Forming a successful startup is a significant challenge, and you’ll need all the best tools to avoid becoming one of the 20 percent of small businesses that fail. Following the business intelligence trends is vital to leveraging technology for your company.
Business intelligence has become an essential asset to small businesses. You’re making ill-informed decisions if you lack access to user data and reports. Each ounce of information provides an advantage over your competitors.
Using scalable technologies and data security can set your small business apart and help you gain new clients. Luckily, you’ve come to the right place to learn about four trends to follow and use to grow your brand. Continue reading to harness the power of business intelligence today!
1. Data Governance
Data governance is essential to collect and understand data for your brand. You’ll create a robust operational infrastructure and learn to manage your brand’s data assets. It’s the first step toward collecting the data you’ll use for your company’s reports.
Your business is missing out on crucial opportunities without data governance. Maximize the value of your data to improve your decision-making and forecasting processes.
2. Connected Cloud
The cloud is becoming an invaluable tool for businesses of all sizes. Ninety-four percent of companies in the United States use a cloud platform for data storage and remote access to documents.
The cloud is gaining more importance as business tools shift to the cloud versus traditional servers. Scalable technologies like data storage, analytics models, and data sources are moving to the cloud. You risk your brand getting left behind if you’re reluctant to adopt the cloud.
3. Data Security
Data breaches are among the most significant risks small businesses face. Tech giants and local businesses are vulnerable to these cyber threats, and improving data security is the best way to protect your company.
Cyber attacks result in lost customer and financial data. You’ll be at the mercy of malicious actors, and customers will lose confidence in your company. Using business intelligence trends to improve your brand’s data security is vital.
One of the silver linings of covid-19 was an uptick in startups and an improvement in data security. Improve your data security to ensure a long-term future for your company.
4. Actionable Analytics
Data and analytics were separate for years, causing slower decisions and more hurdles to taking the necessary action to protect your company. The business intelligence industry opens the door to combining both to enhance the decision-making process. You can view the data and make an immediate decision, helping you jump on opportunities before competitors know they exist.
Use These Business Intelligence Trends for Your Startup
Creating a startup brings unique challenges, and following business intelligence trends is one of the most effective ways to overcome those challenges. You can adopt the cloud to become more efficient and open the door for remote work. Actionable analytics allow instantaneous decisions to guide your brand to a better future, while data security prevents costly breaches.
Technology is a powerful tool to use when building a brand. Learn other ways to build a successful startup with our Business guides today!
