Why Start-ups Should Take BI Adoption Seriously
Business intelligence software helps start-ups to gain valuable insights into the performance of their new business.
UK start-ups haven’t been thwarted by a global pandemic, in fact it only seems to have spurred some new businesses into action. Between March 23rd and April 27th of this year, just after the nationwide lockdown was imposed, funding into UK start-ups increased by 34% in comparison to the same period of 2019. Although these start-ups have raised a collective £663 million in investment, it will still be difficult for them to launch against the tide of economic downturn. This is why start-ups should rely on business intelligence, now more than ever, to create the difference between those that thrive and those that fail during 2020.
Make Use Of Your Data
Companies are frequently guilty of churning out large volumes of data, but never, or rarely bothering to check it. Data presents a fantastic opportunity to gain valuable insights about the progress or pitfalls of your start-up, and business intelligence is instrumental in providing this detail. Some start-ups incorrectly assume that they won’t have the time to go over their data and transform it into something meaningful. The truth is that business intelligence software is now readily available for start-ups who want to understand their customers’ needs better. A power BI dashboard enables you to collate and analyse data from a wide range of sources including Excel, website sales pages, SQL databases and bespoke platforms. Your data will then be converted into user-friendly info.
Ask The Right Questions
Of course, even if you turn your data into insights, you still need to make sure that you’re asking the right questions of your analytics software. Create a list of priorities so that you know exactly how to manipulate your business intelligence software and put it to good use. You should identify key performance indicators such as the need to increase sales, expand into new territories or improve your internal processes. By determining your KPIs, you’ll be best placed to improve your decision-making skills and therefore increase your chances of positive outcomes.
Gain An Edge Over The Competition
Whilst not all companies are yet to adopt business intelligence, you can be sure that the competition you want to beat is already making the most of their analytics software. Big names in business including Netflix and Amazon have been utilising the benefits of BI for some time. For example, Amazon uses BI to analyse your buying and browsing behaviour. This enables them to make predictions about the products you might like to purchase, when you’re most likely to purchase them and where you might require them to be sent.
Whilst the likes of Amazon and Netflix are undoubtedly industry-leading giants, don’t be fooled into the thinking that business intelligence is only available for the bigwigs. On the contrary, small businesses should also take a serious look at BI adoption. This will help them to gain an edge over the competition, analyse the specific needs of customers and ultimately improve their profit margins – all of which are integral to the success of a start-up in its first year of business. Invest in the right analytics tools from the launch of your business and you’ll identify the best opportunities for your start-up in 20