Pandemic of COVID 19 has made everyone to talk more seriously about entrepreneurs. It has predicted to be an end of a traditional business era with the end of pandemic. The power of business world has slowly started to get transited towards the Data industry, the big D I call it.
While being at the focal point, there are many reasons that Startup entrepreneurs currently face a world of opportunities with the potential investors on the spotlight. Global demand of trade with a complete turned-face from the traditional resource sectors including oil too started to find the sustainable startup entrepreneurial concepts to secure their investments with the future of post-pandemic businesses.
There are studies in the Europe as well in US that there are more than 50 percent of the startup businesses that do not survive more than four years from the start due to various reasons but most of them initially the unadaptability to the process trend. So now it is a time for entrepreneurs who just stepped into their ambitious business startups to take serious and aggressive measures to overcome the D Issue, the data to sustain their brand to the next step ahead.
One of the key areas that a startup must focus more intensely in order to sustain successfully in the post-pandemic business arena is Business Intelligence (BI). The big data from marketing to process improvement and innovations, a startup needs an aggressive analytical data required in all the clusters of business decision-making processes despite the size and the type of the business it operates.
But the question is, how seriously the startups take the BI compared the larger corporations which have already started to spend fortunes on the effective Business Intelligence measures even during the lock-downs? It is a must to know the benefits of BI tools for startups to get into the track. I here give three basic benefits of BI tools summarised.
Here are why a startup should focus on their BI and Analytics.
01. Improving the Time-Management.
A startup needs it data analysed despite of the size and capacity of the business for all the business pillars from marketing communication to product innovation and from finance management to business operation.
As many of you think, the process of data analysis does not cost you a fortune if you know how the available free tools work such as Google Analytics. By using such tools will help to gather the big-D in less amount of time compared to the rarely used manual method of collecting and analysing your business data.
02. Smarter Decision Making
Numbers always help in better decision making than the words. Business Intelligence is far advanced than just a compiling a bunch of data. The analytics tools with advanced business intelligence integrated actively look for connections between multiple data sources to help you gather the reasons behind the different business trends and events that you do not pay attention to consider within your business. In the vast clusters of the BI, there are limitless ways to use it wisely for all the operations. In other words, you don’t just have to limit your use of business intelligence to sales and marketing. Prescriptive analytics can help you determine which advert content will draw the most audience to your site. Machine learning allows these tools to continually learn as they gain new data and as you ask new questions.
03. Competitors are already halfway through the race
Business-intelligence tools are becoming increasingly accessible to small businesses at free of charge. If you aren’t using these tools to better leverage your data, you can be sure that your competitors will be using them to gain the upper hand.
Major businesses in most countries are already in the Big-D race and utilising it for almost all their operations including logistics and operations smooth run. Since the startups need an aggressive launches of their innovations and existing brands, they need to start to make them capable with their own data and analytical measures.
Your business startup’s capacity to leverage business-intelligence tools could provide the insights to help you get more customers and increase your profits.
Not paying enough attention on the hidden insights in the data of your company may make your startup to lose the potential opportunities and chances to end up in higher risks of financial loses.
Using Business Intelligence tools are becoming compulsory for startups in order to sustain in the post-pandemic data business. They also help to gather right insights to make efficient business decisions. On the other hand there are most effective tools available such as Google Analytics are completely FREE of charge and easy to use.