Many young entrepreneurs and newly founded start-ups see themselves in an environment full of opportunities and growth chances, but they also face a multitude of challenges and obstacles in an ever increasing competition. As a rule, a company is considered a start-up for the first three years after its foundation. In individual cases, this phase is extended to up to five years - according to official information from the MittelstandsWiki. During this period, there are many different factors such as customer satisfaction, product/service availability or software performance that can positively influence or impair success. The larger the company becomes, the more important topics such as Business Intelligence (BI) or Predictive Analytics become.
A variety of software solutions, including service offerings, are available for use today, offering historical and predictive data analysis to enable better decisions to be made. If you are on course for growth, you should make Business Intelligence a top priority topic in order to be successful in 2020 and in the future.
Many people know themselves that their company data contains important information, but they make the mistake of thinking that they don't need additional software to do so. They assume that they themselves or an employee will find the time to search and prepare the information in order to gain decision-relevant insights. Unfortunately, these good intentions can rarely be put into practice. It is well known that small and medium-sized companies rarely or never check or evaluate their data. The main reason is obvious, they are too busy with other operational tasks in the company and do not have enough time to analyze the data. However, in order to do justice to this tedious work, there are software and service providers who take over the analysis and evaluation of data, so that a lot of time can be saved and work can be done more efficiently.
Business Intelligence and Predictive Analytics goes far beyond simply "reporting" the data. They actively look for connections between multiple data sources to determine the reasons for certain trends and events. The evaluation of BI trends by BI users, consultants and manufacturers (source: BARC BI Trend Monitor 2020) shows very well how enormously important data is for companies. Not only insights into the data are relevant, but also predictive and even prescriptive analysis to present workable solutions to optimize business operations. With data-driven analysis, you are better able to make strategic decisions that are much more likely to produce successful results.
Of course, the quality decision depends on whether the right questions have been asked to the analysis tool. KPIs such as sales increase or operational efficiency actually affect all companies, but by using Business Intelligence they can be approached in a much more targeted way. With enhancements such as "machine learning", these BI tools can learn continuously when new data is available and when new questions are asked.
The benefits of Business Intelligence software, helping you save time and make relevant decisions while managing your business, are undoubtedly compelling. For many entrepreneurs, it is perhaps even more important to realize that the competition is increasingly using such tools. Large medium-sized companies as well as DAX-listed corporations are already leaders in the introduction and use of Business Intelligence solutions. Basically, the software is becoming more and more accessible on the market to make better use of company data. You can assume that your competitors will use it and, if they do not, will be one step ahead of you. The ability to use business intelligence software provides you with the insights you need to attract more customers and improve your profit margins.
In volatile times like these, ignoring the insights hidden in your company's data can cause you to miss important opportunities and even put you at greater risk of serious financial loss. Investing in business intelligence software not only helps you save time, but can ultimately make all the difference to the future of your business.
Tim Erben, Head of Marketing, has been working for CoPlanner Software and Consulting GmbH since 2019. Prior to that, he was Head of Digital Marketing at pmOne AG for over 9 years and worked for various companies in the fields of Business Intelligence, Performance Management and Enterprise Content Management. Tim Erben focuses on topics such as corporate / online marketing strategies, modern marketing: content, automation and analytics to drive growth.