Constant Use of Business Intelligence Helps Startups Survive.

New entrepreneurs are looking at a world full of opportunities, but on the other hand they will also face huge challenges, including inevitable competition. Recent statistics show that over fifty percent of new startups in the US last less than four years. There are, of course, dozens of things that can affect a new business, three is one item that is receiving increasing attention — the matter of BI (Business Intelligence.) BI consists of accurate and dispassionate data analyses for both historical cycles and current predictive trends. The influence of good BI helps entrepreneurs make better balanced decisions. And better balanced decisions are what can keep a new startup from floundering and failing.

There are a myriad of BI tools already out there for the entrepreneur to use. Many of them come as free apps, depending on your smartphone carrier. Others require a fee. But all of them can help save innumerable hours of tedious analog analyses in areas such as time management, wages, budgets, federal and state regulation compliance, and a host of other nitpicking things that keep new business owners from concentrating on the big picture and working their dream until its potential comes into full bloom.

And if you’re ever tempted to neglect acting on good business intelligence, just remember that the competition has no such hesitation to use every bit of analyses they can to undermine your startup.