What is the price of a Business intelligence software [Part 2]

In Part 1 of the article on pricing a business intelligence software, we looked at how the cost of a BI project is formed.

In this article, we will look at other important topics in forming the price of a BI software, such as:

    • What additional costs to look out for when pricing a BI project?

    • How to compare 2 or more price proposals for building BI software?

    • How to determine a budget for a BI project?

    • How to reduce the cost of a BI project?

    • What costs to anticipate after BI system implementation?

Read more: What is the price of a Business intelligence software [Part 1]

What additional costs should you look for when pricing a BI project?

The most common cost that companies fail to anticipate, but are absolutely certain, of is working on an internal resource when implementing a business intelligence tool. This includes the time and effort of the company’s internal key users of the BI solution put into the analysis, implementation, testing, training, and acceptance stages of the new system as a new way of working.

Another hidden cost that is often forgotten is the refinements or additions to the company’s internal data sources. This is usually required when the analysis discovers a process in one of the organization’s business software that is not working correctly or optimally.

How to compare 2 or more quotes for building a BI software?

Every BI tool has specifics and sometimes comparing two or more price quotes can end up comparing completely different solutions.

It’s a good idea to make sure you are comparing exactly the same offerings, ideally including the full list of services and licenses required to build a complete BI system.

If the company doesn’t need a comprehensive business intelligence tool, the price proposals need to be tailored to its needs, but each one should contain the same items.

How to set a budget for a BI project?

Business Intelligence is a proven management tool and its key role in the development of a company has been increasingly recognized in recent years.

In order to accurately plan its budget for implementing a BI software, a company must thoroughly analyze and choose which business processes will be involved in it so as to achieve the desired effect of the solution.

Dividing the project into phases is also an important factor in setting a budget, as through it the company can allocate the cost of the system against its plans.

Read more: Groupama generates reports and analytics in minutes with Qlik Sense

How to reduce the cost of a BI project?

This is one of the most common questions we get when talking about budget.

First and foremost, we advise on good in-house preparation, clarifying the state of the data in the organization, and possible pre-processing if required.

A very important step, which can save resources for both parties, is the inventory and structuring of the company’s business processes before starting the BI software implementation project.

Depending on the scope of the project, we usually advise organizations to implement the system in phases for optimal allocation of time, budget, and resources. When this approach is applied to the employees involved in the project, each successive stage is increasingly easier and faster as they are much more prepared.

Another factor that can reduce the cost of a project is proper prioritization of the processes that need to be included in the BI tool. Often companies are willing to include most, and sometimes all, of their processes in the scope of the project. We advise starting with the company processes bringing the greatest return. Once the organization is convinced of the benefits of the business intelligence software, it usually expands the project to include the secondary processes in the BI solution.

What costs do you foresee after implementing the BI software?

For us at Balkan Services, a completed project is not just a successfully implemented system. A project is successful when the business software is used daily by the company, adds value, and evolves with the needs of the organization.

That is why we advise our customers to plan their maintenance or license rental costs for their chosen BI tool precisely. Another item to keep in mind for the future is the cost of consulting services for expansions, modifications, and the next stages of building the BI system.

Read more: From stock to sales to orders: the BI tool that AQUAMATRIX uses to get up-to-the-minute reports [case study]

In summary

Choosing the right BI tool is a complex but critically important decision for business development. Choosing an implementation partner is just as key, and sometimes more difficult.

Before proceeding with software implementation, make sure you have researched, in sufficient detail, the solutions available on the market and compare them against the same criteria. Plan your spending accurately, anticipating each item now and in the future.

Qlik Sense Dashboard

At Balkan Services we have expert knowledge of business, technology, and legislation, and we speak all three languages. We will listen carefully and advise you on choosing the right business system for your needs.

Balkan Services has been implementing business software solutions since 2006 and has completed more than 690 projects, of which over 420 are in the area of BI software. We follow a proven implementation methodology with clear steps and know-how on best practices.