Business intelligence consulting is the new best thing for your company, in terms of assets growth. It is a technology-driven process that analyzes data and presents useful information to business owners to help make better business decisions. Thanks to BI, you can rely on support for your decision-making, be it strategic or operational. From setting up goals or priorities to pricing or product placing, business intelligence consulting is your partner-in-need.
Let’s go over the principles of BI and its advantages to determine how it works and how business intelligence consultancy is the new state-of-the-art corporate tool.
What is Business Intelligence?
Business intelligence is a term used to encompass tools, applications, infrastructure, and methodologies, enabling access to information that improves performance. BI systems play a vital role in the planning process within a company.
How does Business Intelligence work?
Business intelligence data includes both historical and new data. This enables BI to support both operational and strategic decision-making processes.
BI combines a vast set of data analysis applications. This includes online analytical processing, ad hoc analysis and querying, enterprise reporting, cloud and software as a service, mobile business intelligence, real-time business intelligence, location intelligence, and more.
Business intelligence technology also relies on data visualization software. This type of software is used for designing infographics like charts.
BI also includes tools for building dashboards and scorecards for performance. They display visualized data on metrics and key performance indicators in a comprehensible way.
In some cases, though not that many, business intelligence can incorporate forms of advanced analytics. We’re talking data mining, text mining, predictive analysis or big data analytics. However, these projects are usually conducted by teams of data scientists.
BI data is stored in a data warehouse or small data marts. Additionally, Hadoop systems have gained popularity as repositories or landing pads. They usually store unstructured data, sensor data, log files, and other big data.
Before being used in business intelligence applications, raw data has to be integrated, cleansed, and consolidated by using data integration and quality tools. This ensures the user an accurate and consistent information.
Who are your business intelligence consultants?
Business intelligence consulting firms have teams of individuals coming from different domains. To name a few:
- Business intelligence architects
- Business intelligence developers
- Data management professionals
- Business analysts
- Business intelligence managers
In addition to BI professionals, users are also included in the process. This is important because they represent the company and can give real insight. To have the needs of their clients met, organizations are turning to Agile BI and data warehouses that follow Agile’s principles in detriment of the traditional waterfall development. This way, projects are broken into small chunks. Users then receive information on a regular basis. By doing so, companies can put into use business intelligence features more quickly. Development plans are refined or modified in accordance with business needs.
What areas of business benefit from business intelligence consulting?
You can use BI in almost all departments within your corporation. To name a few:
- Market research
- Customer support
- Product profitability
- Market segmentation
- Statistical analysis
- Customer profiling
- Distribution analysis
How can business intelligence consulting benefit your company needs?
The potential benefits when appealing to a business intelligence consultant could be huge. It is proven to help gain competitive advantage over your business rivals. Here are a few ways through which you can profit from BI:
- Improves decision-making
- Increases operational efficiency
- Identifies market trends
- Drives new revenues
- Optimizes the internal process
- Spots business problems
- Increases the company’s profit
Factors of implementation
Before starting turning to business intelligence consulting, companies have a few areas to assess:
- The staff’s level of commitment
- The level of need for creating a BI project
- The amount as well as the quality of data available
Once you have managed to respond positively to all the key factors for a proper implementation, you can start looking for business intelligence consultants. Besides their own staff, business intelligence companies rely on the client to provide all the necessary resources to do its job. Whether we are talking data or the client’s total implication, all factors are crucial.
Business intelligence consulting may not be for everyone, but for many businesses, it is a tool like no other. Once you assess your weaknesses together with your strengths and capabilities, you gain a competitive advantage over your business rivals. With a new perspective over decision-making, you can turn your business into a winner.
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