A startup business usually aims at providing a service offering by addressing a perceived demand arising from a particular market gap. They are known for their innovative spirit by introducing their end users to new products and processes.
Business Intelligence (BI) has brought about a revolution with its set of methodologies and technologies. These allow companies to make informed decisions, identify new business opportunities, address areas of concern, increase operational efficiency, cut costs and gain competitive advantages.
Given the mounds of data that enterprises today have access to, business intelligence in India becomes even more relevant. Business Intelligence helps manage and extract meaningful insights from structured and unstructured data. By using BI tools, a start-up can gain immensely as enumerated:
Optimum Utilisation of Resources
Since startups have limited manpower, roles are not clearly defined. Many man-hours are spent resolving technical issues as opposed to devoting time to strategic business planning. By utilising Business Intelligence technologies, you can derive useful information much faster and this, in turn, allows you to be more productive where your key deliverables are concerned.
Initial days of setting up a start-up are spent on the move doing on the ground market research and interacting with potential clients and vendors. While you are outside the office premises and in the midst of important meetings, mobile business intelligence in India gives you instant and easy access to visual data and relevant reports.
When time is of essence and you have to create a powerful impact on your target audience, such tools are of great help.
A Force to Reckon With
In this competitive arena, let the sheer size of your business not deter you from increasing your market share by competing with larger players.
Business Intelligence tools can help you identify the most cost effective and time effective channels of acquiring new customers, gives you useful insights on the acquisition costs involved and the potential revenue that can be generated per client.
Competitor analysis and gap analysis can help startups find new opportunities and trends, leading them to the right person at the right time.
Improves Operational Efficiency
By cashing in on certain business intelligence features that send alerts either via mail or SMS, start-ups will be in a position to adopt a more proactive mode instead of a reactive one. Real-time business metrics and vital key performance indicators enable start-ups to be more effective and efficient.
When a service provider can exceed their end users expectations by being attuned to every minute requirement even before it arises, they will truly leave an indelible stamp.
Raises Employee Satisfaction
When start-ups encourage their employees to brainstorm and utilise business intelligence software to its optimum especially the more user-friendly and robust ones, they will feel challenged and motivated to collaborate as one unit.
Inculcating a healthy team spirit is so crucial for the success of any venture. Implementation of business intelligence facilitates effective communication owing to effective data storage and faster data transmission. It enables employees to share and access files instantly.
Provides Automated Solutions
Collecting data from multiple sources and organising it to create exhaustive client reports is a tedious task. Business Intelligence tools help to simplify this process by offering automated client reporting solutions, real-time analysis, and actionable insights in a very user-friendly format.
Business intelligence tools are rapidly evolving and sophisticated BI software is now more affordable. This makes it possible for growing companies to utilise these innovative tools to meet their growing business needs, make data-driven decisions and keep track of their overall performance.
Investing in business intelligence is most definitely a smart move for a start-up.