Major Advantages of Using Business Intelligence in Your Startup

Business Intelligence (BI) has been growing fast, and numerous tools are emerging daily to facilitate retrieving and creating value from raw data. Gartner has predicted that by the end of 2022, around 70% of organizations will use some BI tools to look through data quality levels and different metrics extensively. 

 

This is particularly beneficial for startups that are scaling and growing their business after their introductory phase. If you are a startup owner or first-time entrepreneur wondering how investing in BI can help you, let us take you through some of its benefits. 

 

1. Improved Productivity

 

BI tools can enable you to make informed and data-driven decisions in a few minutes. These significantly improve your productivity, which is essential for new businesses and startups. In the cutthroat corporate competition, using BI tools can help you quantify your goals. They can let you break down your idea of monthly or yearly targets for you and help you monitor your daily performance. You can spot ongoing trends through the help of BI and eradicate any mistakes you may be making. BI also lessens the scope of errors, making your business more profitable.

 

2. Access to Important Information

 

Data is the new oil, and businesses worldwide in your industry are producing a significant volume of data every day. This data is crucial in helping you make informed decisions and monitoring patterns within your newly established business. BI tools help you visualize the enormous volume of data and give you access to any forecasts. You can merge or convert this valuable data in annual reporting and access it from your cell phone during travel. 

 

3. More Data-Driven Decision-Making

 

As a new business, decision-making can be quite challenging and intimidating. Your business is starting in a vulnerable position, and one wrong decision can lead to massive financial losses. In this world of digitalization, analytics can make this much easier for you. BI software facilitates the collection of data and analyzes that data closely to help you derive informed decisions for your business. The accuracy of such choices is also high, minimizing the threat of loss-making in the most crucial stage of your business.

 

4. Eliminating Waste

 

Eliminating waste and utilizing the full potential of your resources is the key to a successful business. BI systems help you monitor performance and identify wasteful patterns and practices in your firm and industry. They can enable you to determine the root causes of such issues and ensure that you fully understand the problem and create a solution plan accordingly. BI can help you stay up-to-date with consumer market trends and ensure that every resource is optimized for the business. 

 

Hiring new employees skilled in BI can be challenging and expensive for a start-up. If you already have a professional MBA handling some of your work, you can enroll them in the online DBA program to advance their education and skill set in Business Intelligence and optimize their work hours. 

 

Endnote

 

A startup is in the struggling phase of the business. This is when competition is soaring, and resources and funds are limited. In such situations, BI tools can enable you to maximize business value by improving the decision-making power of every employee. Consequently, your employees will be able to make data-driven decisions right from the beginning, which will enhance your strategic management. BI will also enable you to eliminate waste and optimize all your resources. Your overall productivity will increase, making your business more profitable in the long run.