In the tough contemporary marketplace, the right business intelligence can mean the difference between increasing your market share or losing ground to the competition. There are several reasons why businesses are choosing to outsource their business intelligence needs to an external business intelligence consultancy.
Here we take a look at some of the reasons why external business intelligence services could be the best option.
Expertise in Your Market
An external consultant won’t just have great generic strategies for obtaining and interpreting the business intelligence your company needs, they’ll also have expertise in what works best for your sector. Sector-specific information and practices ensure your company gets tailored intelligence that’s exactly right for your needs.
The Right Tools
Business intelligence is obtained using a variety of different software. Obtaining the software requires considerable outlay, which may mean it’s not economical for a single company to acquire it. When you use a consultancy, you’ll get access to all the information sophisticated software can provide, for a fraction of the price of purchasing it for in-house use.
Hit the Ground Running
When your business is trying to establish an effective strategic direction, there’s probably no time to drift for a few months whilst you acquire an appropriately trained and resourced in-house team to provide the business intelligence needed for informed decision-making.
Using an external consultancy enables you to get the data and insights you need rapidly, providing everything needed to steer your organization in a profitable manner.
Given that the business environment is subject to external factors that can quickly change the landscape, it’s vital that your intelligence is updated in real time. Business intelligence services will have what you need readily available, not just now, but moving forward.
A Fresh Perspective
Almost inevitably, workplace culture can mean that managers are, at times, “unable to see the wood for the trees”. This has implications in terms of growth, as there may be limiting factors holding the company back, which are too entrenched or accepted to be easily challenged.
An external business intelligence consultancy can challenge these “givens”, providing an objective, outside perspective that gives managers the insight they need to revitalize corporate practice.
Collation of Diverse Information Sources
Your organization probably already holds a wealth of information that can be of use but may not synchronize or summarize it in a helpful manner. This is where an external consultancy can add value. They will know where to look for the information you need, as well as how best to present it in a useful format.
If you want accessible, meaningful intelligence to inform your operation, a business intelligence consultancy can provide it for you.
Regular access to updated information provides a valuable feedback tool. Successful businesses revisit, monitor, and evaluate their operation, constantly looking for ways to do things better. Business intelligence plays a key supporting role in this process, providing the data needed to monitor the success of the current way of working, as well as provide inspiration for what needs to be done differently.To find out more about business intelligence services, contact Omreon, or take a look at our blog.