Today’s world is driven by information. With every individual logging into various social media sites, massive amounts of data are generated every day. The sheer size of big data makes it impossible to make sense of it using traditional computing systems in a short period of time. Fortunately, AI models and algorithms are able to transform huge blocks of raw data into digestible chunks of crucial insights and information. As people rely on the internet more and more, businesses can turn to big data to gain access to information that can help propel their business.
Business data analytics has grown into a booming industry, not just in the U.S., but across the world. In fact, data experts from Maryville University predict that this market will rake in a global revenue of $203 billion by 2020. Big data can also be further utilized to predict future outcomes, helping companies plan for future projects and investments. In our post ‘Predictive Analytics and Fleet Management Software’, predictive analytics was used for fleet management, allowing fleet businesses to make decisions guided by past data on vehicle and driver performance. But it’s not just big corporations that can benefit from knowing how to use big data: more significant benefits await the smallest start-ups that utilize big data correctly.
1.Drives strategic growth
A product, regardless of how high quality it might be, is rendered useless if it isn’t marketed to the right consumers. As mentioned by an article in Business 2 Community, big data plays a pivotal role in identifying and predicting market behaviors. Given this, start-ups are saved from blindly investing in markets that don’t have that many potential buyers to begin with. They will also gain access to information that can help them refine their product to appeal to the preferences of the existing customer.
- Increase productivity
As budding businesses, start-ups usually operate within a limited budget, meaning every single penny has to be efficiently spent. According to an article on Medium, big data affords users to employ the ‘Experiment-Fail-Learn-Repeat’ mentality economically. This means that businesses gain experience and a better grasp of operating in the market without needing to spend too much money. Big data not only allows start-ups to minimize marketing expenses but also affords them levels of accessibility and scalability that were once only available to big enterprises. With this, start-ups can hone their products to a more targeted market and react to market changes in real-time.
- Help understand customers
Big data allows start-ups to have a better understanding and analysis of their customers. With big data, start-ups are now able to know the demographics and market behavior of current and potential customers. It also helps in letting start-ups known how their consumers perceive them, allowing them to redefine and improve their product to best suit the preference of their customers. Other market studies, such as competitor analysis, market trends, and sales reports, are also made accessible through big data, and start-ups can utilize all of these to give their products a competitive edge.
- Access economic real-time solutions
Although software used to work with big data is usually expensive, innovative technologies are gradually making them more affordable for start-ups. According to Big Data Made Simple, various cloud-enabled and SaaS-designed platforms, which allow small start-ups to take the leverage of big data without the high cost, have now been made available. With this, start-ups can implement big data strategies on time without having to spend too much on resources and servers.
- Follow and explore trends
For greater impact, advertisements and marketing strategies are best implemented in social media platforms. These types of sites produce chunks of big data that pile up on a daily basis. Big data holds valuable information that could give start-ups insights on the ongoing trends and patterns within a specific market. This will then help start-ups structure their plans in accordance with dominant trends.
Specially written for SkyPatrol.Com
By: Zoe Sophie