If you are running a business, you’ve probably heard your fellow entrepreneurs discussing the need for a Business Intelligence consultant. You might then think to yourself do I need a business intelligence consultant?
We all know that data is important to all companies today. But what do you do with your data? How do you use your data to improve your business?
Business intelligence refers to the practice of looking at your company’s data and then explaining what it means in layman’s terms. A BI consultant will help you understand what the data analysis means for your company’s future.
Here’s what to look for in a BI consultant:
- Software Knowledge
You want to choose a BI consultant who knows a variety of software applications. They should know which ones are best, such as knowing the differences between Power BI vs Tableau.
The different software they know can help the BI consultant present data to your team. For example, can they create a PowerPoint presentation that showcases your data in visual form? Can they take numerical data to create a spreadsheet with Excel or Google Sheets?
The more software knowledge they have, the more methods they have to present your data to you.
- They Can Explain Data
What do the variations of numbers in the data table mean?
This is a question that can intimidate anyone looking at your business data. A BI consultant will first present your data in a more readable format such as graphs or charts. The second step will be to explain what the data means.
For example, they can explain that your website traffic is increasing by each month. They can show if your revenue is increasing, decreasing, or is stagnant.
This can then help your team make decisions for your company. If the BI consultant shows that your revenue is stagnant, your sales team can strategize how to improve this. The marketing team can also figure out how to continue the flow of website traffic.
The BI consultant explains the data in terms that can get easily understood. Only once this is done can you work on your different business goals.
- Managing Business Risks
One of the biggest challenges for any business is to manage risk. Without taking risks, your business cannot prosper and you can’t embark upon new ventures. If you take risks, however, you might also fail and harm your business.
So how do you manage your business risk? A BI consultant can help you assess the risk of each decision. For example, if you hire a new employee how much revenue can you potentially lose? If you try a new sales strategy what are the potential losses you can make if things don’t go as planned?
As your company grows, you want to make sure you always assess risks. Take the right risks to keep going and minimize risk to avoid business failures.
Find A Business Intelligence Consultant
Now you can find the right Business Intelligence consultant for your company. Make sure you assess how well they know different software, how they explain data, and how they can help you understand your risks.
You’ll see how they help you improve your business and meet your goals. They are an invaluable tool that you don’t want to miss out on.
You can also find more great business tips on our website.