The answer to the above question depends on one’s institutional budget, and the organization’s needs.  If the analytics software packages have the same capabilities, then the decision will be based on the price–choose the inexpensive one.

To differentiate itself from the rest of the packs, some of these software companies add a specific feature in their package.  Most software will have data visualization capabilities.  The more capabilities a software package can do, the higher the price that an institution needs to pay.  AAEA will make an open access resources, and we are in the process of developing it.  Members can access these capabilities without paying a penny, but the annual membership fees.

A few may produce some ß estimates. The remaining question will be how these estimates be used to make strategic business decisions?  This can be answered if the institution has competitive/business background.  This required business background can range from Managerial Economics/Accounting to Strategic Management.  Needless to say, that one single person may not have these whole skill sets.  Therefore, the Association will make an open access resources where members can discuss specific companies needs with the subject matters expert by paying minimal fees.

In the long-run, it will be beneficial to have an in-house data analytics group who can develop specific analytics that fit the organization’s needs.  This only can be done, if the institution has enough resources to do it.  Smaller entities will face more challenges than others to keep their data experts not to jump ship.  Folks with this expertise are fluid–they can go to places that offer a better deal.  Make and Keep them happy!!