4 Ways Business Intelligence is the Business Startups collaboration tool

The aspiration for success is one common thing about businesses across the world. Every company is striving for success which they might define differently. For some, it is about popularity; for others, it might be about money; and for some, it is about both. Success is also a common goal for both veteran businesses and start-ups. And, no one wants to leave any stone unturned when we talk about achieving business goals.

Companies employ different approaches and embrace new technologies to facilitate their operations and daily work. A popular misconception is that startups rely on tried and tested approaches and refrain from experimenting with new technologies. The new generation of startups are smart and do not shy from using technology to their advantage. In fact, most of them are even ready to be pilot testers for new tools and technologies that help business. This blog will talk about using business intelligence as a tool to grow your startup.

Introducing Business Intelligence

As a software consulting Company we think, business intelligence can be described as a tool that works on algorithms to derive meaning from big data. A simple example to explain how business intelligence works can be to consider a new e-commerce company that has a pool of data. This startup can use that data pool to segregate data on the basis of predefined filters like gender or age along with their online expenditures to give you an idea of which gender and age group is more active. You can then use this to create promotional deals and strategies.

Benefits for Startups

Business intelligence is useful for almost every business that has access to data pools. Now, when we are talking about startups, they might not have data to even begin with; however, there are companies that provide consumer data and also help you set up systems to record your transactions which can become your data source later. So, coming back to how startups can benefit, let’s take a look:

• Provides Direction: As a startup, you will have a great idea in mind; but what you need is to work in the right direction and cater to the right type of clientele. With business intelligence, you can easily get insights on the parameters like clients’ profiles, patterns, etc. which will help you make the right decision.
• Minimizes Mistakes: With business intelligence, you are less likely to make mistakes when it comes to decision making. The analysis is done on the basis of data you feed in the system and the decisions that you will be making will be based on data which is reflective and factual without any biases. Thus, eliminating the chances of error.
• Reduces Effort: One thing that startups would certainly be interested in is to acquire solutions that will reduce the manual work and prove beneficial in the long run. Business intelligence acts as a central repository that will store and analyze data making it easier for your team members to access and retrieve data automatically.
• Increase Efficiency: Business intelligence is not just limited to analytics related to sales and consumers. It can be used to facilitate internal processes of hiring, training, management, etc. It can be a single solution that can take care of customer demands and employee needs altogether in a single interface.

You may also like to go through 6 new trends of business intelligence software

With the number of startups rising by the day and the no dearth of innovative business ideas, it would be interesting to see how businesses embrace business intelligence and how it proves beneficial in personalized settings. To share your opinions on business intelligence, write to us or post a comment below.