The data gathered and used in your business is incredibly valuable, but if it’s not being accessed and analysed correctly, then it’s a waste of time. With business intelligence (BI), you’re able to benefit from real-time data that can inform decision-making and assist in achieving your business goals. However, once you’ve decided on BI for your organisation, you’ll need to assess whether an off-the shelf or custom BI solution is for you.
What is Business Intelligence (BI)?
BI is a set of technology that converts all your raw business data gained across a number of exchanges, into a set of meaningful information that drives business actions. The BI tools will help you by creating reports, summaries, graphs, charts, maps and dashboards to visually represent the information on hand. This will have a direct impact on your company’s strategic and tactical operations. Within the BI software options, you can consider custom or off-the-shelf.
– What is off-the-shelf software?
Also known as out-of-the-box or packaged software, off-the-shelf includes a set of constructed functions and features which don’t require any coding or development. There is no way of adjusting this software to your individual needs, rather
– What is custom BI software?
The custom BI software is when you have a developer write code to change the existing system to suit your unique business needs. It’s designed specifically for you, so it should be the perfect solution to your business challenges.
What is the difference between off-the-shelf and custom BI?
Making the choice between the two business intelligence solutions depends on knowledge of how the features, pros and cons of the options. Here’s an overview of the two BI solutions.
1. Flexibility
The custom BI software is a much more flexible option that can be updated as technology changes through the years. Because you own the software, you can do with it as you please, including tailored solutions to address your problems. The off-the-shelf BI is often a lot more rigid, as it can’t be adapted after the fact. You can also face issues related to compatibility with existing software.
2. Speed of installation
If you need a BI solution right now, then off-the-shelf software is the best option. It’s designed for quick installation and use. The custom BI software can take several months in the development phase, which means you’re going to have to plan ahead with this option.
3. Costs
The custom BI software requires much more initial investment, however, once it’s developed you will enjoy the investment rewards through its profit-enhancing design. The off-the-shelf options are less expensive initially, but you will be working with a structured monthly or annual subscription package that can cost you more over time.
4. Independence
When you go with a custom BI option, you are completely dependent on the software provider so you must ensure they’re a reputable company with an entrenched history. The off-the-shelf option is a lot less reliant, but you don’t enjoy the personal support you enjoy with the custom option, whereby the software team has intimate knowledge of your business.
5. Efficiency
Although it takes more time to develop at a higher cost, a custom BI solution is much more efficient than the off-the-shelf option. This increased efficiency ensures you’re reaping the rewards of your capital investment. That’s not to say an off-the-shelf option isn’t efficient, but you might require more investment in training your staff to suit the software, rather than the software adapting to your business.
6. Support
With an off-the-shelf BI option, you have the support of a much broader community for online reviews, forums and feedback. You could possibly even test run the software before deciding whether it’s for you or not. While you won’t have this community support with a custom BI option, you’ll be benefitting from personalised customer support from the professionals that designed the software.
7. Competitive edge
All BI software is beneficial to business as it lends a competitive edge, but undoubtedly the custom BI option is going to get you further ahead. This is simply because your competitors have the same access to the off-the-shelf option that you do.
8. Updates
The off-the-shelf solution has regular software updates but you have to take what you get. With your custom BI software, you can decide what updates you want since you own the software.
9. Specialisation
The majority of businesses can use off-the-shelf software – it offers the BI that they need without the excess costs. However, for certain business categories with the budget, then custom BI is a necessity. These businesses require specialisation that just isn’t offered by off-the-shelf.
To help you with decision between off-the-shelf or custom BI, the implementation and running of your BI, then contact the industry leaders, Canvas Intelligence.
