Business intelligence (BI) services refer to the harnessing of business data with the help of specialized tools and techniques to allow businesses to make profitable business decisions. Usually, businesses outsource BI works to specialized business intelligence service providers who deploy the required manpower and tools to carry out the job on behalf of their client.
There are a few common characteristics of such business intelligence service providers that help businesses zero in on the right one to delegate the BI aspect of their operations. A few of them are listed below.
The List of Clients: A reliable company would have an impressive list of present and past clients who have been benefitted by its BI services. Usually, the website of the company offers an extensive list of all the clients that it has served. This would give a fair idea of the capabilities and potential of the service provider. Clients can also request the vendor for a list of such references.
Pricing: Before hiring any business intelligence service provider, you should be very clear about the project scope, expectations, and budget to avoid any kind of clash or confusion in the later stages. The vendor should give a clear idea of the project estimates with no hidden costs or charges to trouble the client later. Usually, the fees charged by reputed service providers are higher than the prices offered by smaller companies.
Relevant Experience: Hiring a large and reputed business intelligence service provider doesn’t necessarily imply that it is entirely capable of handling any kind of project or task. The client should search for a service provider who has experience in working in their field of operation (such as retail, marketing, production). The vendor should have adequate manpower so that even if the individuals deployed on the project are unavailable, the work continues without any delay.
A Forward-looking Approach: While it’s important to carry out the daily tasks of data handling and data management, the business intelligence service provider should also advise the client on the future trends and possibilities and recommend ways to make the most of it. There can be suggestions on reducing operating costs, boosting process efficiency, and the latest and relevant technological advancements.
High Credibility: Partnering with the wrong company can jeopardize the entire business workflow and hence it’s imperative to gauge the credibility of the business intelligence service provider before proceeding with the contract formalities. The client should try to find about the vendor’s previous projects, quality of the work delivered, deadline adherence, work ethics, etc. to take an informed call on the potential partnership.
Cooperation and Transparency: It’s a no-brainer! Cooperation and transparency are two of the several factors that decide the success or failure of any group project. Usually, all business intelligence service providers assign a manager who oversees the project developments and briefs the client on the progress in unambiguous terms. The client should be kept informed of all developments and concerns including project anomalies and exceptions.
Before picking up any business intelligence service provider as a partner, the client must indulge in a thorough analysis of the shortlisted companies to know about their abilities, accomplishments, and domain expertise. Albeit there is no silver bullet to identify the best vendor among the countless ones out there, following the above-listed points would be invaluably helpful in the process.
