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MenuWhat could be the challenges, If you were to build a repository and an online marketplace for pre-built BI dashboards?
A market place where data experts and analysts can publish their pre-built dashboards to sell or connect with prospective clients. For Example: A company/individual using a specific tool (eg. tableau software) can search for a dashboard that suits their requirement from a huge repository created by a global community of data experts(vendors).
Answers
The core challenge with all marketplace businesses is that you must develop both sides of the market simultaneously.
I've been through this with several of our own brands (Fundable, Clarity) - and while they presented additional unique challenges - the core is brining both the supply and demand side of the market to the table at the same time, with the appropriate ratios to create a thriving commerce environment.
I'm happy to talk through our experiences, and those of countless clients who faced similar obstacles in starting their businesses.
Kind regards,
Ryan
The challenge I think will be that the very nature of business intelligence is specific to the company's industry, processes, target market, challenges, objectives and more. If the templates were modular by industry and process like for SMB healthcare or lending portfolio management then there would still need to be customization by the client in terms of the KPIs as well as the data schema. I've written an article on the 5th Perspective which you can find here: http://goo.gl/fMuqL7 which relates to what you are talking about. My company is doing something similar and I think it's needed but need probably more refinement in the business model.
Building an online marketplace that incorporates pre-built business intelligence (BI) dashboards can pose several challenges. Here are some potential hurdles you might encounter:
1. Data Integration: Integrating various data sources into the marketplace and connecting them to the BI dashboards can be complex. You'll need to develop data connectors or APIs to pull data from different systems, ensuring compatibility and data quality.
2. Dashboard Customization: Pre-built BI dashboards might not fulfill the specific requirements of all marketplace users. Building a solution that allows customization and flexibility in the dashboard layout, metrics, and visualizations can be challenging while maintaining ease of use.
3. Scalability: As your marketplace grows and accommodates more users and data, scaling the infrastructure to handle increasing data volumes and concurrent users becomes crucial. Ensuring the dashboards remain responsive and performant, even with large datasets, can be a challenge.
4. Data Security and Privacy: When dealing with sensitive data, such as user information or transaction details, maintaining data security and privacy is paramount. Implementing robust security measures, data encryption, access controls, and compliance with relevant regulations (e.g., GDPR or CCPA) requires careful planning and execution.
5. User Training and Adoption: Introducing a new BI dashboard to marketplace users might require training and support to ensure proper adoption. Users should be able to understand and navigate the dashboards effectively. Designing an intuitive user interface and providing comprehensive documentation or training materials can help overcome this challenge.
6. Data Quality and Consistency: Pre-built BI dashboards rely on accurate and consistent data. Ensuring data quality, such as removing duplicates, handling missing values, and maintaining data integrity across different data sources, can be a complex task. Implementing data validation checks and data cleansing processes is necessary to provide reliable insights.
7. Continuous Updates and Maintenance: As the marketplace evolves, the underlying data sources, metrics, or business logic might change. Ensuring the pre-built BI dashboards remain up to date requires ongoing maintenance and updates. Coordinating updates, bug fixes, and new feature releases can be challenging while minimizing disruptions to the marketplace operations.
8. Performance Optimization: Depending on the complexity of the dashboards and the amount of data being processed, achieving optimal performance can be a challenge. You may need to fine-tune queries, optimize database schemas, or leverage caching mechanisms to improve response times and ensure a smooth user experience.
These challenges highlight the technical, operational, and user-oriented aspects of building an online marketplace with pre-built BI dashboards. Careful planning, experienced development teams, and a focus on user feedback can help overcome these hurdles and deliver a successful marketplace solution.
Related Questions
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When working on a double-sided marketplace how do you work out cost of customer acquisition?
I'm the CTO of https://3dagogo.com a marketplace of proven to print 3D designs. We look at the two sides differently. There's not a single customer. In our case you have designers and purchasers ( sometimes the same person can be both ). Cost and methods for acquiring designers are very different than those to attract purchasers. I would clearly separate the sides and come up with separate cost structures. In my opinion when you're looking at the marketplace from the purchaser perspective, the other side's acquisition costs can be seen as fixed marketing costs.DA
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What is the most effective method to building a two-sided marketplace?
