Report Rationalization with Data Science drives 25% cost savings in BI consolidations.
Industry estimates that building and managing a single report costs between $4,000 and $10,000. With innate increases in demand for more reporting coupled with the explosion of data, the number of reports have grown substantially over the years. This has obviously resulted in increased costs of building and managing reports. Moreover, having many reports does not translate into better insights.
Hence organizations undertake Business Intelligence (BI) consolidation programs to derive better insights with a smaller, more efficient report set whilst optimizing modernization and/or maintenance costs.
The first step in any Business Intelligence Consolidation is a rationalization exercise. In our experience, manual rationalization of reports requires an average effort of about 10 hours per report thus rendering the traditional approach of manual analysis by Business Analysts as time consuming and cost prohibitive even for a small set of about 100 reports.
Applying Data Science in Transformation Projects
Another alternative that organizations have used is in building a metadata connector to a specific Business Intelligence platform like BusinessObjects or MicroStrategy and then using it to evaluate overlap of fields. This metadata approach is also ineffective as organizations have reports in different versions of a BI tool, on different BI platforms and in different formats – PDF, MS Excel, Word and PowerPoint, etc.
Iris’ Data & Analytics Practice offers comprehensive services across the competencies of Data Management,
Business Intelligence & visualization and Data Science. Our approach to provide solutions for Business
intelligence consolidation through Data Science (ML, NLP) based accelerators has helped customers transform
their legacy enterprise reporting platforms to a modern visualization solution. These solutions have yielded
immense benefits by optimizing costs of over 25% for our clients.
To learn more, contact us at [email protected]
For more information, please contact [email protected]