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.
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.
Benefits that count
So, what can BI solutions do for startups?
First and foremost, startups need to understand their markets, products, and customers. In the early stages, it is crucial to look at engagement metrics and feedback from users to extend customer engagement, and to understand what’s working and what’s not. Backed up with accurate and up-to-date data, you will anticipate the needs of your customers more accurately.
Another advantage is that BI tools save time, which is a startup’s most valuable resource, in all industries, from marketing to finance and real estate. Systems become streamlined as many routine tasks get automated.
For startups, the transparent collaboration between team members is key to success. BI ensures effective communication as your employees will be able to run complex queries without the need for the IT department. Also, the implementation of BI solutions enables simple and intuitive ways to share data and insights.
Above all, you should remember that the art of startup motivation is a complex phenomenon, so it is highly important to show all the metrics to employees, so they know about progress and stay encouraged.
Be a strategist from day one
It’s already clear that bringing Business Intelligence out of the shadows is worth it, but how do you do it wisely? It’s best to begin with developing a valuable strategy to make the data work for your startup.
- Before you make a move, ask yourself a critical question. What data do you need to support the growth of your business? Just establish a clear vision and well-defined objectives.
- Once you have your vision and goals established, get down to developing custom key performance indicators (KPIs) for your business. It will be the best way to ensure the info is gathered and presented in a way that makes it easy to understand, analyze and act on the data.
- One of the most important tasks will be building a supportive team that helps you unlock the true power of analytics. As BI solutions are quickly becoming a must-have, it might be time to consider working with dedicated teams that offer robust Business Intelligence solutions.
A dedicated team is always open to having a great conversation about your needs. Such BI companies go beyond just extracting data - they bring you value. Also, you will save a lot of time and energy and can focus on other more important business decisions. Dedicated teams work with the latest technology and guide your choices so that only the best tools make it to your project stack. Cognos, Tableau, SSRS and many others are not just words for them. Also, dedicated teams help your startup choose and build a powerful data warehouse as well as offer rich visualization to help find actionable insights.
- Finally, note that once your BI strategy is implemented, it’s vital to step back regularly and analyze your decisions to adapt to changes and the needs of the market.
Today’s world runs on data. So, it’s important to stay on top of Business Intelligence in order to make decisions that can bring you closer to your goals.
However, remember that data is not a know-all-tell-all crystal ball and there’s no common strategy for any startup. Still, Business Intelligence is definitely a critical part of launching a successful company.
With data flowing in from all directions, how do you make sure you’re making the right decision? This is where iTechArt comes in. Our team will guide you through the world of BI and help you make the most of it. Let’s get started!