Business Intelligence Consulting Firm for Unlocking Insights

In today’s data-centric world, businesses are faced with an unparalleled abundance of information.

However, the real potential of this data resides in its capacity to be transformed into actionable insights. This is precisely where business intelligence (BI) comes into play.

Business intelligence consulting firms are the architects of informed decision-making. They comprise professionals who establish new software systems and improve existing ones for more efficient information management.

They assist businesses in gathering, analyzing, and presenting the necessary data for informed and strategic business decisions.

Their expertise lies at the intersection of technology and business management. They work diligently to boost profitability, increase operational efficiency, and reduce costs.

BI consulting ensures that data becomes a valuable asset, not just a collection of numbers and figures.

Table of Contents:

1. What is a Business Intelligence Consulting Firm?
2. Why is Business Intelligence Important for Businesses Today?
3. A Step-by-Step Guide on Crafting an Effective Dashboard
4. Benefits of Working with a Business Intelligence Consulting Firm
5. Wrap Up

What is a Business Intelligence Consulting Firm?

Definition: A business intelligence consulting firm focuses on helping businesses leverage data for decision-making and improve performance.

These firms provide a spectrum of services, including:

• Data collection
• Data analysis
• Data visualization

A business intelligence consulting firm guides businesses into embracing and learning new data-organization methodologies.

These companies establish diverse frameworks and procedures to enhance data management and processing. This enables businesses to extract valuable insights from their data assets.

Why is Business Intelligence Important for Businesses Today?

Businesses need to be able to interpret their data and derive insights from it. This necessitates the use of business intelligence.

Here are the reasons why business intelligence is important for businesses today:

Informed Decision Making

BI gives businesses the tools and insights they need to make data-driven choices. This results in more informed and strategic decisions that can lead to improved performance and competitive advantage.

Better Visibility

Hiring business intelligence consulting services may result in better visibility into numerous business functions.

This can help you better optimize your business processes. You can also choose more effective KPI monitoring techniques. Additionally, this can also help you identify business opportunities for growth.

Competitive Advantage

By analyzing business data, BI enables organizations to identify market trends, opportunities, and threats. This gives them a competitive advantage.

Forecasting

BI tools provide predictive analytics that help businesses forecast future trends and market shifts. This aids them in planning and strategizing effectively.

Employee Productivity

BI tools make data more accessible to employees across the organization. This reduces the time and effort required to gather and analyze information. This, in turn, boosts productivity and enables employees to focus on higher-value tasks.

Data Integration

BI tools can consolidate data from various data sources, including internal and external data. This helps create a comprehensive view of an organization’s operations. This integrated data can provide a holistic perspective on business performance.

Cost Reduction

BI can contribute to cost reduction and improved financial performance. This is because it’s an effective tool for identifying inefficiencies and cost-saving opportunities through data analysis.

A Step-by-Step Guide on Crafting an Effective Dashboard

We shall break down the process into five stages.

Stage 1: Logging in to Power BI

• Log in to Power BI.
• Enter your email. Click the “Submit” button.

• You are redirected to your Microsoft account.
• Enter your password and click “Sign in“.

• You can choose whether to stay signed in.

Stage 2: Creating a Data Set and Selecting the Data Set to Use in Your Sankey Chart

• Go to the left-side menu and click the “Create” button.
• Select “Paste or manually enter data“.

• We’ll use the following cash flow data for this example.

Total Cost	Company Type	Company Name	Expertise Categories	Expertise	Cost
Total Cost	Subcontractor	Skyline Contractors	Mechanical Installation	Plumbing & Heating	15456
Total Cost	Subcontractor	Skyline Contractors	Mechanical Installation	Mechanical Work	10159
Total Cost	Subcontractor	Onyx General Contractors	Mechanical Installation	Plumbing & Heating	18045
Total Cost	Subcontractor	Onyx General Contractors	Mechanical Installation	Mechanical Work	12695
Total Cost	Subcontractor	Living Well Remodeling	Mechanical Installation	Plumbing & Heating	14589
Total Cost	Subcontractor	Living Well Remodeling	Mechanical Installation	Welding	11456
Total Cost	Supplier	Power-up Builders	Raw Material	Cement	20561
Total Cost	Supplier	Power-up Builders	Raw Material	Steel	32456
Total Cost	Supplier	Five-star Construction	Raw Material	Bricks	10253
Total Cost	Supplier	Five-star Construction	Raw Material	Timber	9000

• Paste the above data table in the Power Query Window.
• Select the “Create a dataset only” option.

• On the left-side menu, click “Data Hub“.
• Power BI populates the data set list. (If you have not created a data set, refer to the Error! Reference source not found section).

• Choose a data set for the Sankey chart.
• PBI populates the screen as shown below:

• Click on the “Create a report” dropdown.
• Select “Start from scratch“.

Stage 3: Adding the Power BI Sankey Diagram Extension by ChartExpo

• Creating the Sankey Diagram requires us to use an add-in or Power BI visual from AppSource.
• Navigate to the right side of the Power BI dashboard.
• Open the Power BI Visualizations panel.
• Click the ellipsis symbol (…) as highlighted in the diagram below. This will import the Power BI Sankey Diagram extension by ChartExpo.

• The following menu opens:
• Select the “Get more visuals” option.

• The following window opens.
• Enter “Sankey Diagram for Power BI by ChartExpo” in the highlighted search box.
• You should see the “Sankey Diagram for Power BI by ChartExpo”, as shown in the image below…

• Click the highlighted “Add” button.

• Power BI will add the “Sankey Diagram for Power BI by ChartExpo” in the visualization panel.

