Spotlight on BI: The secrets your startup should know
They say we're currently living in the 'mid-digital’ age, being just at the center of the information revolution. We’re lucky enough to be watching all the amazing things happening in this evolving new world.
In this new world, it’s no secret that we all leave tons of online footprints, from our social networks to the data we share through countless apps downloaded on multiple devices. Digital information is becoming ever-more significant. Given that the sophistication of technology is only increasing, the amount of raw, available data is constantly growing and playing a greater role in the lives of individuals and organizations.
The data itself is important, but it is even more essential for businesses to gather and use it for further statistical analysis. To do this, companies rely on Business Intelligence (BI).
Employing BI has long been considered the domain of big business. But that’s not really true. Sometimes, small companies perform and think even bigger! Also, with the rise of IT services, the accessibility of BI has increased dramatically, opening up an era of effective Business Intelligence solutions for small businesses and especially for startups.
While BI certainly plays a big role in your startup, there’re still a couple of secrets left to reveal. Let’s unveil some awesome things about Business Intelligence and how to improve the competitiveness of your company.
What is BI all about?
In our data-driven culture, Business Intelligence is crucial to creating a reliable foundation for better decision-making in your business. At its best, BI helps you optimize processes, monitor the trending topics and get a full picture of what is happening inside your company.
Just call it the “three Right's rule.” Why? Let us tell you a little secret: any well-organized BI system provides you with the right information presented in the right form and, consequently, at the right time.
What startups can learn from the original pitch decks of Facebook, LinkedIn & YouTube
Is BI in your startup’s wishlist?
If you think your business isn’t big enough to need or benefit from leveraging data, we disagree.
The effective use of BI has the all the power to support and grow any business. That’s why the question arises: why aren’t more executives using Business Intelligence? It’s just a matter of time.
Running a business with the help of data is inevitably becoming the new reality. More and more data-driven companies are appearing on the horizon. Starbucks, Amazon, and Netflix are all prominent users of BI technology.
There are also many startups that have created data-related cultures from the very beginning, not to mention well-established BI startups like Power BI, Looker, and Domo.
Do you still doubt about going with BI? Then let’s turn to stats. The analytics market is predicted to grow to a $20 billion industry by 2019. This fact definitely highlights the bright future of Business Intelligence.
What’s more, in accordance with McKinsey, companies which use data experience have 126% higher profits, while a Dell study points out that businesses using BI have 50% higher revenue growth than their competitors. It’s possible to assume that more and more businesses will realize the need for Business Intelligence.