Business Intelligence Consultants: How to Choose the Right One

In recent years, Business intelligence has become an integral part of many businesses. By analyzing data and trends, businesses are able to make more informed decisions that can lead to increased profits and efficiency. Business intelligence can be used to track customer behavior, understand how products are selling, and predict future needs.

The Business Intelligence market size globally is expected to grow to USD 33.3 billion by 2025, which is at 7.6% CAGR. Rising investment in analytics, rising demand for dashboards for data visualization increased focus on digital transformation, and growing adoption of cloud and data generation are all reasons that are expected to contribute to the growth of the business intelligence market.

So why is BI so important? Because it can give companies a competitive edge. By providing managers and decision-makers with timely, accurate information about their customers, operations, and financial performance, BI can help them make better-informed decisions that improve overall results.

How Does BI or Business Intelligence Work?

Business intelligence (BI) is a process that uses technology to convert data into actionable insights. These systems are used to identify trends, spot business problems, and track performance. They can also be used to predict future events and trends. BI tools include data visualization, dashboards, and reporting. This method of presentation is usually through simple and easy-to-read reports, as well as pictographs and infographics for understanding in a single glance. 

It is the easiest way to gain insight into business performance and collect all relevant information quickly regarding any queries or questions. Some BI software also offers the option of a selective display so that the viewer only sees the information pertinent to their needs. Trend analysis becomes a breeze with interactive BI reports. Since these trends become easy to recognize and understand, businesses can focus on increasing revenues and finding more business expansion opportunities. It even assists in making wise business decisions and is an overall sound investment for any business, big or small.  

Business Intelligence Tools

Business intelligence tools are used to collect, store, and analyze data to help businesses make better decisions. These tools can help businesses track and understand their customers, competitors, and markets. BI tools can also help businesses improve their operations and strategies. There are leading BI tools and their benefits that a company can achieve by utilizing the software – 

• Power BI
• SAP
• Tableau
• IBM Cognos Analytics
• Qlikview
• Pentaho
• Domo
• MicroStrategy
• Oracle Analytics Cloud
• GoodData

Why You Must Consider BI Consultant or Consulting Services

If you are considering Business Intelligence (BI) for your company, you should strongly consider using a BI consultant or consulting service. Here are four compelling reasons why: 

1. Expertise and Objectivity

A good BI consultant will have a deep understanding of the BI landscape and be able to objectively evaluate your company’s specific needs. They can help you select the best BI platform and tools for your business.

2. Streamlined Implementation

A consultant can help you plan, implement and integrate a BI system into your business. A good consultant will also be able to provide training to your IT teams on how to use the BI tools.

3. 360-degree View

A consultant can help you get a 360-degree view of your company, including how to optimize business processes, how to measure the efficiency of key business operations, and how to identify new opportunities for growth.

4. Value Add

A consultant can help you identify the potential value of BI in your business. They will also help you to design and implement a pilot project, which will help you measure success and ROI.

5. Strategic Thinking

A BI consultant will help you to set a strategic direction for your company. This is crucial for success. For example, if you want to grow in the Asian markets, then a BI consultant can help you determine the best way to do so. They will also help you know the feasibility of such markets.

6. Data Quality

A BI consultant can help you clean, integrate and analyze data from various sources in your company.

What Are the Responsibilities of BI Consultants?

BI consultants are responsible for helping businesses to collect, store, and analyze their data. They work with businesses to identify their specific needs and then craft a solution that will help them to achieve their goals. Like, in the case of a novice business that has not yet implemented Business Intelligence, a consultant will help you choose the right BI tools and technology depending on the specific business requirements. They help the company determine a BI roadmap and set some BI goals and work with the management to achieve them. 

On the other hand, if businesses already have BI software set in place, the work of a BI consultant is to review the current structures and strategies, along with coordinating with the technical team to identify trends and predict significant events for better business decision-making. They set up systems to consistently monitor progress and change parameters, thus helping organizations grow. 

What Are the Qualities of a BI Consultant?

BI Consultants have a set of niche skills that include but are not limited to extraction, analysis, and debate. These consultants are flexible, creative, and detail-oriented while foreseeing the future and overseeing the big picture. 

What Are the Required Technical Skills for a BI Consultant?

They are adept at business strategy and computer technology. They must have an aptitude for Data Analysis, Problem Solving, Communication, Business Intelligence, Basic Knowledge of SQL, and intricate knowledge of the sphere of the business itself, such as healthcare, food industry, etc. 

The Data Science Skills Required Include

• Knowledge of Data Warehouses
• Data Modelling, Mining, and Analysis
• Multiple programming languages
• Critical Thinking Skills
• Database Management and Reporting 

There Are Several Business Skills Involved As Well

• Creating accurate and relevant reports
• Debugging
• Data Governance and Visualisation.
• Basic knowledge of MS office
• Statistical Analysis
• Monitoring Data quality and the BI software

What Are Some of the Responsibilities of a Business Intelligence Consultant?

• Review the data flow and analytics system
• Monitor the data collection, structuring, storage, analysis, and presentation
• Design and develop new data analysis policies
• Create and present visual models of different strategies
• Identify the risks and opportunities of each specific business
• Work with multiple data sources and build data models to help make important decisions
• Constantly monitoring and updating business performances and policies
• Train team members on data literacy and business intelligence
• Update the essential findings and the BI results
• Assist with predictions, trends, and business foresight
• Compare and track the company’s progress
• Stay updated with the latest happenings and evolutions in data science and technology
• Design, present and implement complex solutions
• Maintain reports in an easy-to-read manner

What Are Some Mistakes To Avoid While Partnering With a BI Consultant?

Since the job of a BI consultant is critically fundamental, choosing the right company or partner for your requirement is necessary. Before doing so, here are a few factors to keep in mind-

1. The chosen consultant must not waste your resources and should be able to deliver on time.
2. Ensure that all the necessary skillsets are covered
3. Keep only the relevant contracts and partnerships to avoid confusion and overcharging.
4. Check up on all the references they provide, their previous projects, and their collection of clients. More reliable the institution, the better. 
5. Look for those companies that have a trustworthy reputation in the industry and are open about their processes and practices.

Top Business Intelligence Consulting Firms

While there are many business intelligence consulting firms, it is better to entrust your company policies and strategies, and decision-making to a dependable and well-founded institute. The companies have panels of professionals and years of experience that play a prominent role in determining the quality of your BI roadmap. So why risk when you can spend a little more and pay for the best? Some of the top firms are

1. Mckinsey and company
2. DataToBiz
3. Boston Consultancy Group
4. Bain and Company
5. KPMG
6. Deloitte Consulting LLP.
7. Alvarez and Marsal
8. Accenture
9. PWC
10. Oliver Wyman

If you are looking to keep your business within the country, then some good Indian companies are – 

1. Tata Consultancy Services
2. EY Parthenon
3. Accenture
4. Insight Sourcing
5. Deloitte
6. Mercer

And many more.  

Conclusion

Investing in a BI software consulting firm, especially the right one can be valuable for your company. They bring to the table a range of services that handle issues, queries, and problems that users, employees, and customers may face. Since they have years of experience and a portfolio full of work, they can find solutions to challenges that were unheard of and not thought of before. In every sector, some issues arise that companies cannot attempt to solve, which is why hiring a consulting firm is the best option. 

Sunaina Agarwal

Sunaina Agarwal has over 8 years of experience in writing. A Post Graduate in Mass Communication, she started her career as a Journalist in Print Media back in 2010 and is now catering to clients as a freelancer content writer.