Getting a startup off the ground is both exciting and intimidating. There are loads of data to peruse and decisions to make in industries where the potential for success is as high as the risks involved. However, you can successfully transform data into actionable insights using business intelligence platforms.
In a digital world, that means turning technology to your advantage, and that process done on a holistic level is known as business intelligence (or BI for short). BI involves parsing the incredible data reserves produced by digital analytics to suggest valuable improvements, and then passing them to the upper managerial echelons for implementation.
The global business intelligence (GBI) market is growing, having been predicted to reach $27.87 billion by 2024, but it won’t stop there given its broad cross-industry utility.
Accordingly, making BI a core part of your startup strategy early in the game is a forward-thinking move that will give you an edge over your competitors. While they’re still trying to get established, you can be honing your fundamental business model. To do this, you’ll need a suitable BI platform — the better the platform, the easier it’ll be to get things done.
With plenty of options using the freemium model, you can try several BI platforms till you find one that works for your business. Need some suggestions? Let’s see how these popular BI platforms work:
InsightSquared
This BI solution has an exceptional UI design, requiring little customization to start producing informative visualizations and reports. As an out-of-the-box package, it’s superb for companies that don’t want to delve too deep into the technical elements or spend time on setup.
A major consequence of that approach is limited functionality compared to other platforms. Nevertheless, it works perfectly for companies looking to polish their sales funnel.
Sisense
Sisense is a well-supported BI tool that brands like HP and NBC prefer. It is known for its ease of use and solid interface, as well as the reliability of its customer success team (when you’re dealing with high-level analytics, it’s a huge help to have the software designer ready and willing to help you).
Aside from being somewhat more expensive than its competitors (like almost every BI platform, it has opaque quote-based pricing), it doesn’t seem to have many downsides. If you’re looking for the safest possible bet, with a great combination of features and customer service, you may have found your choice.
Microsoft Power BI
With Microsoft software powering a huge majority of business computers worldwide, there’s always value in considering its releases. Power BI is a formidable option. It is built to scale seamlessly for any size of business. It allows employees from different levels to share and collaborate on custom-designed reports.
Notably, it’s also a fantastic choice for eCommerce startups because of its integration versatility. Users of Shopify’s enterprise eComm CMS can sync up their data using LoyaltyHarbour’s Power BI app. It isn’t flawless, though; anyone who doesn’t much like using Office tools might struggle.
Domo
This BI suite was promoted for its cross-platform viability. This feature helps to get things done across desktops, laptops, tablets, and even smartphones. It has a clean interface and features plenty of connectors for importing data from various sources.
On the negative side, the company has earned a reputation for holding out for large contracts. This means the platform may not be viable unless you reach a sufficient investment level.
MicroStrategy
The software touts what it calls “zero-click intelligence” through its HyperIntelligence technology: it provides business intelligence through mouseover popups in countless office and productivity applications, augmented reality insights, natural language answers through voice assistants, and information screens that change based on the people standing nearby.
This positions MicroStrategy as the ahead-of-the-curve choice in this list. The level of functionality can easily be daunting. If you are determined to make the most of your BI efforts (and you’re willing to pay the price). MicroStrategy is the ideal choice.
Suggestions
So, having looked at some top options, which should you choose for your startup? It depends on what you’re looking to achieve:
If you’re trying to optimize an e-commerce startup, try Power BI. It’s free for a single user (with various limitations). It fits well with the e-comm model, so it’s great for testing.
If you want the safest choice, go with Sisense. It’ll cover all the basics extremely well. Ensure you have all the support you need to get up to speed with BI.
If you want to embrace the future, roll out MicroStrategy. The learning curve (and cost) will be steep, but there’s every chance that you’ll be able to achieve extraordinary things.
Image credit: Pixabay
