Looking for a Business Intelligence consultant? Here is what you should look at before choosing the right one!

Business intelligence has become a crucial component of many firms in recent years. Businesses can make better decisions that result in higher profits and efficiency by studying data and trends. Business intelligence can be used to monitor consumer behaviour, comprehend how goods are selling, and anticipate demands in the future.

A survey states- by 2025, the market for business intelligence is anticipated to reach USD 33.3 billion, representing a 7.6% CAGR. The business intelligence market is expected to develop due to increasing analytics investment, growing need for dashboards for data visualisation, greater emphasis on digital transformation, and rising cloud and data generating use. Why is BI significant, then? It might provide businesses with a competitive edge. BI may assist managers and decision-makers in making more informed decisions that enhance overall results by giving them timely, reliable information on their customers, operations, and financial performance.

How does Business Intelligence Work?

Business intelligence (BI) is a process that transforms data into valuable insights using technology. These systems are employed to spot business issues, identify trends, and monitor performance. They can also be utilised to forecast upcoming trends and events. Dashboards, reporting, and data visualisation are all examples of BI technologies. This type of presentation typically uses straightforward, easy-to-read reports and infographics and pictographs that may be quickly understood. It is the simplest way to swiftly gather all pertinent information regarding queries or questions and acquire insight into business performance. Some BI software also gives users the choice of a selective display, allowing them to see only the data relevant to their needs. With interactive BI reports, trend analysis is straightforward. Businesses can concentrate on raising revenues and identifying more prospects for business expansion as these trends become simpler to locate and comprehend. It helps with decision-making and is an excellent investment for any company, no matter how big or small.

Popular Business Intelligence Tools:

Tools for business intelligence are used to gather, store, and analyse data to aid in decision-making for firms. These instruments can assist companies in monitoring and comprehending their clients, rivals, and markets. Businesses can enhance their operations and strategies by using BI technologies. Leading BI tools and the advantages a company may get from using the software include:

1. Power BI
2. Tableau
3. SAP
4. Qlikview
5. IBM Cognos Analytics
6. Oracle Analytics Cloud
7. Good Data
8. Domo
9. Microstrategy

Why consider BI Services Company?

A BI consultant or consulting service should be heavily considered if you are considering Business Intelligence (BI) for your business. Here are a few strong justifications:

Relevant Experience: When it comes to BI consulting, experience matters. Look for a consultant who has relevant experience in your industry and understands the unique challenges and opportunities your business faces. According to a survey by Dresner Advisory Services, 80% of successful organisations with BI have a dedicated team of BI professionals with relevant industry experience.

Technical Expertise: BI consultants need to deeply understand the specialised tools and systems used for data analysis. Look for a consultant with experience working with the latest BI software, such as Tableau, Power BI, and QlikView. A Business Application Research Center (BARC) survey found that the most popular BI software in 2021 was Microsoft Power BI, followed by Tableau and SAP BusinessObjects.

Strong Communication Skills: A BI consultant must be able to effectively communicate complex data insights to stakeholders in a way that is easy to understand. Look for a consultant with strong communication skills and who can present data compellingly and engagingly. According to a survey by Dresner Advisory Services, organisations' most critical BI competency is communicating findings effectively.

Flexibility and Adaptability: A good BI consultant should be able to adapt to changing business requirements and be flexible in their approach. Look for a consultant willing to work collaboratively with your team and adjust their strategy as needed. According to a survey by Gartner, the top three challenges organisations face with BI projects are data quality, organisational change management, and technical complexity.

Return on Investment (ROI): A BI consultant should be able to demonstrate the ROI of their services by showing how their insights and recommendations have led to measurable improvements in business performance. Look for a consultant with a proven track record of delivering value to clients. According to a survey by TDWI, organisations that invest in BI see an average ROI of $13.01 for every dollar spent.

Cultural Fit: Choosing a BI consultant who fits in with your company culture and shares your values is essential. Look for a consultant who has a collaborative and customer-focused approach and is committed to delivering results. According to a survey by Deloitte, 94% of executives believe that culture is essential to business success.

Data Security: Data security is critical when working with BI consultants. Look for a consultant who has a robust security protocol in place to protect your data from unauthorised access or theft. According to a survey by Gartner, 42% of organisations have experienced a data breach due to a third-party vendor.

Qualities of a perfect BI Consultant / Service Company

BI consultants have specific abilities, such as debate, analysis, and data extraction. These consultants anticipate the future and manage the large picture while being adaptable, imaginative, and detail-oriented.

• Examine the analytics and data flow system.
• Keep an eye on the gathering, arranging, storing, processing, and display of data.
• Create and implement new data analysis guidelines
• Create and display graphic representations of various approaches.
• Determine the opportunities and hazards particular to each firm.
• Build data models using various data sources to assist in making critical decisions.
• Constantly reviewing and revising corporate operations and regulations
• Train team members in business intelligence and data literacy
• Update the essential findings and BI findings
• Help with forecasts, trends, and company vision
• Compare and monitor the company's development
• Keep up with the most recent developments and technological advancements in
• data science.
• Create, present, and put complex solutions into action.
• Maintain reports in a readable format.

Conclusion

Your business may benefit from investing in the right BI software consulting provider. They offer various services to address concerns, questions, and difficulties that users, staff members, and clients could experience. They can come up with answers to previously unheard-of problems because they have years of experience and a portfolio full of work. Every industry experience problem that businesses cannot address on their own, which is why working with a consulting firm is the best course of action.

About Prefigure Technologies

Prefigure Technologies is a BI solution provider that supports your data-driven decision-making. We use big data to create insightful forecasts, suggestions, and forecasts that will help you perform better. We assist small and medium-sized businesses in the USA who want to use their data to make better decisions. You can recognise patterns in your industry, understand your historical success, and forecast future results with the aid of our cutting- edge technologies.

Prefigure Technologies employs a variety of in-demand products to meet and surpass our client's; expectations. One of the numerous tools we use for data modelling and data visualisation is PowerBI, along with Tableau and Google Analytics. Data that can be easily interpreted helps organisations make concrete decisions. From strategy and roadmap formulation through implementation and maintenance, we provide the whole spectrum of BI services. Our team of BI specialists has in-depth knowledge of all major BI systems, so we can assist you in choosing and implementing the best option for your requirements. BI is all about transforming data into knowledge that can be used. It can aid in decision- making improvement, operational optimization, and competitive advantage. SST can be useful if you want to make more sense of your data. We provide a wide range of BI services, from developing strategies and roadmaps to implementing and supporting them. Checkout www.prefiguretechnologies.com to know more.