The advancement of Internet technology has meant that all companies have a large amount of data at their disposal. In the digital age, the ability to make accurate, data-driven decisions is one of the fundamental values for improving business performance.
This can be done through Business Intelligence, also called BI. It is a concept that refers to all the processes that serve to transform data into information. In other words, it allows a large amount of hard data to be easily interpreted. This can revolutionize the launch of your projects!
If you think about it carefully, there is data that we can measure all the time, although we don’t always do it. For example, if we have a website, we can measure the time spent visiting each category, the bounce rate, or the number of people who purchase our services.
When this data is analyzed by a professional and transformed into information, you will have more resources to succeed in your projects. Therefore, the objective of Business Intelligence is to group the data in a user-friendly way so that you can create graphs or reports that can be used to make accurate business decisions.
BI can be key to enhancing software development first of all because it is necessary to have a professional who is dedicated to analyzing the competition. Any company seeking to succeed in the market needs to know the characteristics of its main commercial rivals.
Business Intelligence is beneficial for finding out what everyone else’s strengths and weaknesses are. If you don’t use it, you’re likely to be just an imitation of the market leader. That’s one of the most common mistakes in startups. If you take advantage of BI, your product will have a differential value that will make more consumers choose you.
Before launching your software, you will also want to know what potential customers expect from your service. When you collect and process massive data, there are many factors that you will have to take into account. This will help you predict what the various stages of your product launch will be like.
Once released, you will be able to leverage Business Intelligence to understand your users’ behavior. It is likely that, in the early stages (usually when a Beta version is launched), you will have access to the first interactions of real people with the service they have tested.
For example, in the case of a mobile application, you will measure the number of downloads, the number of registered users, and the number of people who make a microtransaction. At the same time, you will be able to see which sections of the app they spend more time in, which ones they use less and what you should polish in the next update.
All this data can be processed and analyzed to transform it into information. This will allow you to have better criteria to maximize the success of your software since you will be improving your services to attract more users constantly.
Of course, Business Intelligence can bring many benefits to software companies. Here are the most important ones:
As you can see, Business Intelligence is a revolutionary resource that will allow you to optimize all your software development processes. It is not only helpful when launching your MVP, but it will also be decisive when your product advances and positions itself as one of the leaders in its corresponding market segment.
There will even come a time when you will be able to take advantage of its predictive function to understand what trends you can incorporate into your service. In short, this is what great companies do to prosper. They never stagnate but are constantly feeding back valuable information to make outstanding business decisions.
Now that you know all about Business Intelligence, we invite you to continue reading articles within our blog. We hope we have helped you!