikes – meaning you can tailor your marketing campaigns on a person by person basis. This is likely to improve customer retention and may increase the likelihood of up-selling.
- By analysing all your internal / external data, it enables you to identify where you’re succeeding / failing. For example, if you see that the pricing page of your website has a 100% drop off rate – you probably need to revise your pricing.
- You can automatically send PDF documents to your clients by email. Why is this important? Well, it gives you the ability to tailor your marketing content to each and every individuals likes & dislikes, based on a predefined set of criteria – built into your dashboard.
So as I say, the success of a BI project in your business, will completely depend on your business model. But for many businesses, there is ample opportunity to generate ROI from this great tool.