How "Big Data" can Help Startups intheir Growth?
In today's world, the amount and kind of data available tobusinesses is humongous. Most of the companies are well aware that they need toinvest in tools, skills and capabilities so that they can effectively use theavailable data for relevant business intelligence and information.
Data allows organization to make faster and better decisions,transforming business processes and giving an edge over their competitors. Asmart company is the one that knows how to make full use of its data in anaccessible, trusted and transparent way. The given points will help a startupto learn and take full advantage of the available data.
Understand your industry
Prime objective for every startup is steady growth and to achievethis you need to give sweat and build an effective strategy. You might begiving your all to achieve the desired results but until you develop rightgrowth strategies, you won't be able to convert your efforts into somethingsubstantial. Therefore, it is importantto understand the industry in which you are working and collect data to learnabout it. This way you can offer more then what your competitors areoffering.
Make sure you havesufficient data related to:
Arrange the collected data
Well, it is possible to collect and arrange data as it is sizeablein nature. It is characterized by the complexity of management andinterpretation. When you deal with data in plenitude, you are likely toconfront both disparate and structured data.
So, if you are not keeping it in order then there is a high chancethat you might not be able to take full advantage of it. Hence, it will hamperyour business growth. You should never be afraid of data because of itscomplexity but you should heed the individuality of each branch to gain acompetitive edge. A well-arranged data will give you maximum benefits and helpyou to make fast decisions.
Analyze, devise and take rightactions
Next and very crucial step for the growth of your startup is toanalyse the market with the help of collected data. Make sure that not even aminuscule part of such data is left unattended, and you sift through it to digdeep something sensible & valuable. No doubt sifting through the big datais a process of hardship and toil, but it is worth it. The data can help you toachieve success in numerous ways. However, choosing the way to success can bethe preference of the business owner.
Measure outcomes for celebrationand improvement
All your efforts to build a startup will be a complete waste if youskip this step. Always remember that every successful business owner takes outtime to measure the return on their investments, efforts and energies, nomatter if it leads to success or failure.
A dedicated and timely review of what went wrong provides you withcrucial insights for the improvements. Similarly, a quick review of themeasures that played a key role in achieving success will further strengthenyour journey on the growth path. So, measuring the results of your businesswill give you happiness as well as insights.
Here are the top 10 Emerging DataAnalytics Start-ups in India:
Turning Analytics
The Math Company
Razorthink
G Square
Hiddime/Lead Semantics
Real box
Recosense Labs
3LOQ
Lymbyc
CropIn
Bottom Line
Data is becoming easily accessible to small businesses and if youare not taking advantage of your data, you can be sure that your competitionwill gain an advantage over you. Using business intelligence tools can give youthe insights that you need to gain more customers and how to enhance theirexperience. Investing in data can save you a lot of time and can be adifference-maker between you and your competition.
