Companies around the world rely on business intelligence (BI) to operate efficiently and profitably. However, many people don’t understand BI or why it’s critical to success. If you’re confused about BI or business intelligence consulting services, here’s a simple guide to help it all make sense.
Simply put, business intelligence is the process of analyzing data to make discoveries and reveal actionable insights. For example, retailers may use BI to determine which products are top-sellers and then prominently position those products in stores. Businesses may also use BI to identify gaps in supply chains, and then take steps to correct them, or measure the results of a marketing campaign and react accordingly.
The applications of BI are far-reaching and affect everything from sales and marketing to finance and operations. And thanks to the rise of connected devices, the BI market will only grow. According to one market research firm, the global business intelligence market will reach $34.3 billion by 2022, up from $16.3 billion in 2016. That’s a compound annual growth rate (CAGR) of 11.03%. As the market grows, so does the need for BI consulting and business intelligence services companies.
Businesses that deploy BI, either internally or with the help of a BI consulting firm, enjoy a wealth of benefits. They include:
Business intelligence service offerings are no longer just for large corporations. While resource-rich businesses used to be the only ones who could afford BI, this technology is now accessible to small- and medium-sized businesses as well. This is due to simplified solutions and help from business intelligence services companies.
To get the most value from their data, businesses need software that retrieves, analyzes, and transforms stored data into actionable reports. There are many options available, but popular business intelligence software includes Tableau, Qlick, SAP, Sisense, and Domo. Often, businesses aren’t sure which option is best for their needs or how to use the software to its full advantage. Business intelligence consulting services can help.
Other BI tools include:
Getting started with BI can be overwhelming, especially for companies with a small IT staff. Fortunately, BI consulting firms like Trianz can help companies of all sizes find the right tools and develop customized, scalable solutions. Analysis, data preparation, data architecture, optimization, implementation, and BI testing are just a few of the services BI consulting companies offer. While deploying business intelligence may seem complicated, with the right guidance, it’s easily attainable.
Companies around the world rely on business intelligence to increase sales, streamline operations, and lower costs. By taking advantage of business intelligence service offerings, your company can too.
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