BI Outsourcing: How to make it work?
Business Intelligence – BI – is a form of technology that turns massive amounts of data into a formidable tool to advance business operations. And while businesses utilize BI technologies internally, there are many reasons why BI outsourcing can actually be beneficial for operations. Here’s a look at how to make BI outsourcing work.
What is BI in a nutshell?
BI solutions effectively collect and analyze information, in the form of business data, as a way to identify key insights and make profitable business decisions. BI will provide past, present and future insights to mitigate potential risks and better plan for future operations. With BI you’re able to interpret aspects such as consumer behaviour and impactful business operations so that you can implement better strategies. Some of the BI functions include:
- Data mining
- Prescriptive analytics
- Business performance management
- Data warehousing
- Data prescriptive analytics
What to consider when outsourcing BI
While internal staff can be trained up in BI, this can be a costly undertaking which requires ongoing salary payments and upskilling. This is why so many companies are now looking to outsource BI as a preferred method of operations. However, it’s important that you partner with a reputable supplier that can meet your needs. Here are a few things to consider:
1. Cost savings
You need to know that you are actually saving more money with your BI supplier which means considering the cost of BI infrastructure, labour, equipment, office space and support before comparing this with your BI supplier’s price.
Cybersecurity is vital in modern business operations, particularly when it comes to BI. This means you need to ensure your BI partner is able to provide adequate protection for all your data and intellectual property.
Check with the BI supplier that the program can consolidate all data sources in one simple solution. For this you will need to prepare an inventory of your current software and who has access to it, outline your objectives and then discuss this with the supplier.
4. Industry expertise
When it comes to outsourcing your BI, you need to partner with a supplier that has specific industry experience. One way to ensure this is by requesting a demo session, as this will give you the opportunity to assess, not only their products and services, but their industry understanding as well.
5. Follow-up support
Whatever BI technology you go with, there’s undoubtedly going to be questions and upgrades down the line, for which you’ll require support and insight. Ask your BI supplier about their support structures, hours of operation as well as whether the cost covers elements such as maintenance and system updates.
What are the benefits of outsourcing BI?
Once you’ve covered these five key aspects and chosen a suitable BI vendor, you can start to enjoy the many benefits of opting for outsourced Business Intelligence. Among these are:
When it comes to your business, you want things done right from the start, which is why outsourcing BI is a great choice. Rather than having to overcome challenges internally, you’re benefitting from professional assistance and support, giving you peace of mind.
Cost and time savings
With internal BI operations, your team is not only having to work out the software and systems for your business, they’re having to constantly upskill and learn new things. This can be costly for your business, and takes focus away from other areas of productivity. Outsourcing BI means you don’t have the expense of hiring software engineers, data specialists and project managers who draw salaries and other expenses.
The team dealing with your outsourced BI technology is constantly looking for ways to improve your business through additional features. Because their primary focus is BI technology, they’ll remain ahead of the competition in BI techniques.
As mentioned earlier, your data security is an important aspect of BI, and by outsourcing this operation you’ll be working with a team who manages and stores valuable data across all platforms. They’re fully versed in data regulatory and compliance requirements.
Read More: Benefits of Outsourcing Business Analytics
Incorporating BI technology is the right move for modern business, and outsourcing such a valuable aspect of your business should take significant consideration. By working with a Business Intelligence Company, such as Canvas Intelligence, you’re able to benefit from BI technology while remaining focused on business development.