Integration of data intelligence with organizational procedures has become an integral part of corporate success. Business intelligence service providers take a lead role to map your operational goals and customer requirements, to deliver solutions that equip you with the eye to forecast future market trends.
Market Potential of Business Intelligence Service Providers
Corporate sectors have also realized the effectiveness of digital data handling. With sound business intelligence support, the corporate sector can analyze the market, visualize customer requirements, and even make predictions about them.
Consequently, a massive rise in the demand for business intelligence has been observed, rising to about $23.1 billion with an adoption rate of 26% for the year 2020. It is further expected that this value will reach $33.3 billion for the year 2025.
IT to Self-Analytics
Business intelligence has undergone a complete shift of operation from an IT-led BI platform to self-analytics. This helps the staff perform data analytics independently and according to their wishes (using business intelligence tools). Previously they had to wait to get it done by IT professionals.
Big Data in Business Intelligence
Big data and cloud services have also helped to boom business intelligence (BI). Market estimation based on big data enables more focused insights for better business planning. This enables them to increase their revenue streams and productivity.
The selection of the most suitable and coherent business intelligence provider is critical since every intelligence provider has its own specific attributes and work domain.
We have highlighted some points that might help you to pick the right business intelligence provider for your organization.
7 Things to Look for Business Intelligence Service Providers
Interception of Organizational Context: The services of your business intelligence provider should align with company goals and backgrounds. Since you are dealing with Big Data sharing, any mismatch between the organization and intelligence provider will not give intended results.
Tools for Business Intelligence Provider: Before selecting a business intelligence provider, you must verify if he houses the correct tools of business intelligence or not. A good business intelligence provider must house the following tool and services.
- Data warehousing & ETL
- BI Tools Such as Tableau, Microsoft Power BI and Qlik
- Data Visualization
- Data Migration
- Existing BI Assessment
- Data Architecture Modelling
Scalability: Studies show that data volume increases to about 40% every year. Always choose a BI provider that can cater for your data requirements, even for future needs.
Flexibility: The BI provider must have the tools that can handle and sort flexible data types. Since data requirements are not static, instead change as per market. A BI provider with Big Data tools is highly recommended.
Security: ‘Information Security ‘is the topmost concern for organizations. Any data leaks or cyber intrusions can result in wrong decisions and financial losses. Choose a BI provider that houses a multi-layered security platform and ensures data privacy and security.
Ease of Use: The services provided by the BI provider should be clear, precise, simple and easy to understand. The work staff should not draw conclusions from the report; instead, conclusions should be provided.
Self-Analytics: The BI you choose must be aligned to the Self-analytics approach. Interactive visuals, collaboration techniques, data blending and programmable governance should be integrated into the BI system.
A Must Have
Business Intelligence Service Providers have taken the lead to provide the best insights into market needs and customer segments that help organizations to achieve financial success. Backed by Big Data tools, these business consultants are somewhat unique, rater cognitively intelligent. A reliable and aligned Business Intelligence Service Provider is the best weapon in the armory of corporate structure.