Business Intelligence Services (BIS) enable companies to analyze, track and forecast information related to business performance. It includes functions such as data analytics and key performance indicators which uncover the problem areas and find a business solution.
Business intelligence market is a competitive arena with several service providers catering to different types of companies. To be competitive and create a niche, the service providers should be able to fulfill the business data needs of their clients in a clear and detailed way.
Organizations generally hold a repository of unprocessed data related to business transactions. This data when analyzed has the potential to reveal key elements that contributed to the bottom line and those that have pulled down the prospects.
How can business intelligence services help?
Business intelligence services can help the companies prioritize their areas of strength and work around them to maximize their revenues. They provide the necessary inputs for companies aspiring to expand their businesses through investments, M&As or third-party relationships. They evaluate the risk factors associated with business transactions, prospective partners and their financial background.
Scope of business intelligence services
The scope of BIS also extends to fraud investigations, intellectual property rights, litigation and background investigation on prospective companies for investments.
The convergence of technologies such as cloud, gamification and IoT has led to digitization gaining prominence. BIS too is treading the same path to maximize its impact.
Procurement teams can use BIS to improve their procurement profitability and manage costs. They can also gain transparency on their procurement spend and re-chart their sourcing strategies.
While entering new markets or launching new products that require higher investments, procurement teams should seek the help of BIS to ensure they make calculated steps to avoid pitfalls.
Some of the services provided by companies with respect to business intelligence include:
- Analytics and strategy review
- Design and implementation
- Data warehousing and data mining
- Mobile business intelligence solutions
Addressing the dangers of unstructured data
Unstructured data can sometimes lead to legal or compliance issues that most often prove to be expensive for companies. With BIS, companies can streamline their operations and avoid these pitfalls.
Knowledge base advantage
Intelligence service providers have their own base of procurement professionals who can lend their knowledge and experience to grasp latest industry trends and enable company procurements teams to arrive at crucial business decisions.
In the ever-changing business environment, to survive the onslaught of competition, business intelligence has become mandatory for companies to improve their performance and market share.