Leveraging Big Data as a Startup

Have you heard of Big Data?

Of course you have. And if you are a startup, figuring out how to gather and manage that data in a cost-efficient way can be overwhelming. All businesses are concerned about keeping costs low and profits high. For startups, this is especially true.

When expenses are being closely monitored, how can you possibly find room in your budget for data solutions? The answer is that you simply must. As an article from FierceBigData points out, “Many startups mistake running on a shoestring to mean tying themselves in knots. They work long hours powered by dreams and mired in details. But that’s not the best way to run the race, much less win it.”

According to Bluenose, a producer of customer analytics, “35% of startups are lagging behind in their big data solutions.”

Big Data for Startups

To stay competitive, understanding your business data is imperative. So, where do you start?

  1. The first step is to have a versatile and user-friendly data capture solution, such as Advanced Capture Spectrum. Remember that the accuracy of any data analytics tool is only as good as the data itself. If your business is still using manual data entry, you could be setting yourself up for costly mistakes and faulty analytics.
  2. Find a data analytics tool that fits your company’s needs. Some popular tools range from a desktop tool such as Tableau to a more robust system, such as IBM’s Watson.
  3. Leverage your data in meaningful ways to grow your business. In Bluenose’s full info-graphic, they share Five Ways Your Business Can Leverage Big Data:
    1. Personalize the Customer Experience.
    2. Predict and Reduce Churn.
    3. Streamline the Sales, Supply and Staffing Process.
    4. Target New Customers, Re-target Existing Ones.
    5. Make Use of Social Data.

While harnessing the power of Big Data can be overwhelming, including a robust, versatile data capture solution to your business process will help you keep costs low and accuracy high. When your data is accurate, you waste less time fixing bad data and can spend more time focusing on what’s really important: growing your business.

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