(Jedox topped 12 categories in this year’s BARC Planning Survey. Our new 12-part blog series tells you why “Business Benefits”, “Ease of Use” or “Implementation support” should be on your check list when choosing business software. 11th category: Price-to-value)
The Connection of Price and Value
We’ve borrowed Peter Drucker’s famous dictum for this post because of the idea at its center: price and value are not the same thing, but they’re related. The relationship between the two is key to assessing what to buy and what not to buy. The statement is usually referred to when discussing portfolio investments. However, software is an investment as well as a stock, and the practice of looking closely at price vis-à-vis what that price delivers certainly applies. A more pedestrian way of saying the same thing might be “Get the most bang for your buck.” Just because a product is inexpensive doesn’t mean it doesn’t deliver bang for the buck, just as a pricey commodity may not be extravagant but a good value. The key is ciphering what the buck delivers in each case.
Be Ruthlessly Rational About Your Buying Decision
Surely mistakes are made on both ends of the spectrum. Some solutions are purchased because they’re inexpensive, and they show like a cheap suit. Others are bought for the cachet of the brand and the impressions that come along with it. Those purchases end up as good money spent on disappointing and financially painful performance. The right approach is really straightforward: crunch the numbers and assess the acquisition in detail. This is what CFOs do on a regular basis, and the same discipline applies to purchasing software. Be ruthlessly rational about the decision.
The Jedox Approach
Worldwide spending on business intelligence will exceed $14 billion this year. BI solutions can eat up IT budgets while oftentimes their users can’t exploit more than 10 percent of functionality. So our counsel is to invest wisely: don’t pay for the 90 percent you won’t use.
Jedox provides an easy-to-scale license model to fit customer needs. Customers decide which functions to use for planning, reporting, and analytics. The Jedox solution is available in the cloud or on premises.
- Cloud: This is an on-demand solution with no up-front infrastructure costs. Enterprise-ready, it delivers everything a user needs with pre-packaged Jedox instances and scalable infrastructure to help improve analytics and planning in the private, public, or hybrid cloud.
- On-premises: Jedox is built to fit seamlessly into a company’s existing IT infrastructure. The license model depends on the required number of users and offers high flexibility, transparency, and low total cost of ownership.
What Users Are Saying about Price-to-Value
For those involved in business intelligence software selection, among the most important resources are the independent assessments done by the Business Application Research Center (BARC). BARC just released its 2016 Planning Survey, the world’s largest survey of planning software users.
Among those using development-oriented planning solutions (i.e., solutions that allow customers to implement totally individual planning requirements), Jedox ranked number one in terms of price-to-value, scoring a perfect 10 – higher than the peer group average in that sector (5.0) and higher than its closest competitor (7.0). Here is BARC’s viewpoint on Jedox’s top-ranking performance in this category:
“Jedox is a very competitively priced product, offering good value for the money. Unsurprisingly, the vendor comes out on top in all of its peer groups for price-to-value perception, beating many local and global rivals. […] We often discovered in our surveys and via our customers that price-to-value perception is one of the main reasons why Jedox customers buy the software.”
(Source: BARC THE Planning Survey 16)
When customers speak, prospective customers listen
“Teams can view reports or update spreadsheets for consolidation. Other similar systems were not able to do that, at a competitive cost. Pricing was clear and easy to understand. When we spoke to Jedox, it was, ‘This is the upfront cost and that’s it.’ Simple.” – Toby Lauer, IT Director at Tokyo American Club
To learn more about the Jedox suite of unified EPM, BI, and Analytics, you can go here.