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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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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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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 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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Broad niche or Targeted niche which way to go?
I always suggest going "uncomfortably narrow" initially so that you can really dial in the user experience and build liquidity first. Going broad will be tougher as there's too much noise to signal. Also, it's best to fake the supply side initially of you can to improve the buyers side first, then figure out supply & quality afterwards if customers are buying and you've proven out a demand strategy that will work.DM
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How are online marketplaces valued?
Online marketplaces are typically valued by revenue, community engagement and potential. What is the company's current growth, what is the rate of growth, what is the market share potential, how it is the market, and what are the opportunities that the company affords. These all play a part in valuation. What is the reach? How many subscribers, users, etc all play a partMT
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