How Startups Can Leverage Business Intelligence to Stay One Step Ahead of Competition
Entrepreneurs can ensure sustainable growth and capture ever-evolving opportunities by starting with the right formula for successfully leveraging business intelligence data.
The companies that get business intelligence right think about how to measure performance from the moment that they launch their enterprise. In today’s competitive environment, investing in BI is always a wise choice.
By understanding how to position yourself for business intelligence success early on, you can promote sustainable growth in the future. The best thing that you can do is to lay the foundation for working with BI data from the very start.
Setting the Stage to Win With BI
Amazingly, many organizations don’t collect data until it’s necessary. Countless firms deliver multiple iterations of a product with no idea of how changes affect business outcomes. They have no idea what works or why users continue to use their offering.
Engagement numbers tell the story of how people react to product iterations. There’s no way to understand the results of your work if you don’t look at the data.
There are some organizations that at least track limited metrics. Still, the information that they follow is nowhere near enough.
A snapshot of key performance indicators isn’t enough to give staff members the information that they need to help your organization grow. Basic KPIs won’t provide your enterprise with the necessary information to understand how an ever-changing environment has affected your enterprise. Furthermore, there’s no way to see how various iterations of your offering change your market position.
In the past, substantial metrics tracking was too expensive. Today, however, the cost for monitoring, storing, and analyzing data is remarkably cost-effective. There’s no longer an acceptable excuse for not taking advantage of advanced business intelligence.
Shining a Light on Data
Many startups think it’s enough to use a tool such as Google analytics to track organizational performance. Unfortunately, this kind of entry-level analytical tool does not provide the type of insight needed for all stakeholders to perform optimally.
Every key employee needs up-to-the-minute information that’s relevant to their role. Without it, development teams are merely turning out changes and hoping that they work.
In this scenario, no one understands why things are going right. In some cases, this is a disastrous mistake.
Today, non-technical staff members need the ability to dive into data and make meaningful use of information. Furthermore, fast-paced startups need business intelligence software that integrates with information that originates from many different sources. If you’re team needs a software engineer to extract meaningful insights from data, you’re already losing the business intelligence battle.
If staff members must rely on the IT department for reports, they don’t have access to the information that they need when they need it. What’s more, you have no way to execute the most critical work required to survive in an ever-evolving marketplace – continual testing.
BI for Now – and Later
Data is mobile. If necessary, you can move your data to another system in the future. However, this isn’t the best tactic. The more data that you have, the more difficulty you will have with the migration. As your company grows along with your data stores, the problem will only become worse.
Startups should make use of business intelligence software as soon as they launch, rather than relying solely on bare-bones tools such as Google Analytics. This way, you can transition into using advanced BI easily – rather than making it a significant project that distracts from company resources when the time comes.
Many companies continue to track simple metrics, for example, average sales per day as opposed to how many sales transpired during each minute. However, companies that think this way are frozen in the past. Business Intelligence tools that give business leaders a real time into how marketing and sales are performing can make faster and more informed decisions.
Historically, organizations monitored basic KPIs because early generation computer systems were too slow to process significant amounts of information. Now, advanced computing power can give startups access to a mass of company data every single minute. Enterprises now have access to superior processing power and technology to analyze the reasons behind every variable that results in a shift in market activity.
Don’t make the mistake of leveraging data simply to track high-level metrics. Yes. Vanity metrics are informative and offer a significant ego boost. However, they’re highly ineffective for making mission-critical business decisions. Feel-good numbers don’t promote long term sustainability.
There’s no need to skimp on business intelligence. Today, enterprises of all sizes can access the critical information needed to stay one step ahead of the competition.