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.
The goal is to automate where possible, so the reporting is as self-sustaining as costs allow. Sometimes information may have to be manually updated like notes from a manager inside an excel document. In any case, documentation can be created so any potential user can follow the step by step instructions on updating the report as needed. Reporting can be maintained by NBBC Group as a flat monthly rate or on a per hour basis.
What Else Can a Business Intelligence Platform Do For You?
Customized BI systems offer great convenience by having an all in one reporting system, eliminating tedious recurring tasks, and empowering employees with all the tools they need in their day to day roles. Working hard is admirable but working smart is more advantageous. Nonperformance based items can also be integrated, such employee on-boarding process, training modules, or scheduled reviews.
The Look of a Simple BI System
Microsoft Excel & Google Sheets is the go-to product for lots of business before moving on to more advanced software. In most cases, data is extracted from the various data sources using automation software. This automatically takes information from these systems and places them into a blank Excel/Sheet row. Then using advanced formulas, the data will be filtered, sorted, and consolidated. Reporting can then be built directly in Excel/Sheets or can be pushed into a visualization software like Google Data Studio.
Work With a Team of Business Intelligence Experts
We offer business intelligence services to help you better understand your business data and make informed decisions. Our talented BI Analysts will create custom tailored business analytics projects to meet your company’s requirements.
Contact us today for a FREE proposal. We will evaluate your business model & practices and formulate solutions to increase profitability.