The new startup enterprise ecosystem has been demonstrating promising growth for the past couple of years despite the economy-crushing pandemic. The good news is that the new-age entrepreneurs have shown a dynamic digital mindset to get them a competitive edge in the market; thus, they venture into breaking the trend to utilize big data for startup enterprises’ sustainable growth. And, top big data analytics companies help them achieve this goal.
The benefits of big data for startup enterprises are many because entrepreneurs prefer data analysis to hypothesize or else, they would be harried by unforeseen hassles. In a way, the new businesses today challenge the traditional business models of fund-raising, deployment, and operations; instead, they toil in analyzing neatly arranged data to carry out sensible decisions.
Startup enterprises need to organize and document data to move ahead with strategically planned growth. Big data is the necessary structure a startup of any size requires to save, churn, and fetch valuable information. It awe-inspiringly helps enterprises learn their stakeholders’ demographics, habits, and UX strategies by converting data into understandable information.
Startup enterprises armed with accurate and real-time data can make better decisions through actionable insights. Hence, most enterprises today invest heavily in big data technologies. The modern data stack has arisen as a life-saver in the whirlpool of data – the examples are here namely Silicon Valley startups Confluent, Snowflake, and Databricks.
According to Findstack, by 2025, more than 460 exabytes of data will be created every day; on the same page, it is predicted that the big data analytics market will reach around more than $100 billion by 2027.
AWS wasn’t officially launched till 2006, and before those the biggest challenge industries then faced was handling large data volumes. The management required expensive tools, technologies, and manhours. Even the med-sized data handling was time-consuming and the whole data ecosystem was quite alien to many companies especially in the growing countries.
AWS revealed the first viable solution with a cloud-native MPP (Massively Parallel Processing) database which was more affordable at that time. With an awesomesauce price drop, big data management attracted hundreds and thousands of companies to take it seriously. It was then understood that big data integration to simplify business intelligence was possible.
Today, startup entrepreneurs are looking forward to addressing all the concerns at once. Even unfathomable issues can be addressed using contemporary technologies and tools such as Artificial Intelligence, Machine Learning, Business Intelligence, Robotics, the Internet of Things, Big Data Analytics, and Cloud Computing, etc.
Big data has both volume and value because the information is neatly transformed into consumable and understandable forms; the new products can be built, and the existing ones can be improved rendering better business values.
It is not always that small and mid-sized startup enterprises cannot afford big data infrastructure or platforms. Even further, for such startups, integrating Business Intelligence shall be an even more costly affair. The high license costs, central data warehouse setup, and other factors such as deploying BI experienced staff will cost them an arm and a leg.
Nevertheless, there are certain BI (such as Microsoft Power BI) that can help startup enterprises of smaller sizes with gathering, analyzing, and visualizing data for actionable insights at a pretty low cost.
With BI integration, the big data ecosystem can generate better data structures so that enterprises can store, monitor, and organize data of all sizes for real-time insights. The reports and dashboards of customized Business Intelligence integrated big data can be kept simple and easy in flow.
Multiple data sources can be synchronized and used for filing and analysis. Aggregating data from several systems and analyzing through a single app is also possible with BI big data.
Clients and stakeholders are the greatest and most valuable assets to any business, and startup enterprises are no exception. The present customer and market demand are volatile and evolve quite faster than ever. The changing taste and buying behavior require extensive data gathering and management which is achieved through big data management. Here are a few benefits of big data to startup enterprises –
Ample sources are available on the market (and public) about learning data on almost every stage of enterprise startup establishment. Firms declare their quarterly reports, agencies into analysis gather numbers and display them all with neatly tables and reveal the latest trends – there is a flood of data available for anything you want; nevertheless, analyzing all such information with traditional BI systems or with the manual method would cost you time, money, and top of all, brain.
The ultimate solution to such a quagmire is to deploy Machine Learning algorithms and let the machines or tools learn by themselves. Once taught, the tools shall work for you and ease all the tasks. It is not exaggerating; serverless services such as Microsoft Azure Functions and Amazon Web Services Lambda are a few examples.
On the other hand, you can also develop a monitoring system to provide you with constant monitoring and historically categorized data to match or compare it with the latest trends and behavior patterns.
The data generated by your peers is enormous in size. From their product descriptions and services offered to highlight their features and customer feedback to mark their flaws and strengths require deep insight. On top of all, the social media, and various forums where the discussion about their products and services offer several hints to know your competitors.
Analyzing a large chunk of data and utilizing them to improve your startup enterprises is one of the strategies to keep your new company up and running against all tough competitions. Big data analytics with ML and AI assists young entrepreneurs to stay alert and react quickly to any change in the market, demand, or customer behavior that other peers may fail to identify.
The loyalty of your clients doesn’t grow overnight. It takes time and depends on a multitude of several tiny yet important factors and responses. For instance, vouchers and gamification may help retain the old customers and allure the new ones. VIP clubs, extra privileges, loyalty bonuses, and other programs have become norms for any startup enterprise to survive and grow in highly competitive markets.
New approaches can win better client support and loyalty, ultimately resulting in brand advocacy and mouth-to-mouth publicity. Big data can help you track the behavior of clients and hence most enterprises including startups and established ones use big data to study their clients and improve themselves accordingly.
For instance, learning how housewife shops can help vendors display targeted advertisements and time-bound vouchers to hit their emotional quotient to pull them to specific products or services.
The three pillars namely industry, competitors, and clients are the foundation of your startup enterprise. Study big data analytics trends. Plan your success on the data-driven strategies because it would offer you a foolproof roadmap and set you worry-free from the biggest question that bothers young entrepreneurs – why do most startup enterprises fail and go into perpetual darkness?
A professionally engaged blogger, an entertainer, dancer, tech critic, movie buff and a quick learner with an impressive personality! I work as a Senior Process Specialist at Topdevelopers.co as I can readily solve business problems by analyzing the overall process. I’m also good at building a better rapport with people!