The competition in the world of startups has reached an all-new level! The competition is so high that you would probably see several similar kinds if startups offering similar type of services and products. For example, say you deal in fashion, then in that case, you would already see a wide range of startups that are already dealing in the world of fashion. In fact, there will be a host of new startups that will be entering the fashion industry as well. And, at the same time, there will be a variety of categories of fashion startup. And, this is not just the case of a fashion startup, almost every field has multiple startups, and therefore, it has become very tough for the entrepreneurs to differentiate themselves from the others. This is exactly where the role of big data comes into the picture.
Big data and the world of startups
Big data is turning out to be extremely beneficial for startups. As there is a whole lot of data which is generated and collected almost on a daily basis, therefore, the scope of using data for the betterment of the startup has widened. It is just that the startups have to have the right technology and the right resources in place to make sure that the data is used properly.
Curate efficient business strategies using big data
Find your mission if you have identified it yet
The first step of starting any venture is to identify the mission of the startup. This included the reasons why the startup is being formed and what purpose will it solve. Basically, it has to help the users in some way or the other. Otherwise, it is of no use. For example, say you want to open a healthcare startup, then, in that case, you would have to first identify how that healthcare startup will benefit the healthcare industry or the care seekers. Whether it will bridge the gap between the care provider and the care seeker, whether it will make the process of booking appointments easy etc. Therefore, you might have to gather and study a huge amount of data to know what the expectations of the end-users are. Also, you will have to explore the market and gather useful insights. Based on all this data, you would be able to make detailed growth plans for your startups.
Learn from your opponents
No matter which field you enter, there must be some existing players in the market already. And, there is definitely a lot that you can learn from them. So, a competitive analysis will surely help you to make better business decisions. The analysis of the big data related to the competitors will give you an inside into the industry too. Plus, you would know what works and what doesn’t work.
Big data is helping startups in several ways. The startup’s leaders have to adopt the latest big data tools like Pentaho to make sure that the big data is used efficiently and for the betterment of the company.
Author Bio: Johnny Morgan Technical writer with a keen interest in new technology and innovation areas. He focuses on web architecture, web technologies, Java/J2EE, open-source, WebRTC, big data and CRM. He is also associated with Aegis Infoways which offers Big data Engineers India.