The startup ecosystem has grown remarkably in India over the years, with ample opportunities awaiting entrepreneurs. Many emerge into multi-billion dollar companies, while some fail to touch the victory flag. Crossing the line of success for startups requires utilising the limited resources available to the fullest, be it human, financial, or big data. In this digital era, organisational data is considered the biggest treasure; if dug and processed well, it can glorify a company’s future.
Unlike many corporations, startups may not have the bandwidth to hire elite data specialists and R&D professionals to process the data into the workflow. Here comes the role of Business Intelligence (BI). Powerful BI helps the startup get a comprehensive picture of organisational data and transforms it into actionable insights. With advanced analytics and automated solutions, modern BI caters to all the requirements of emerging organisations. One can also have the option to embed intelligence in as many applications as needed. This enhances access to data for everyone in an organisation.
Building a data universe for startups
Professionals working in startups may have to juggle multiple tasks. Meanwhile, they adhere to KPIs such as marking the organisation’s presence by timely delivery of services, meeting customer expectations, and understanding market trends. With AI-powered intelligence, organisations can even become capable of tracking performance, measuring efficiency, and managing product-demand calculations. One can benefit more if it is custom-made to the industry’s needs; it can provide significant insights for making business decisions by the time it hits the fork-in-the-road moment.
Some of the significant challenges usually faced by the startup ecosystem can be wholly eliminated with the use of BI and advanced data analytics, such as:
1. Cost disparity: Every penny is crucial during a company’s budding stage. Entrepreneurs can run through the figures and see the money flow by implementing spend analytics while procuring, supplying, and delivering the products and resources. In short, one gets a clear picture of which department is losing money and where they can save.
2. Time-revenue management: With limited human resources and money, startups sometimes struggle to meet the deadlines of their work. A BI platform can project the disparity in the time spent and enhance revenue.
3. Streamline operations: It is crucial to organise day-to-day work to keep the business going. As a startup, finding the easiest way to get the things done or understanding the sources that can produce more money becomes easy with BI in place. It reduces the stress of juggling between the work by identifying shortcuts and making decisions quickly.
4. Risk mitigation: Certain industries face many resources, demand fluctuations, or dynamic regulation issues. Foreseeing and identifying them in advance is very essential. AI-powered intelligence solutions can analyse situations and direct the company with the right insights.
5. Customer enhancement: The customer is always the king. Technology like Predictive Intelligence can help provide automated insights into changing customer demands and behaviour. It helps organisations revamp their business strategies to increase customer loyalty and fast acquisition.
6. Product management: Competition analysis can help startups understand how other brands are performing, the new products/solutions they have introduced, and which of them are in the highest demand. Meanwhile, analysing own product demands can help new businesses step ahead in this crowded market.
How Lumenore can help startups
Regardless of which industry a company belongs to, it needs a customized solution to address its end-to-end analytics and data requirements. This will not only improve productivity but also enhance collaboration and reliable decision-making. A powerful Business Intelligence platform, powered by a robust Data Universe, minimises the distance between data and decisions.
By building Data Universe, Lumenore provides an all-in-one data service through which consolidated data is taken through various processes, including data lineage, creating a lakehouse, and data engineering. Lumenore assists startup companies by transforming raw data into accurate insights, ensuring seamless data integration, and encouraging advanced insight discovery. Additionally, Lumenore allows the business user to ask real-time queries in simple English to get insights on the go.
Lumenore guides organisations through their data and analytics journey, helping them gain insights to succeed immediately. They are offering a 30-day free trial period to help startups understand how well their data can be utilised before investing in the solution.