For four years, I was the marketing manager at Axial, a two sided marketplace that matches investors with companies looking to sell their businesses. We figured out the chicken and egg problem, then figured out how to market and sell each side in a way that scaled. When you think about building a two-sided marketplace it seems daunting, as your question reflects. It feels like you need to get everyone active all at once in order to create any value for anyone. But the truth is that you really only need to get one side engaged. The way I think about two-sided marketplaces is like a grocery store. A grocery store is one of the original two sided marketplaces: there’s a customer who needs fruit or milk or something else and there is a farmer who needs to sell fruit or milk. The grocery is the conduit between them, the two sided marketplace. If the farmer (or other vendor) can’t consistently sell their goods at the store, they’ll sell somewhere else. If the shopper doesn’t find the fruit or bread or other products they’re looking for on a regular basis, they’ll go somewhere else. The value of thinking about a two-sided marketplace like a grocery store is that it’s obvious who needs the product now and who is willing to wait awhile. The shopper has a very time limited window to buy the product - they’re going to be in the store for a half hour then they leave. If the product isn’t on the shelf, they’re not waiting for it. If the fruit is bad, they’re not buying it. The product on the shelf, on the other hand, can wait around. But each product does have a shelf life - some products, like canned foods, might last years while others, like fresh fruit or bread, might last only a couple of days. So, while the times need to match up, each side has different time requirements. In hacking a two-sided marketplace it helps tremendously to figure out which side of your market is the shopper and which side is the product. It’s not always obvious though. Sometimes what is being “bought” on your marketplace is actually the shopper. In the case of Axial, we were helping investors buy companies. It seems like the shopper is the investor. But it’s not - they’re actually the ones willing to wait around for the right company to come to them. The company being sold actually has a very short time frame to find the right buyer - usually a two week window in a well run sale process. On our marketplace, the two underlying assets were investor profiles and company profiles (to simplify everything). The investor profiles actually became our product on the shelf while the companies became the shoppers - even though it was the investors buying the companies. The investors were more willing to wait for the right company rather than the other way around. That insight helped us understand how to hack the marketplace to success. The side that is willing to wait around longer is almost always the easier side to collect. If you’re starting a grocery store, it’s always better to go talk to all the vendors and fill your store with product before you open it to shoppers. Leading shoppers through an empty store doesn’t meet their immediate need of needing to make dinner tonight. Talking to a farmer about the neighborhood customers you’ll have as soon as you open is a lot easier. And the farmer is more willing to have low sales at first in order to secure his spot on your shelves so his competitors don’t get the prime space he’s going to want later. If you think about Uber, which is clearly creating a two-sided marketplace of drivers and riders, they operate exactly the same way. In Uber’s case, the driver is the product on the shelf. The rider is the shopper. The drivers are willing to drive around for hours looking for rides. A rider will open the app, see if they can get a ride quickly, and if not will go to an alternative like Lyft, a taxi or the train/subway. That’s why Uber is spending so much money to acquire new drivers. They’ll pay drivers thousands to join, even buying them cars in some cases. They’ll sign limo drivers up as Uber Black drivers, convincing them that they’ll make as much or more than they are in the limo business. Then, when there is only UberX riders around and not enough drivers, Uber will eat the cost of paying an Uber Black driver to drive an UberX ride. Uber realizes that riders (shoppers) only use Uber (visit the store) if they’re confident good rides available when they want them (products they want are in stock and fresh). So Uber is hacking the product and letting it sit on the shelf (drivers driving around looking for rides) because that’s the only way to make sure they don’t lose to taxis or Lyft. I hope that gives you a framework to use as you think about growing or starting your two-sided marketplace. If you’d like to chat with me as you think through your marketplace, I’m available as an expert here on Clarity. I’m happy to make specific suggestions for how you can structure and grow your business. Good luck.CB
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What is the best pricing (business model) to apply to a marketplace?
I like to separate your question into 2 sub-questions: #1 How do we determine which side to charge? #2 How much is the right amount to charge? On #1, my answer is that you can charge the side(s) for whom you add the most value. In your examples, Uber really solves a big problem for drivers, it's that they sit idle for a good part of the day, so are willing to pay a lot for new leads. (their alternative is no work) Consumers are charged more for the convenience of a private car but they are probably not so much willing to pay more for a taxi, even if they can hail one from their phones. For AirBnB, it's a mix, it's a way for landlords to monetize idle capacity which they are willing to pay for, but it's also a way for a renter to pay less than they would normally pay for a hotel. On #2 (how much), I like to triangulate a number of factors: - What's the maximum amount I can charge one side, while still being a good deal for them. - How much do I need to charge so that I can become profitable? (the economics are quite different if you charge 3% vs. 12%) - What are comparable services charging for substitutes/competitive offerings? I will just add that there is no formulaic way to determine pricing strategies (curated vs. open), and it's a lot more about what's the comparable and what the value delivered is. That's how I approached the question while deciding the business model at ProBueno.com (my startup)MR
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When creating a marketplace, does it make more sense to focus on stimulating demand first or supply?
Focus on the more difficult side of the marketplace. For instance, if you think it'll be easier to get suppliers, then focus first on getting buyers - always be working on your toughest problem (aka your biggest risk). You'll find some great blogging on Marketplace and Platform topics here http://platformed.info (read the ebook too!)CM
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What support software do most marketplace startups use? Is it custom, or a SaaS product like Zendesk, Desk.com or Uservoice
Your support software should cater to your needs, depending on how your business operates. Fiver uses Vanilla forum and Zendesk. Thumbtack uses Zendesk. Not sure about AirBNB, their help center seems to be custom. Depending on how well funded your are, I would recommend starting with a free plan with one of the help desk SaaS products, or even using open source ticketing platform. Then, as your needs grow and you need integration with your marketplace, there's no reason you can't scale and migrate.VN
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