How to Launch a Career in Business Intelligence Consulting
Business intelligence (BI) consultants are in high demand. As more organizations recognize the value of data in informed decisions, the need for transforming raw data into actionable insights has surged. Keep reading to explore business intelligence consulting, what the role entails and the advantages of earning a Doctor of Business Administration in BI to advance your career.
Why Are Business Intelligence Consultants in Demand in 2024?
BI analysis is among the fastest-growing jobs in the country. The U.S. Bureau of Labor Statistics (BLS) projects employment will rise by 23% between 2022 and 2032, almost eight times faster than average. Now is the ideal time for current and aspiring BI consultants to develop their expertise for career advancement.
BLS credits BI growth to two main factors. First, technological advancements such as artificial intelligence, machine learning and data warehousing have streamlined data collection and analysis. At the same time, BI is increasingly affordable and applicable, thanks to self-service tools, cloud-based solutions and other analytical software developments.
Business intelligence can yield actionable insights for organizations looking to level up strategic decision-making.
What Is Business Intelligence Consulting?
Business intelligence consulting is the process of transforming data into actionable insights so an organization can solve a specific problem. Nearly every industry can benefit from it, from financial services to health care and manufacturing.
Business intelligence consulting drives data-driven decision-making, improving business outcomes. For example, it can drive operational efficiency, continuous improvement in marketing and more personalized customer experiences. By harnessing the power of data, organizations can use BI to achieve their goals more effectively and efficiently.
What Does a Business Intelligence Consultant Do?
BI consultants help organizational leaders make informed decisions. The role requires technical and business acumen and involves collecting, analyzing and applying business data to create actionable insights.
BI consultants work in various settings. Many are independent contractors or work for a firm offering business intelligence consulting services. These external consulting roles may require frequent travel to meet with clients.
Specialization in the field is common. BI consultants may focus on a specific business function, such as operations, or an industry, such as health care.
The job responsibilities vary by workplace, specialization and project. Generally, BI consultants develop project strategy, analyze and report on data and provide strategic recommendations and refinements. Depending on their experience, they may also supervise colleagues responsible for these tasks.
Project Strategy
BI initiatives begin with a needs assessment. The consultant works with the client to understand their problem and business objectives and uses this information to develop the project strategy.
The strategy outlines the approach, tools, processes and resources needed to transform data into actionable insights, describing the following:
- Vision and Objectives
- Stakeholder Roles
- Data Architecture
- Data Governance
- Implementation Plan
- Performance Metrics
By implementing a well-defined strategy, BI consultants deliver maximum value.
Data Analysis and Reporting
In the next phase, consultants create and report on actionable insights.
They identify and collect data relevant to the problem and analyze it to find patterns and outliers. Data analysis requires technical skills in database management, SQL and data warehousing.
Then, consultants create data visualizations. They use tools like Tableau, Microsoft PowerBI or Qlickview to create dashboards, charts, graphs and maps. These visualizations are incorporated into presentations and reports, which consultants use to explain the insights to clients.
Strategic Recommendations and Optimization
Finally, BI consultants think creatively about the insights uncovered to develop data-driven solutions for addressing the problem. They may recommend new systems, procedures or other changes that align with business objectives. Consultants present these recommendations to organizational leaders.
BI consultants may also provide ongoing support after their recommendations are implemented. This can involve collecting feedback, planning for regular updates and enhancing the BI strategy for continuous improvement.
How to Prepare for a Career in Business Intelligence Consulting?
A career in business intelligence consulting takes advanced knowledge and skills in leadership, applied research and strategic planning. Consultants develop these competencies through a combination of education and work experiences.
Undergraduate Education
There’s no set educational requirement for business intelligence consulting, but most jobs require a minimum of a bachelor’s degree. Bachelor’s degrees in business, mathematics, engineering and computer science are common among BI consultants.
Some employers prefer consulting candidates with at least a master’s degree. The Master of Business Administration (MBA) is the preferred degree, but earning a master’s degree in a business-related field can also prepare you for a career in business intelligence consulting.
Post-Graduate Education
Pursuing a doctorate in BI can expand your career opportunities. Less than 2% of U.S. adults have a doctorate, which is a terminal degree in any field. BI consultants who hold one can differentiate themselves in the workplace, qualify for advanced roles and increase their earning potential.
One option is the Doctor of Business Administration (DBA) in Business Intelligence. The DBA is designed for those with an MBA or business-related master’s degree.
The DBA incorporates theoretical coursework with applied research, preparing candidates with the highest level of business education and practical expertise. DBA candidates build on their understanding of business, innovation, leadership and technology.
Among the reasons to earn a DBA, candidates grow their professional influence. They develop ethical leadership, higher-order thinking and research skills, allowing them to address today’s business challenges with knowledge, vision and clarity that will lead to groundbreaking insights.
Work Experience
Business intelligence consulting roles also require several years of work experience. Many consultants start as BI analysts, whose primary responsibilities are data analysis and reporting. They can take on more responsibility as they gain experience, moving from fundamental data analysis and support tasks to performing complex analysis, providing strategic insights and supervising others.
Developing technical and business acumen on the job and through post-graduate education opens doors to business intelligence consulting jobs. In addition to popular job boards, the following organizations publish BI consultant job postings:
- Insights Association
- Association for Institutional Research
- Strategic Consortium of Intelligence Professionals
What Is the Salary for Business Intelligence Consultants?
A career in business intelligence consulting can be personally and professionally rewarding.
The median salary of all consultants is $99,410, with the highest 10% earning more than $172,280. Those who work for consulting firms typically earn a year-end bonus. Independent consultants are compensated directly by their clients on an hourly or project basis.
The industries with the highest employment of consultants pay a median salary as follows:
- Professional, Scientific, and Technical Services: $104,400
- Management of Companies and Enterprises: $99,730
- Finance and Insurance: $96,450
- Government: $92,310
Due to the high demand for their expertise, BI consultants can command high earnings. Obtaining a doctorate in BI can further increase salary potential.
Advance Your Business Intelligence Consulting Career with Marymount University Online
If you want to strengthen your understanding and application of data and technology, Marymount University’s online DBA in Business Intelligence could be right for you. It will position you as an agile leader at the forefront of an ever-changing economy through actionable insights that advance the field of business technology and its real-world applications.
Delivered 100% online, the online DBA in Business Intelligence program is designed for experienced professionals with an MBA or master’s degree in a business specialty field or IT. It allows candidates to balance their careers with the ability to study from anywhere.
Imagine the opportunities you could be missing in your business or leadership role. Harness the power of BI technology and tools to make decisions with advanced vision and clarity with a DBA in Business Intelligence from Marymount University Online.