7. What Are The Risks Facing This Opportunity?

This is part seven of a twenty-part series on this topic. 7. What exactly are the risks facing this opportunity? Most people have a tendency to think of “your competition” when people inquire further about dangers facing their business opportunity. However, competition is only one risk. Other dangers include changes in technology, governmental, and regulatory policies, labor market conditions (availability to find qualified labor at an acceptable cost), capital marketplaces, and the business climate.

Then there are risks specifics to your business such as potential product liability and human reference issues (e.g. scams, irreconcilable disagreements among management, etc.). Remember the financial risks. What goes on if the capital you would like to raise doesn’t allow you to reach breakeven or your next financing event? Especially during less favorable market conditions, investors take notice of management teams that have carefully thought through contingency plans. A business-risk assessment of potential threats to your business can assist you to plan the scrutiny of investors.

Many business advisors and consultants provide such a service, just be careful to select one which has the requisite experience as per your industry and offering. If you fail to afford a business consultant’s fee, consider finding someone who can help facilitate a strategic brainstorming session with your management team and board of advisors that includes a risk assessment component. Laurence K. Hayward is the Founder and CEO of TheVentureLab.

Not every merchant has transparent pricing either. Add in the info overages or high-quality services and a good cheap pay-as-you-go system might be too much. 5. Regulations are changing for business intelligence. Precedents for litigation over unsecured data are being established right now. Legal sanctions or regulatory sanctions can be placed on organizations who experience a data breach even. As technologies change, the regulations also change, and if a company isn’t evolving their BI applications, they could put themselves at risk for a catastrophic loss should a security event occur.

6. Availability may be a concern. Business intelligence is available for most companies today, but not every industry is well-developed. Some are just starting to embrace what BI applications can provide. Others have been managing their big data for many years successfully. Don’t assume all business will experience this drawback, but those that do may find limited availability for some time to come.

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7. You might need multiple BI applications. There are numerous business intelligence possibilities today. Most of them shall provide one specific surface. To get the most out of your big data, you may need to invest into a whole umbrella of services to ensure your BI is fully integrated.

The pros and cons of business cleverness generally show that the huge benefits far outweigh the drawbacks that come from applying big data solutions. Look for software applications and interactive tools to get the most from the information you currently have, which means you can make the good business decisions that could keep you in the dark every year. How do you feel about business intelligence? What are some ideas that you or your company have implemented that have helped you? We’d like to have you share some of your success stories with us today.

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