To Build or Buy a Software Analytics Tool?
- 20 Jun 2022
- 1 Minute to read
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To Build or Buy a Software Analytics Tool?
- Updated on 20 Jun 2022
- 1 Minute to read
- Contributors
- Print
- DarkLight
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Still Using Excel Spreadsheets?
Excel spreadsheets used to be the primary means of supply chain reporting. While they are convenient and already exist within your organization, there are a couple of major drawbacks. Nearly 88% of spreadsheets contain errors, even after careful revisions (Incisive, 2021). Spreadsheets also lack the ability to leverage real time data, they hide costs, and make it difficult to collaborate and maintain a unified view of the supply chain. The days of supply chain roles being siloed are over, and more collaborative reporting tools are helping companies remain competitive by improving their supply chain visibility, with data analytics tools that provide real time KPIs.
To Build or to Buy?
As technology continues to evolve, we can access more data. This creates more challenges centered around types of data, quality, and data management. Companies are often faced with the decision to build their own analytics, buy or a combination of both.
To Build
| Pros (+) | Cons (-) |
|---|---|
| Complete control over teck stack | Only IT and BI teams can use it |
| Use case specific | Required highly specialized employees to build |
| Operates in highly regulated industry | Departments waiting for IT when they need reports |
| Time to Market is longer | |
| As technologies evolve, IT teams will need to adapt the software to keep up | |
| Costly investment |
To Buy
| Pros (+) | Cons (-) |
|---|---|
| Speed to Market | Vendor lock in |
| Easily Scalable | BI vendors roadmap |
| Greater predictability of cost | Will partnership trigger unexpected digital transformation challenges? |
| Created by technology experts | |
| Research and development completed by vendor | |
| Leveraging external expertise | |
| Default security provided |
Considerations:
- Use Case
- Speed to Market
- Available Resources
- Overall Cost
Companies with existing BI Tools
If you have existing infrastructure and BI technology, a data management software can be a quick addition that saves time, money, and speed to market. Find out how Jamieson Wellness leveraged The Owls data analytics as an extension of their BI tools here.
Companies without existing BI Tools
For smaller companies that do not have an internal BI tool, a data analytics software will save them time, money, speed to market, and allows for flexibility amongst different users within the organization. Learn how ENEOS was able to save thousands in inventory expiration through The Owl’s data analytics software here.
See what our customers are saying about us here.
Do you want to start saving today? Book a demo.
