Your company data is priceless only if you curate, document, and manage it. Options exist for a centralized platform for business intelligence and data analysis with varying degrees of flexibility. As you research your options, it can be hard to know what is right for your organization—let alone how to use it effectively once you've made your decision.
Don't worry; we're here to help. In this blog post, we'll walk you through everything you need to know about analytics hubs, from how to choose the right one for your business to how to get the most out of it once you've made your purchase. By the time you're finished reading, you'll be well on your way to making better business decisions with data for your company.
What is an Analytics Hub?
An analytics hub is a centralized platform that combines your organization's critical data in one place. This includes data from multiple sources, both internal and external and provides users with a single interface for accessing and analyzing that data.
Some analytics hubs can include built-in features for visualizing data, performing statistical analyses, and sharing insights with others in your organization. This makes them an essential tool for any business that wants to make data-driven decisions.
Choosing the Right Analytics Hub
Here are a few factors to consider when deciding on an analytics hub for your business:
Ease of use: The last thing you want is an analytics hub that's so complicated that only a handful of people in your organization know how to use it. Look for a platform that's intuitive and easy to learn so that everyone in your company can get up to speed quickly.
Scalability: As your business grows, you'll need an analytics hub that can scale with you. Make sure the platform you choose can handle more data as you add more users and integrations.
Security: With sensitive business data stored in one central location, security should be a top priority when choosing an analytics hub. Look for platforms that offer robust security features like user permissions, activity logging, and SOC compliance.
Budget: Don't forget to factor in cost when deciding—you'll want an analytics hub that fits within your budget without breaking the bank. Be on the lookout for free trials and paid pilots. You can get a lot of learning to help you decide at an affordable price.
Features to Look For
Once you've narrowed your choices, it's time to look at specific features. Here are some must-haves for any good analytics hub:
Data connectors: A good analytics hub will offer pre-built connectors for popular data sources like Salesforce, Google Analytics, BI tools, and more. This will save you time and effort when setting up integrations. If you don’t see your favorite tool in the integration list, ask. They just might be able to get it up and running quickly.
Collaboration: Here is a chance to solve many problems with one stone. An analytics hub with easy-to-use collaboration tools bult-in encourages problem solving, increases productivity and the potential to change, and facilitates decision making based on data. When you open up new channels for communication the larger team can learn from each other easier, help remote teams be more efficient, and can lead to higher retention rates.
Context and Analysis: A picture is worth a thousand words—and in data analysis, critical information, explainer videos, and FAQs can be worth even more. Look for an analytics hub with ability to house and surface documentation to quickly build trust, train, and orient users before exploring your data. This can eliminate one-off trainings and separate hard to find documentation before being able to get the most from your data.
Pitfalls to Avoid
Unusable Product Features: Although it’s nice to have a load of cool features, you are better off identifying your must haves while researching. Every product has features that you’ll actually use or are unsuitable for your needs. Knowing which is which is important. Take the time to prioritize your needs, so you can keep your eyes on the end goal.
Hard coding: Do you need to hard code in any way for the analytics hub to work for your organization? If so, that should be evident upfront. The last thing you want is surprises after you have signed a contract.
Architecture: Any analytics hub worth its weight should have a modern architecture to handle the data you’re feeding it.
Getting the Most From Your Analytics Hub
Congratulations. You’ve made your decision and are ready to get to work. Here are a few tips to get you started:
Time to Declutter: To get the most out of your new analytics hub it’s time to roll up your sleeves. Look at what you have and remove anything that doesn’t belong. Once complete, categorize your critical dashboards into thoughtful buckets. Go through the remaining with a purge using the 3 second rule; look and decide to keep or dump. If you hesitate, keep it. The time crunch will help you make decisions from your gut.
Contain: Time to move what you’ve decided to keep into your new analytics hub. First, connect all the integrations you’ll need to start. Chances are there is an API that will import you data automatically. One less thing for you to do. Set up your workspace into collections by dataset, team, audience, goal, or whatever makes the most sense for your business.
Share: What good is data if no one sees it? Share with the right people and help them understand your rules for sharing with others. It’s also good to have an idea of how you want to govern the incoming of new data or retiring of unused data.
BONUS: If you chose Workstream.io as your analytics hub, this one is for you:
Workstream Concierge: Install it. You will find yourself using this very helpful Chrome extension whenever you are in the native tool of choice. Looking up documentation, answering FAQs, sending tickets to JIRA, sharing the right data with others, the options are endless. Plus, adding new assets via the Concierge is two easy clicks so you don’t have to do the legwork of asking if something is important because it is right there. Seriously, install it. You’ll be glad you did.
Choosing the right analytics hub for your business doesn't have to be complicated. Just keep ease of use, scalability, security, and budget in mind when making your decision. Plus, look for features like a centralized knowledge repository, in-line context on top of live data assets, and asset lifecycle once you've narrowed down your choices. With a little bit of research, you'll have no trouble finding the perfect platform for your needs—and before long, you'll be well on your way to making better business decisions, thanks to all the insights at your fingertips!
Customers Also Ask
What is an analytics hub?
An analytics hub is a central platform that collects data from multiple sources and provides insights to help businesses make better decisions.
What is an analytics hub used for?
By bringing all your data into one place, an analytics hub can save you time and effort while giving you a comprehensive view of your business. Look for features like data asset management, broad integration support, and collaboration when choosing an analytics hub.
How much does an analytics hub cost?
The cost of an analytics hub will vary depending on the features and scalability you need. Be sure to factor in cost—you'll want an analytics hub that fits your budget without breaking the bank. Many platforms offer free trials or paid pilots, so take advantage when available.
Analytics Hub Resources You’ll Love
If you’re motivated to get a handle on the endless dashboards, queries, docs, or other visualizations that have grown exponentially over the years, it’s time to rein in your dashboard sprawl. Our founder and CEO Nick Freund has tips and tricks to help.
Remember, your company data is priceless only if you curate, document, and manage it. We get that it can be hard to know what is right for your organization. Here is a short commercial of what Workstream.io can do for you.
WATCH: 30 seconds on how Workstream.io can be your analytics hub of choice.
Robin Aguilar Francis
November 29, 2022
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