A startup is exposed to more business risks than their big counterparts and that is precisely why they need to find ways to achieve and sustain growth requiring less resources. Latest data driven technologies offer them a great opportunity to stay ahead or at least at par with their competitors in respect of market visibility and growth.
In the digital age when it is said that more you know about your consumer closer you can position yourself to them and greater the benefits you can reap, the Big Data Analytics comes as the biggest promise for businesses. Startups who cannot otherwise afford expensive market surveys and data scientists can still grab relevant consumer data and in-depth insights thanks to a plethora of big data analytics tools. In that sense big data offered startups a really level playing field to take opportunity of data driven insights.
Do you want to go deeper into the reasons startups should give more importance to big data? Well, here we are explaining a few of them.
- Big Data Allows Knowing Your Assets Better
For any startup limited resource is the greatest hurdle and there is no easy shortcut to alter the situation in this respect. Naturally, they need to utilise their available resources and assets to the fullest extent. Data analytics can expose their own resources and organisational assets to them. From analysing the potential of their in house talents and human capital to knowing the intricate analysis of their cash flow, today’s small companies can easily evaluate their risks and opportunities with their prevailing assets.
- Big Data Is More About User Context
We already have a clear idea how big data exposes the consumer with their entire context that corresponds to their location, preference, constraint, pain points and typical user behaviour.
Thanks to advanced mobile sensors and feedback from device level user analytics we have every single user information under the command of robust data analytics tools. All these relevant user data allows companies further knowing about the user context referring to how, when, where and what of a particular action, i.e, purchasing. Thus by knowing the user context automatically gives a business better opportunity to market and convert sales. This is precisely why Big Data is of paramount importance to startups now.
- It’s Practically No Cost Alternative
Startups cannot afford so called bullish marketing campaigns across the media and digital channels spending several thousand dollars just like the big corporations. But they often need to compete with these biggies even for a small slice of the market. Startups often working with few founder member plus a few key employees just need to work hard to compensate the lack of human capital as well. Naturally, they just cannot afford market research teams or services that can guide their business operation with data driven insights.
As the robust, more effective and less expensive alternative big data analytics tools can furnish them valuable market and consumer insights guiding them at every decision making step. Unlike traditional analytics Big data tools are not domain specific and often provide unusual insights that so called domain expertise is incapable to come up with.