Most businesses collect raw data, even startups. Only those rare ones actually analyze it to the point where it becomes becomes intelligence and turns into useful information. One challenge though: more data demands more control. Companies often employ entire departments to crunch data, and small startups were unable to do so for a long time – up until now.
Nowadays, there are quite a few business intelligence platforms that allow small startups to aggregate and process data from a variety of sources. True “actionable” business intelligence allows startups to make evidence-based decisions, reduce unnecessary expenses, and provide more satisfactory products or services to their customers.
Here are all the ways startups can leverage business intelligence.
What Are the Benefits for Startups in Using Business Intelligence?
Data-Driven Business Decisions
Accurate data and fast reporting capability ensure better business decisions. Having access to up-to-date information allows employees to make well-informed decisions that will undoubtedly have a positive impact on the future of their company.
Identifying Market Trends
Business intelligence allows startups to identify new opportunities and gain a competitive edge. This will likely impact the company’s long-term profitability directly. In addition, employees can leverage external market data with internal data to detect new sales trends by analyzing customer data and market conditions.
Improved Customer Satisfaction
Business intelligence can help startups better understand their customer behaviors and patterns. In addition, data that startups gather can help them identify buying patterns, which help anticipate customer needs and deliver better service.
Every startup strives to increase its revenue (and not blow its budget in the long run). Business intelligence can help any company identify financial weaknesses and opportunities. With this information available, a company can improve its operations and services, which will undoubtedly result in increased revenue as well as improved customer satisfaction.
Increased Operational Efficiency
BI tools combine various data sets, allowing managers and employees to spend less time looking for information and more time delivering reliable and timely results. Employees may reflect on their short and long-term priorities and evaluate the effectiveness of their decisions if they have access to up-to-date and reliable statistics.
Improved Employee Satisfaction
Business intelligence can also improve employee satisfaction. BI is designed to be scalable, providing data solutions to departments who need it. Departments that didn’t have access to their own data without contacting analysts or IT can jump into data analysis once they have access to business intelligence tools.
Nowadays, there are numerous tools that can help you gather and analyze your company’s data. The first step is finding a tool that will automate the process of collecting and analyzing data. However, your company will also need to aggregate this data before you can draw any meaningful insights from it.
That’s when a business intelligence platform becomes essential for a startup business, as it will automatically gather data from multiple sources and display it in a comprehensible and useful format.
If your startup is unable to leverage business intelligence, HICO-Group is here to help you out. Whether you are building a data-driven enterprise from scratch, improving existing KPIs, or still trying to “connect the dots”, our team of business intelligence experts will guide you every step of the way.
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