The modern business has access to an almost endless stream of data. From the information that you collect from Google Analytics to your social media or website data, that often unwieldy amount of information can be challenging to wrap your head around. For startups trying to forget their path, that data is a business asset that can’t be ignored. When startups rely on gaining as many advantages as possible, making the right use of data is becoming a critical component of every stage of startup development. If you are launching your startup based on hope and gut-feeling then you are far more likely to watch as your business launch joins the huge number of failed startups. If you want to improve your chances of startup success, here’s how you should be using your data.
Data Structure
Big data can seem like an incredibly daunting subject matter to delve into, but it might not be as challenging as you think. While launching a startup often means that time is limited, you will improve your chances of success by taking the time to learn as much as possible about data management and how to structure your data so that gathering, storing, and analyzing that information in as seamless as possible. The right data management system can work hard on your behalf, so you need to develop a strategy from the outset. Don’t fall into the trap of thinking that the early days of your startup will limit your potential access to data. Startup operators need to be accumulating data from the moment they have their initial idea.
Using Tools For Data Dissection
Don’t ever think that you should print out your data and pore over it manually. This is a ludicrous approach in the digital age. The rise of machine learning and AI, as well as automated software and natural language processing, means that you can identify exactly what information you want to glean from your stored data and more easily create actionable responses. It’s never been more important that you understand how to use your data to drive business decisions. Take the time to consider which datasets can be exploited for maximum insights, and allow technology to take the hard work from your team so that they can work on response rather than data analysis.
Share And Empower
One of the mistakes that big businesses make with their data is siloing it so that only members of the data team have access to the raw data and the analytic reports produced from that data. This is not often an issue for startups without those large departments working separately. In a startup space, collaboration is just as, if not more, important for success. Your raw data needs to be accessible by anyone that can gain insights from it, and that means creating a data architecture that encourages cross-collaboration. Look at how a data lake can help to create a more unified approach to data management and use. The critical thing to remember is that your data should be accessible to those that need it.
Big data is going to be the defining business management tool of the new decade. For startups that fail to collect, store, and use their data proactively, the next decade is going to be very challenging indeed.