Startup entrepreneurs need to seriously consider business intelligence in 2020

[David White]

Start-up entrepreneurs face many opportunities, but they also face a lot of challenges and a lot of competition. Surprisingly, data from Statistic Brain suggest that more than 50% of startups in the United States do not live beyond four years. Although there are many issues that can affect the success of startups, business intelligence (BI) is becoming increasingly important for companies of all sizes. Today's entrepreneurs have access to a variety of tools that can provide historical and predictive data analysis to facilitate better decision making.

The question, of course, is whether the founders of startups are willing to take advantage of these available resources. In fact, if you want to succeed in 2020 and beyond, you need to immediately prioritize business intelligence.

The founders of many startups know that company data contains important information, but they mistakenly believe they can't afford additional software tools. They think they will have time to find information for insight. Unfortunately, such goodwill rarely translates into action. As Anne-Claire Herve pointed out in an article on "Innovative Enterprises", polls show that 56% of small and medium-sized businesses report "little or very few" checks on their data. The other 3% have never looked at their data. When investigating the reasons behind this abuse, 33% of respondents said that the reason they didn't look at the data was because they were busy with other duties.

From marketing your product or service to getting financing, there are already a lot of responsibilities to pull you in different directions. Iterating through tiny data points can be time consuming and prevent you from performing other important duties. By letting your business intelligence tools filter the data for you, you'll be able to do it more effectively without ignoring anything.

Business intelligence goes well beyond reporting data alone. These analysis tools proactively look for connections between multiple data sources to help you discover the reasons behind certain trends and events. Not only do these tools provide insight, but many also provide predictive (or even prescriptive) analysis to provide actionable solutions that can be used to improve business operations. With data insights, you can make smarter decisions and be more likely to achieve successful results.

Of course, quality decisions depend on asking the right questions for the analysis tool. Jim Rich, vice president of global sales for BI software provider Sisense, explained in a recent blog post: "Most companies have similar KPIs: sales growth, expansion to growing markets and regions, increased operational efficiency, etc. The problem is "Everyone is looking for the same thing. The really great companies are those that combine macroeconomics, industry dynamics, and identify new KPIs and make them different.

In other words, you not only need to limit the use of business intelligence to sales. Canonical analysis can help you determine which blog topics will attract the most readers to your site. Machine learning enables these tools to continuously learn as they acquire new data and ask new questions.

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