In today competitive market, start-up founders have access to wide range of tools that offer historical and predictive data analyses to spur better decision-making.
Industry experts are all talking about how data and BI are becoming essential tools for all business owners. Peter Sondergaard of Gartner Research summarized the importance of Business Intelligence when he said, “Information is the oil of the 21st century, and analytics is the combustion engine.”
Forrester, another research firm, found that enterprise data is an untapped resource for most organizations including start-ups. It reported that around 40 percent of data is ever used to enhance operations so 60% of the data is still not being used to get useful insights with the help of business intelligence tools.
Business intelligence tools are becoming increasingly accessible to small businesses. If you aren’t using these tools to leverage your data, you can be sure that your competitors will be using them to gain the upper hand.
The following are three major trends business owners need to know to better leverage BI for their organizations.
- Self-service BI: The rise of platforms that provide self-service BI solutions allows access to anyone who wants to evaluate the data that drives their business. Many organizations that leverage internal data collect it from multiple sources or departments, which makes it difficult to aggregate in a way that makes sense for everyone.
- Data Visualization: Organizations like Tableau, Demo, and IBM are all innovating at a rapid pace, aiming to gain market share by helping their customers improve the usefulness of their data. Tableau released its predictions about where data analytics are headed in the coming year, highlighting data visualization as the second crucial development in data analytics.
- Data security: As self-service applications begin to democratize data for organizations, and visualization helps more members of the organization access and comprehend crucial information, the need for securing that information increases. More people accessing and sharing data means more opportunities for proprietary data to leak, and more potential points for external attacks.
Your startup’s ability to leverage business intelligence tools could provide the insights you need to gain more customers and improve your profit margins. Ignoring the insights hidden in your company’s data could cause you to miss out on key opportunities and even put you at greater risk of serious financial losses. Investing in quality BI tools won’t just help you save time -it could ultimately make all the difference for your company’s future.
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