Why Should Startup Owners Take Business Intelligence Seriously In 2020

Leverage Business Intelligence

Startup owners decide to take the giant leap because they can identify an array of opportunities lying in front of them. At times, they fail to prepare themselves for the large swath of challenges and threats from their competitors. According to market experts, about 50 percent or more startups in the USA don’t run more than 4 years. (Source)

Although there are a ton of factors that can trigger the success of startups, the one area which is gaining undivided attention is Business Intelligence. It is because of this technological trend that today’s startup owners have tools to provide them accurate business insights that ultimately helping them in better decision making.

But the main question here is whether startup owners are willing to leverage BI to take advantage of it, for BI can improve various aspects of their business, like –

Better time-management

When the startup owners were questioned about this data misuse they stated that they have their hands full of other things. A startup owner has to focus their attention on many different aspects of business, from its development to logistics, so having software to analyze their data is, of course, going to be more convenient in terms of time management. They can leave it to the software to fetch insights from data, while they manage other operations of the company.

 Smarter-decision making

BI tools not only help in reporting data findings but also look for connections between various data sources which reveals underlying market trends and patterns. Apart from essential insights, these tools are equally effective in predictive and prescriptive analytics which help you in hunting down effective solutions to various business issues instantly.
When you have accurate data insights ready, your business decisions will be more attuned and appropriate, thereby offering you a higher probability of successful outcomes.
Most of the startups have similar KPIs which include increased revenue, and efficient operations among others. And to individualize your startup you would have to identify new KPIs. To do this, you need to ask the right questions which the BI tools are adept at, such as determining which blog posts can draw a greater percentage of the audience.

Keeping abreast of competition

With major corporations and a few small and medium-sized businesses availing the benefits of BI, you might lose out from the race if you don’t consider employing BI tools in your startup. For example, Netflix makes use of the BI to generate recommendations that are responsible for 80% of the content which interests viewers.
Ignoring the key data insights of your company can even push you towards bankruptcy, so make a difference right away. Stay ahead of the competition and adopt BI tools for your company today.