Total Cost of Ownership of Business Intelligence 💼
By considering all relevant factors, businesses can optimize their investment and unlock the full potential of their data-driven initiatives.
What it means 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!
