Business Intelligence and Data Analytics Services

Many companies view previous experience and proprietary knowledge as points of reference for future action. Still, this approach neither provides factual information nor allows to measure KPIs. Firms globally struggle with setting realistic goals and foreseeing bottlenecks, which entails financial loss and reputational damage.

To make effective and informed business decisions, organizations need accurate data on the current state of affairs. BI and data analytics were made to provide meaningful and actionable insights.

Business intelligence is the process of data analysis. BI tools are used for data mining, text mining, predictive analytics, statistical analysis, etc.

To give you a BI solution example, take a look at how American Express used the technology to create new payment service products and reinvent the way they market offers to customers. American Express studied the Australian market and discovered that up to 24% of all local users plan on closing their accounts in a four months time. The data received via BI and analytics services helped them take action and retain the customers.

Data analytics refers to the science of analyzing raw data to transform it to an easy-to-use form.

Business intelligence (BI) is a process of addressing ongoing business operations that leverages the acquired data. Its goal is to provide companies' decision-makers with actionable and accurate information to define future market trends, set goals, track KPIs, and much more. BI and data analytics combined make it possible for businesses to adjust to the ever-changing conditions and perform in their field.

Business intelligence services refer to a wider term, while BA is BI's subset.

BI focuses on analyzing historical and real-time data to gain meaningful insights on how to act in the present day. Business analytics aims to investigate how different variables will affect each other in the future.

BI and BA can work greatly in synergy, but an exact solution you need depends on your business objectives.

The most common types of business analytics are descriptive, diagnostic, predictive, and prescriptive. What you choose heavily relies on the subject and goals of your analysis that are defined by your business objectives.

As to our business analytics services company, we offer data warehousing, data quality management, data visualization and reporting, BI consulting, and predictive analytics. To learn more about a particular business intelligence service, contact us. We will gladly have a chat with you!

The five tasks of business intelligence are data sourcing, data analysis, situation awareness, risk assessment, and decision support.

• Data sourcing. Get a unified view of information coming from all sources, be it text documents, tables, applications, or customer data. The key is to store everything you've got in one place.
• Data analysis. A BI solution's job is to make a bunch of data useful and provide you with insights on how you can optimize business processes, increase revenue, preserve a competitive edge in the market, predict future trends, and so on. Data mining is another name for this stage of looking at that data through a magnifying glass.
• Situation awareness. A business intelligence (BI) solution aims at preserving relevant information: that is the only thing able to shed light onto the context in which your business operates. Hence, with the right real-time data at hand, you can explore market trends, competition, regulations, emerging technologies relevant to your industry, and so on.
• Risk assessment. This is the time when BI solutions help companies actually make an informed decision. You have to analyze each scenario and weigh in advantages and disadvantages of acting in a certain way.
• Decision support. BI solutions are not about making that one big step that will transform the present and affect the future. It's a constant work in progress, which helps you stay aware of the upcoming challenges and adapt to new circumstances. You keep working with real-time data to spot system vulnerabilities, detect new opportunities, and grow.

One of the factors that affects the cost is who is going to do the job. If you are going with a U.S.-based company (or a UK-based like ourselves) that works with outsourced specialists, your check will be a lot more budget-friendly. If you select someone who lives and works here, the cost will skyrocket, since local developers have high rates. Other things that make a drastic difference include project duration and complexity, chosen technology, an engagement model, etc.

You can settle for a fixed price or time & materials.

Fixed price means that we decide on the workload and the timeframe beforehand, while time & materials entails monthly invoices for the hours worked and the opportunity to change the solution as we go.