What Is Business Intelligence?
Business intelligence is a series of tools and analytical software used to create a set of data that presents end users with valuable business insights in a user-friendly format. This allows owners to focus on executive strategy, strengthen core competencies, and decide other executive decisions accurately and efficiently.
How is Business Intelligence Created?
Business information is created by transforming your existing business data into usable information. A perfect example is the monthly financial statements a business receives each month. Business owners do not have time to look through every credit card transaction to make business decisions rather they should be presented with concise, accurate, and meaningful business information like average monthly expenses or credit utilization.Business intelligence is developed by aggregating all business information into a consolidated and interconnected system. As the business intelligence platform grows over time, business owners will be able to monitor all areas of the business with greater visibility, ask more complex questions, and react quicker to potential issues.
The number of data sources, volume of data, and available integrations greatly affect the project length. Two unrelated software will rarely use the same naming convention so custom keys are used to relate the two data sources. For example, a sales representative may use their shorthand name in the company sales platform but their full name in the accounting system. The volume of data being created and managed must be closely monitored to ensure the system is scale-able and runs at an acceptable speed. Integrations help us automate the data extraction and help reduce human errors or redundant tasks. The entire process can vary from a few hours to several months, so it is important to be detailed and forward thinking when discussing the initial scope of the project.
Is Building a Business Intelligence Platform Worth the Cost?
BI platforms can be developed using a variety of different software combinations with many free options available. Most projects will require custom pricing since the nature of the platform is custom to your business only. Our goal at NBBC Group is to help companies become more profitable and efficient, therefore we would never recommend a project that would cost more than it was worth. These systems can be built a section at a time so there is little to no upfront costs to start.