Business Intelligence (BI) Consulting Concepts
Looking for a Business Intelligence (commonly referred to as BI) solution for your company can be intimidating. BI uses its own special terminology and the database design concepts can be difficult to grasp.
So where do you start?
ArcherPoint has put together this document to help anyone looking to implement a business intelligence solution understand the underlying concepts and be in a position to ask the right questions of any BI consulting vendor.
Why BI Consulting?
Most companies track and record thousands of transactions daily. Not just customer purchases – which might include information such as the customer, the products/items sold, the store from which the purchase was made, and the date and time of the purchase – but also transactions such as warehouse activity, inventory purchases, employee hours and time off, as well as daily operating costs.
In fact, most companies are virtually swimming in data. If only there was a way to collect this data in one place and make sense of it all with a simple report (or set of reports). Companies who can successfully extract pertinent data from their mountain of information are gaining unique perspectives of their business, enabling them to become leaner and more competitive.
The process of collecting, organizing, and analyzing business data and turning it into useful and actionable information is commonly referred to as Business Intelligence or Business Analytics. With business intelligence, companies have greater insight into their organization, yielding new opportunities, corrections to existing procedures or processes, competitive advantages, and more, including the ability to:
- Identify top-selling products by region, store, or sales person
- Identify trends, both good and bad, early on
- Generate ad-hoc financial reports
- Track competitors in their area
- Compare information about customers, products, prices, and costs over time
But before you run and write a SQL query to start extracting your business intelligence information from your company’s database, there are some things you might want to consider first. And to do that, we’ll have to define a few…no, many…terms.
For more examples of how some companies are using BI consulting to better their organizations, please read our blog.