Why Startups Should Not Ignore Big Data Posted on : Jul 25 - 2017

Startup businesses are a risky proposition. This means that if things aren’t done in the most effective way possible, businesses will never make it past the first year. The business plan can often determine whether or not a business gets passed the startup phase of the company. When creating a business plan, owners sometimes skip over big data. This is a mistake as the use of big data can be very influential to the success of the company.

At one point or another, every business uses the internet or an internal network of servers. Big data can be a big factor in the success of both startups and existing businesses. Startups and small businesses are more open to new technologies and more readily implement fresh tools into daily business operations. This is often because smaller businesses tend to have the benefit of being more agile. Their resources and capital are less than that of their larger competitors so they must find and use new technologies to gain efficiencies. Knowing this, finding ways of improving efficiency while reducing costs must be a part of ensuring business success.

Big data is a popular technology that often has a large role in startups through the rapid growth of both raw data and tools that are available for data analysis. Big data has given many smaller businesses the edge to compete effectively with some of the bigger companies who dominate their industry. About ninety percent of the world’s data has actually been created in the last couple of years and it is estimated that the amount of structured and unstructured data will grow by 60 to 80 percent more within the next year or so. Both big and small businesses can benefit from data in many ways. Most businesses are looking to use big data to improve and enhance the business’s decision-making process in risk management, customer loyalty and targeting, research and development, and to analyze social behavior.

The process of launching a new business is full of different demands that lead to a number of obstacles. Big data can be beneficial when applied to different tasks and when challenges are clearly defined, analytics will help produce active methods of finding solutions. View More