A Modern Business Intelligence Stack for Startups
In order to carry out a company's operations in an effective manner, it needs to extract more information from its data. It is especially true for startups to adopt a modern business intelligence stack policy and to help them make informed decisions with a complete data picture. Going further through this article will provide you with what business intelligence means, how it can uplift a business, and what factors to watch for in your own startup.
Why is the modern business intelligence stack gaining popularity?
The traditional data stack is failing to deliver and is not in line to keep pace with the data demands of modern organizations. To get a competitive advantage businesses need data, that they can use at the right time. Traditional data stacks often fail to provide information at the time they are needed most.
With the advent of technology and new techs constantly popping up, it is difficult to establish which of these can be fruitful and provide more value to your business. A typical traditional data stack can lead to the following problems:
- A longer turn-around time with lots of work hours to analyze and gather data before any improvements can be made.
- Slower response to new information. Data pipelines may require hours to complete and data updates can take weeks before insights appear. Moreover, once the data gets ready, the organization fails to act in time, which results in missed opportunities.
Benefits of the modern business intelligence data stacks
Compared to the traditional approach there are several advantages of the modern data stack (MDS).
- MDS shifts your organization from IT-focused to a business side of an operating model.
- It can provide you with higher-value data tasks, saving you time on performance optimization of the traditional data stacks.
- MDS even reduce your dependency on data professionals and offers greater accessibility, thus lowering the technical barrier to entry.
- MDS offers storage and computing made available on a single tap, thus improving the data processing response time through the help of the cloud.
- Modern business intelligence data stacks are faster to set up and eliminate the requirement for large IT teams.
- The tools offered by MDS vendors ensure better data quality, privacy control, and easy access, with data protection as their primary concern.
How modern business intelligence stack helps organizations?
The primary objective of business intelligence is to assist a business in making more informed decisions. A comp
any with an efficient business intelligence strategy will have data that is accurate, complete and organized. Business intelligence is a way that can be used in the right way to help stakeholders share the historic patterns of a business, alerting them to problems and simultaneously showcasing to them the areas for potential improvements.
Business intelligence in turn can also help teams by making them aware of key performance indicators, keeping them aligned and focused on their goals. Easy access to metrics frees up their time and allows them to take on the tasks that will impact the company’s future performance.
Examples of business intelligence usage
Some of the examples of how business intelligence is used are:
- Helps estimate the volume of visitors and users on a website at a given time.
- Allows marketers to track potential customers through a sales pipeline.
- Provides the ways with which performance of business metrics can be measured against benchmarks and the set objectives.
- It can be a good tool to evaluate the performance of various marketing campaigns and experiments.
- Allows you to segment users by their demographic characteristics, thus assisting you in more precise future business planning.
- It generates reports for teams to help them execute more informed decision-making.
Factors to consider while deploying modern business intelligence stacks
Implementing the right business intelligence is not just choosing the right tools, but requires more research. The following tips will give you a fair idea for implementing business intelligence.
- Make sure that the tools selected meet the company’s goals: Ensure the capabilities of the tool match the company's needs. Use the list of business intelligence features to establish how they will meet the business priorities. Determine the most important features of your business and choose a tool that best aligns with your needs.
- Set a working data pipeline plan: Obtaining a functional data pipeline and proper data storage is one of the main prerequisites for performing data analysis. Unclean data is difficult to work with, and gaps in data may result in pitfalls for the final results.
Business intelligence can significantly enhance a company's approach for its decision-making by applying data to provide insights from the company's past and present. It can also be used by teams to track metrics and organize on company’s goals. Business intelligence can be a key investment that helps make a business more informed by the right data. eComstreet provides you with a one-stop solution for your modern business intelligence stack needs, and promise to deliver solutions with the latest technologies.