Driven by the implementation of data in businesses, data visualization solutions (also known as DataViz) have multiplied in recent years. Choosing a tool adapted to each company’s needs and specific constraints has become challenging. Fortunately, a few essential criteria can help you evaluate these different solutions and answer the question: “Is this data tool made for my business?“
Here are five essential selection criteria.
Tool Versatility
The selected tool must cover many functionalities, starting with data preparation, which will generate relevant visualizations to process data optimally. The advanced and predictive analysis capabilities are also essential to help you better anticipate the future and make the best decisions. However, a good DataViz platform must be accessible to data specialists and novices. Select the tool that is best suited for your users.
The Offer
Data visualization software uses two main models: inclusive offers, including all the functionalities, and drawer offers, with additional paid options. The first has the advantage of transparency; you know what you are paying for without unpleasant surprises. Conversely, drawer solutions offer flexibility in choosing functionalities, but the accumulation of options can quickly become a financial strain.
Deployment Costs
Implementing a DataViz solution is a significant project that requires anticipating the cost of deployment. Pricing should be tailored to your business, size, needs, and resources. For large structures, for example, it is necessary to ensure that the solution chosen has a model compatible with large-scale deployment, including attractive prices depending on the number of users and concurrent licenses.
Data Processing Capacity
Data processing capacity is crucial since the very purpose of a data visualization tool is to speed up and simplify data processing. We must, therefore, ensure that the chosen solution can offer exemplary performance while processing a large volume of data.
The ability to manage multiple sources also needs to be closely examined. The tool should be able to easily connect to different databases and import files of all types. Additionally, you should be able to easily view multiple datasets from a single dashboard in a unified fashion.
Adaptability
A good data visualization tool must also be customizable according to the sector of activity. For example, retail companies do not have the exact needs of finance professionals or public administrations. Hence, a flexible solution that can adapt to each structure’s requests for functional changes is essential. When choosing your data visualization solution, performance, flexibility, and economic model must be prioritized.
Due to the COVID-19 epidemic, many companies have had to stop their activity temporarily or are experiencing a sharp drop in turnover. Many aids have emerged with options available to entrepreneurs to save cash to help overcome these difficulties.
Many companies encounter severe financial difficulties even though they are in a healthy business, and these difficulties are only cyclical. To avoid an increase in corporate bankruptcies in France, the government has taken several measures to save the most troubled companies, including a flagship measure: freezing the state of cessation of payments.
The Stop Payment Status
A business is in a state of cessation of payments when its available assets no longer allow it to meet its current liabilities – which implies knowing what these two concepts cover:
- Available assets correspond to the cash held by the company, which it can use concisely without putting its activity in difficulty.
- Current liabilities correspond to debts that the company must pay immediately because they have come due and for which the creditor can initiate a recovery procedure to obtain payment.
In principle, when a company finds itself in this situation, within 45 days, it must imperatively declare cessation of payments. Depending on the gravity of the situation, the company then falls into bankruptcy or bankruptcy proceedings.
Conclusion
In the rapidly evolving landscape of data-driven businesses, selecting the right data visualization solution is paramount. By considering factors such as tool versatility, pricing models, deployment costs, data processing capacity, and adaptability, companies can ensure they invest in a solution tailored to their unique needs and constraints.
As businesses navigate challenges such as those posed by the COVID-19 pandemic, it’s essential to leverage available resources and government measures to mitigate financial difficulties and sustain operations. Understanding concepts such as cessation of payments can help businesses make informed decisions and navigate through uncertain times, safeguarding their financial health and long-term viability.
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