Data Dive #21: 💼 Total Cost of Ownership of Business Intelligence
Many customers focus solely on license costs, overlooking additional expenses like computing, support, training, and add-on technologies. Our TCO model emphasizes evaluating the total expenses associated with owning a BI solution.
Let's talk about the Total Cost of Ownership of Business Intelligence. And, what you should consider when assessing your Total BI spend.
It's crucial to look beyond the initial license costs. Here's why: while license fees are a significant component, they're just the tip of the iceberg. To make an informed decision and maximize ROI, it's essential to consider the comprehensive TCO.
📊 Calculating TCO
Many customers focus solely on license costs, overlooking additional expenses like computing, support, training, and add-on technologies. Our TCO model emphasizes evaluating the total expenses associated with owning a BI solution. By factoring in all relevant costs, including platform and labor expenses, businesses can accurately assess the true cost/investment required.
💡 Key Factors to Include in TCO
1. Platform Costs:
- Infrastructure: Consider hardware, infrastructure services, data storage, computing, and system services.
- Software: Evaluate licensing fees, partner integrations, data connectors/storage fees, API access, and other usage fees.
2. Labor Costs:
- Installation, Setup & Support: Initial setup, configuration, and Budget for technical support and ongoing maintenance.
- Report Creation: Allocate resources for IT staff to build and curate content.
- Report Maintenance: Allocate resources to implement the lifecycle
management of BI assets to ensure an optimal environment.
By considering all relevant factors, businesses can optimize their investment and unlock the full potential of their data-driven initiatives.
Would you like to get access to our Datalogz model? Let's optimize your BI strategy together - book a demo here!
Gautam Krishnamurthi Interviews Logan Havern, CEO & Founder at Datalogz
Our CEO, Logan Havern, recently featured in an interview with Gautam Krishnamurthi, Partner at GreatPoint Ventures - talking about starting Datalogz, the idea of BI Ops, the future of data and analytics, and more!
📢 Meet Datalogz at CDAO Financial Services in NYC
We’re sponsoring CDAO Financial Services by Corinium Global Intelligence in NYC (our HQ city!) - meet our team here! Register to attend this in-person event, taking place on February 13-14, 2024. Use discount code: CDAOFS30 for 30% off your registration.
