BI, or business intelligence, is a critical component to long-term success in today’s global competitive market. The purpose of business intelligence is to assist in the decision making process by making the right information available when it is needed. Not only is BI crucial, but it also must be thoroughly developed strategically around a vision that supports the progressive needs of the enterprise. Recent surveys reveal that BI is the number one priority for CIO’s. Business intelligence gathers massive quantities of raw data and processes it in to intuitive models that are continuously being updated as new data arrives.
When new to BI, success in developing and implementing an effective program can be elusive due to the amount of data and technology available. We live in the age of information and it is plentiful, available, and wide-ranging. While considering the strategy and desired vision, it requires the correct team of skilled professionals to sort through and collect the relevant information to create beneficial business intelligence. Choosing the relevant information to incorporate into BI can be difficult. If the correct information is collected and processed by the appropriate team using the precise technological platform, BI becomes a highly successful decision making tool.
Choosing to have business intelligence developed by a third party that specializes in BI strategy building is a sound decision. Consulting specialists have the experience and industry knowledge to generate a productive BI more efficiently than in-house development. A specialist will also be able to assist in strategic development based in real industry experience.
A strategic consulting firm that is intimately familiar with the full capabilities of BI can assist in developing a vision and strategy that meets and exceeds BI requirements. Conferring with experts will ensure a comprehensive understanding of capabilities and future possibilities. It is important for the vital decision makers to understand how BI will be able to aid them in their positions. Additionally consulting with specialists is the most efficient, time saving, and thorough method of implementing the program. Consultants will also be available for on-site support and training of end users. A firm that provides and supports the implementation of BI technology along with providing strategic development services is a valuable asset.
Business intelligence that has been correctly implemented and adopted will offer predictive analysis to be used in forecasting. This provides the most critical information when planning inventory levels, sales quotas, purchasing requirements, and marketing activity. Through analytics, sales managers can create sales plans, service industries can work towards better customer retention, financial services can identify highly profitable customers and make better market predictions, and manufacturers will have information to ensure material requirements are met.
Benefits of a well designed and implemented BI program include greater accuracy in forecasting, attaining stable inventory levels, increasing competitiveness, raising ROI on marketing campaigns, and increasing in market share. There are countless more benefits of an accurate, results providing BI that can be customized based on industry. An enterprise cannot afford the risk of not have a professionally strategized and implemented BI that is customized and tailored to meet its goals.