Entrepreneurs, Invest in Data Next Year

Business intelligence gives any business–especially startups–a leg up on the competition.

Original article by Aimee Tariq, Entrepreneur.com

Did you know that more than 50 percent of U.S. startups don’t last beyond four years? There are a variety of reasons that businesses go under, but in 2020, there’s a clear way to work smarter and change that statistic.

In a recent Entrepreneur.com article, CEO of A Life With Health, Aimee Tariq, writes “…if you wish to see success in 2020 and beyond, you need to start making business intelligence a top priority now.” But how?

First, she advocates for giving yourself time to actually look at the data. Stop, pause and analyze. Of course, your time is precious as you handle everything else related to your business. Investing money in a business intelligence tool instead of your time is a great option to gain deeper, actionable insights.

Panoply has a few ideas for business intelligence tools to get you started.

Tariq also emphasizes asking your data the right questions. “Quality decision making depends on asking the right questions of your analytics tools,” she writes. This includes not only looking at your typical KPIs like sales and expansion but going beyond the baseline to find the KPIs that define your startup and will help you grow long term. Find your own ways to measure and show success.

Read the full article on Entrepreneur.com.