Business Intelligence (BI) and Business Analytics are transforming the way today's companies operate and compete in the marketplace. IDC estimates that businesses will spend over $200 billion on these types of purchases alone between 2013 and 2016 - and vendors are chomping at the bit to make sure they get their share of the revenue.
Unfortunately, this growth makes prices unpredictable and puts many businesses at risk to pay over fair market value. Save yourself a much as 20 percent by avoiding these four common mistakes:
1. Consenting to unjustified rate increases.
Vendors will often increase prices for support and maintenance every year, without justification. Be aware of any increases and dispute any that cannot be rationally explained.
2. Paying too much for software.
BI and analytics are fairly new products for most organizations so they lack the knowledge to source and price them effectively. Vendors know this and often inflate the prices for these types of offerings. Do your research before investing in any new products or services, and avoid paying over market value.
3. Implementing big projects.
More and more, BI projects are becoming larger, more complex and more expensive. Implementing a big BI project may end up causing more harm than good if you are unable to manage it efficiently. Keep projects smaller and more manageable to save on unnecessary costs.
4. Overpaying for solution upgrades and enhancements.
BI and analytics will need to be upgraded and enhanced as your business grows and evolves. Prepare to increase your budget for this area of IT and commit your organization to providing the resources it needs to be successful.
Now is the time to begin planning your BI and analytics strategy and to figure out how you will decide what fair pricing for these investments should be. You can avoid wasting valuable resources if you plan ahead and develop a clear strategy.
Unfortunately, this growth makes prices unpredictable and puts many businesses at risk to pay over fair market value. Save yourself a much as 20 percent by avoiding these four common mistakes:
1. Consenting to unjustified rate increases.
Vendors will often increase prices for support and maintenance every year, without justification. Be aware of any increases and dispute any that cannot be rationally explained.
2. Paying too much for software.
BI and analytics are fairly new products for most organizations so they lack the knowledge to source and price them effectively. Vendors know this and often inflate the prices for these types of offerings. Do your research before investing in any new products or services, and avoid paying over market value.
3. Implementing big projects.
More and more, BI projects are becoming larger, more complex and more expensive. Implementing a big BI project may end up causing more harm than good if you are unable to manage it efficiently. Keep projects smaller and more manageable to save on unnecessary costs.
4. Overpaying for solution upgrades and enhancements.
BI and analytics will need to be upgraded and enhanced as your business grows and evolves. Prepare to increase your budget for this area of IT and commit your organization to providing the resources it needs to be successful.
Now is the time to begin planning your BI and analytics strategy and to figure out how you will decide what fair pricing for these investments should be. You can avoid wasting valuable resources if you plan ahead and develop a clear strategy.
About the Author:
Joseph B. Kappernick specializes in helping Fortune 500 companies save money. He recommends that you visit NPI to learn more about IT cost reduction solution consulting
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