Stage 4: Drawing a Sankey Diagram with ChartExpo’s Power BI extension

• Select the “Sankey Diagram for Power BI by ChartExpo” icon in the visualization panel.
• The following window opens in the report section of your dashboard:

• You can resize the visual as needed.
• Navigate to the right side of your Power BI dashboard.
• You should see “Fields” next to “Visualizations“.

• You’ll select the fields to use in your Sankey chart here.
• The ChartExpo visual needs to be selected, though. Select the field in the following sequence:
  • Total Cost
  • Company Type
  • Company Name
  • Expertise Categories
  • Expertise
  • Cost

• You’ll be asked for a ChartExpo license key or email address.

Stage 5: Activate your ChartExpo Trial or Apply a Subscription Key

• Select the ChartExpo visual.
• You should see three icons below “Build Visual” in the Visualizations panel.

• Select the middle icon, “Format visual“.
• The visual properties will be populated as shown below.

• If you are a new user,
  • Type in your email under the section titled “Trial Mode”.
  • This should be the email address that you used to subscribe to the ChartExpo add-in. It is where your ChartExpo license key will be sent.
  • Ensure that your email address is valid.
  • Click “Enable Trial.” You’ll get a 7-day trial.

• You should receive a welcome email from ChartExpo.
• If you do not find the email in your inbox, kindly check your spam folder.
• The Sankey Diagram you create under the 7-day trial contains the ChartExpo watermark.

• If you have obtained a license key:
  • Enter your license key in the “ChartExpo License Key” textbox in the “License Settings” section (see below).
  • Slide the toggle switch next to “Enable License” to “On“.

• Let’s add the Prefix (e.g., $ sign) to the chart’s numeric values.
• Expand the “Stats” properties. Add the Prefix value (e.g., $ sign).

• Let’s add colors to each node. Expand the “Level Colors” properties and select the colors.

• Automatically, all changes will be saved.

Insights

• The procurement cost at Level 1 amounts to $155K.
• At Level 2, of the total cost of $155K, $72.3K (46.7%) was allocated to the supplier, while $82.4K (53.3%) was spent on subcontractors.
• Moving to Level 3, the $72.3K supplier cost was divided between two companies: Power-up Builder and Five-star Construction, charging $53.0K and $19.3K, respectively.
• The subcontractor cost of $82.4K was distributed among three companies: Skyline Contractors, Onyx General Contractors, and Living Well Remodeling. They charged $25.6K, $30.7K, and $26.0K, respectively, for their services.
• At Level 4, the supplier companies provided raw materials for procurement, totaling $72.3K. The companies specializing in Mechanical Installations accounted for approximately $82.4K.
• Among the $72.3K raw material cost, cement, steel, bricks, and timber accounted for $20.6K, $32.5K, $10.3K, and $9K, respectively.

From the $82.4K mechanical installation cost, Plumbing Heating, Mechanical Work, and Welding accounted for $48.1K, $22.9K, and $11.5K, respectively.

What are the Benefits of Working with a Business Intelligence Consulting Firm?

BI consulting firms empower businesses by transforming their data into meaningful information. Here are the benefits of working with a BI consulting firm:

Expertise and Experience

BI consultants are well-versed in data analysis, data reporting, and data management. They help you choose tools and technologies that align with your business needs. This helps your business make the most of its data.

Identification of Key Performance Indicators (KPIs)

A BI consulting firm helps you identify KPIs more easily. The firm helps you select the right software and tools to identify KPIs.

Accelerated Implementation

BI consultants can speed up the implementation of BI systems. This saves you time and enables you to get your data analytics initiatives up and running faster.

Data Quality Improvement

BI consulting firms can assist you in improving the quality and accuracy of your data. Decision-makers can trust the information they are using. This reduces the likelihood of making incorrect or misguided choices.

Improved Profitability

A BI firm delivers expertise and experience that play a key role in increasing a company’s profitability. They help streamline KPIs and data processes that could impact a business’s revenue and profitability.

Compliance and Security

BI consulting firms help ensure that your data handling and reporting meet industry regulations. They also ensure the security of your data.

Increased Customer Satisfaction

A BI firm can be quite useful in tracking consumer behavior and purchasing trends. This provides you with insights into your customers’ needs and preferences. You can therefore make the necessary changes to improve consumer satisfaction.

FAQs

What is the Role of a Business Intelligence Consultant?

A BI consultant plays a major role in refining data to optimize business processes.

Here are some key roles that a BI consultant plays:

• Analyzing data
• Creating data models
• Creating reports and dashboards
• Selecting appropriate BI tools
• Integrating data
• Implementing data governance
• Providing user training
• Formulating strategic plans
• Addressing issues and offering support
• Enhancing BI performance

A BI consultant bridges the gap between raw data and actionable insights. They help businesses leverage data to enhance their decision-making processes and achieve their business objectives.

What does a Business Intelligence Firm Do?

BI firms consist of teams of BI professionals responsible for transforming business data into meaningful insights.

BI firms can help businesses implement and use BI software. BI software helps businesses automate many of the tasks involved in data collection, analysis, and reporting.

These BI consulting services comprise:

• Data warehousing
• Data cleaning and preparation
• Data analysis and visualization
• Business strategy alignment
• Consulting and advisory services

Wrap-Up

In a rapidly evolving and data-rich landscape, BI consulting is the compass that guides businesses toward sustainable goals.

Business intelligence consulting firms provide a vital service that helps with informed decision-making.

Selecting the optimal BI provider elevates your business and enables you to achieve your intended outcomes.

They assist businesses in making well-considered decisions across different domains.

A business intelligence consulting firm facilitates a comprehensive analysis of decision options, allowing businesses to weigh the pros and cons effectively.

At its core, a business intelligence consulting firm is about ensuring organizations access high-quality data for informed decisions.

By taking advantage of our services, you’re investing in your business’s future. Contact us for a business intelligence consulting firm today and embark on a journey of growth and success.