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How “Big Data” can Help Startups in their Growth?

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How “Big Data” can Help Startups in their Growth?

In today’s world, the amount and kind of data available to businesses is humongous. Most of the companies are well aware that they need to invest in tools, skills and capabilities so that they can effectively use the available data for relevant business intelligence and information.

Data allows organization to make faster and better decisions, transforming business processes and giving an edge over their competitors. A smart company is the one that knows how to make full use of its data in an accessible, trusted and transparent way. The given points will help a startup to learn and take full advantage of the available data.

Understand your industry

Prime objective for every startup is steady growth and to achieve this you need to give sweat and build an effective strategy. You might be giving your all to achieve the desired results but until you develop right growth strategies, you won’t be able to convert your efforts into something substantial.  Therefore, it is important to understand the industry in which you are working and collect data to learn about it. This way you can offer more then what your competitors are offering. 

Make sure you have sufficient data related to:

  • The market you are willing to serve.
  • Companies you are competing with. Knowing the methods they are adopting to serve the customers will be an added advantage.
  • The tastes and preferences your prospective customers may have.
  • What product is being sold and at what price it’s been sold?
  • Lifecycle of your product.

Arrange the collected data

Well, it is possible to collect and arrange data as it is sizeable in nature. It is characterized by the complexity of management and interpretation. When you deal with data in plenitude, you are likely to confront both disparate and structured data.

So, if you are not keeping it in order then there is a high chance that you might not be able to take full advantage of it. Hence, it will hamper your business growth. You should never be afraid of data because of its complexity but you should heed the individuality of each branch to gain a competitive edge. A well-arranged data will give you maximum benefits and help you to make fast decisions.

Analyze, devise and take right actions

Next and very crucial step for the growth of your startup is to analyse the market with the help of collected data. Make sure that not even a minuscule part of such data is left unattended, and you sift through it to dig deep something sensible & valuable. No doubt sifting through the big data is a process of hardship and toil, but it is worth it. The data can help you to achieve success in numerous ways. However, choosing the way to success can be the preference of the business owner.

Measure outcomes for celebration and improvement

All your efforts to build a startup will be a complete waste if you skip this step. Always remember that every successful business owner takes out time to measure the return on their investments, efforts and energies, no matter if it leads to success or failure.

A dedicated and timely review of what went wrong provides you with crucial insights for the improvements. Similarly, a quick review of the measures that played a key role in achieving success will further strengthen your journey on the growth path. So, measuring the results of your business will give you happiness as well as insights.

Here are the top 10 Emerging Data Analytics Start-ups in India:

Turning Analytics

  • Year of Establishment: 2015
  • Founder(s): Divyesh Patel and Aditya Patadia
  • Head office: Bangalore

The Math Company

  • Year of Establishment: 2016
  • Founder(s): Anuj Krishna, Aditya Kumbakonam, and Sayandeb Banerjee
  • Head office: Bangalore

Razorthink

  • Year of Establishment: 2015
  • Founder(s): Gary Oliver, Dr Nandu Nandakumar, Murali Mahalingam, Tom Drotleff, Harsha Nutalapati, Barbara Reichert, Rupesh Rao
  • Head office: Bangalore

G Square

  • Year of Establishment: 2014
  • Founder(s): Gopi Suvanam, Gurpreet Singh
  • Head office: Mumbai

Hiddime/Lead Semantics

  • Year of Establishment: 2013
  • Founder(s): Prasad Yalamanchi
  • Head office: Hyderabad

Real box

  • Year of Establishment: 2015
  • Founder(s): Saurabh Moody, Arjun Sudhanshu, Preksha Kaparwan
  • Head office: Delhi

Recosense Labs

  • Year of Establishment: 2014
  • Founder(s): Amith Srinivas, Shivkumar Janakiraman, Raghunandan Patthar
  • Head office: Bangalore

 3LOQ

  • Year of Establishment: 2014
  • Founder(s): Anirudh Shah, Sunil Motaparti
  • Head office: Mumbai, Hyderabad, Bangalore

Lymbyc

  • Year of Establishment: 2012
  • Founder(s): Ashish Rishi, Satyakam Mohanty
  • Head office: Bangalore

CropIn

  • Year of Establishment: 2010
  • Founder(s): Krishna Kumar, Kunal Prasad (Great Lakes alumnus), Chittaranjan Jena
  • Head office: Bangalore

Bottom Line

Data is becoming easily accessible to small businesses and if you are not taking advantage of your data, you can be sure that your competition will gain an advantage over you. Using business intelligence tools can give you the insights that you need to gain more customers and how to enhance their experience. Investing in data can save you a lot of time and can be a difference-maker between you and your competition.

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