In the World of Start-ups, most limited commodities are – Time, Resources and Opportunities. This is where, Business Analytics comes in as a saviour or the most dependable asset.
Reasons why Start-ups must integrate Business Analytics into their daily operations:
Market & Customer Insights – Business Analytics (BA) can be used to attain valuable intelligence about the potential ‘Customer’. Right from identifying the market need-gap, to zeroing-in on the Target Audience, to determining the optimum Market-Product fit; BA can prove to be the most profitable investment made in the lifecycle of the business.
Optimizing production – When Analytics is done for streamlining processes and pivoting real contributors towards losses or delays, the costs of production / service goes down considerably. When Analytics intelligence is made available, the start-up can reduce resource wastage (money, human & material), get rid of human bias in the decision-making process and eventually optimize its production efficiencies.
Instant access to data – Springing actionable intelligence within nick of time is a great USP of Business Analytics. Just with a glance at the dashboard or report, relevant market insight can be derived. Start-ups deal with hundreds of important choices throughout the day and having BA in place acts as a great facilitator of reason-based decisions. For pitches and presentations, entrepreneurs can simply pull out references and make their case conveniently.
Personalization – Business Analytics software can easily dive into the data pool and provide statistics based on behavioural analytics, data mining, social sentiment index and location intelligence. All this information can be customised for businesses, to showcase the most relevant line of intel. Options of visual intel (graphs/pies/SWOT table etc.,) are also available (time saving tools), while going through data derivations. Online access of BA Reports has facilitated entrepreneurs to access data anytime, anywhere and that too in consumable formats.
Creative Testing and Advertising Insights – Analytics acts as a great enabler for A-B testing on design elements. It is vastly conducted on design aspects like website, landing pages, advertising creatives, post images on social media handles, packaging detailing, logo placements etc. Advertising related insights also play a huge role in optimizing marketing spends and is instrumental in conveying impactful ‘communication’ to a highly-pivoted audience. Examples of such analysis – CTA message(call-to-action) optimizations, ad placements, insights in geographical reach of campaign etc.
Measure Progress – When it comes toformulating short term and long term goals for a brand, the contribution of Business Analytics is tremendous. It helps in devising measurable targets that help in streamlining business processes. BA not only helps in devising a strategy but also provides reference points to know whether adapted strategy is working or not. This approach reduces business risk phenomenally. Also, meeting operational targets and timelines keeps the employees motivated and focussed.
Risk analysis and Future Opportunities– Predictive analytics is undertaken by start-ups for identifying future trends, narrowing down target audience for market expansion and for spotting upcoming competition. Analytics constantly support start-ups by providing relevant data-backed insights into the market and identifying unique need-gaps for start-ups to cater to. Business Analytics is considered as a tangible reference point for pitching to investors for raising funds.
Analysing User responses and strategy rectifications –Once the product is into the market, it’s imperative to check on User Experience – both online and offline – for gauging brand response. Business Analytics facilitates Start-ups by providing actionable insights, required for taking their Products/Services to the next level. Recommendations provided on revising strategies on launch, target market, packaging, advertising, monetization etc., are truly priceless. It saves the entrepreneur lot of time, effort and money. Once the strategy is rectified, start-ups can expect good raise in demand and revenue.
Work force management –BA insights on workforce performance & strategy also helps in retaining talent pool and utilizing them optimally. Employee satisfaction studies can help in placing right person for the right job, thereby helping in workforce retention.
The scope of informed choices that businesses can make with Analytics is huge and it keeps growing day-by-day. When brands are built with the unwavering purpose of becoming more effective – efficient, simpler, faster and cheaper – the DNA of the Start-up is bound to change to that of a market influencer and leader. Sooner or later.