A Brief Guide for Startups to become a Data-driven Business
The notion that a young, innovative mind with decent funding and tech-savvy talent is just enough to run a startup was long replaced with some jarring realities of business. Today’s startups need data and actionable insights over the regular ‘sugar, spice and everything nice’ to scale up and achieve long-term objectives.
For all those profit-chasing and revenue-focused entrepreneurs, it’s a wake-up call to evolve with technology to become nimble and disruptive by adopting data-driven business models across the data value chain.
– Therefore, after a good look at many successful, new-generation startups and some old stalwarts (which were once startups), we have compiled below are three simple reasons that justify why businesses should be data-driven: There is an ever-rising tidal wave of data! Every second there is some kind of data created. Be it searches made on Google, images and posts shared across social media and networking channels or customer data captured in apps, the digital world is booming with data.
– Businesses particularly can make most of this trend by leveraging data on their CRM platforms, database systems, contact list, mobile apps and various business tools.
– Analytics and big data-based business models can help open doors to new possibilities by converting raw information to valuable insights and metrics for creating innovative products, reducing costs, increasing productivity and profitability. Startups can leverage data-driven approaches right the beginning to boost their funding possibilities through expert suggestions and AI-driven data assessments with Blockseed.
With the budget constraints and lack of infrastructure resources, startups often doubt their possibility of becoming data-driven and successful. To simplify their search, below is an easy, step-by-step guide to becoming data-driven:
Step 1: Do Your Homework
It starts with running a simple Google search. And voila, there would be enough information about both free and affordable analytics and business intelligence tools that early-stage startups need for understanding their prospects and interacting with them through websites and other mediums. Entrepreneurs can assess the benefits of implementing these tools based on their customization features, implementation and maintenance cost, user-friendliness and ability to connect and import data on the go.
Step 2:Assess Your Requirements
Sometimes, it may require on boarding some paid tools and services for cloud storage, reporting, analytics and data visualization. Google cloud, AWS and Microsoft Azure are great for budding businesses looking to stay relevant to the times and trends. It is essential make a complete assessment of your requirements and see if they align with priorities to become data-driven.
Step 3: Leave it to the Experts
The next step in the process of becoming data-driven is building a team of analysts and experts in data to deep dive into the website traffic, data on existing customers, online behaviors, sales reports and marketing activities for insights and metrics. Having dedicated teams lowers operational costs and scope for errors. It helps make the best use of analytics tools and make data stats and insights always accessible to unravel ways to keep the customers happy and hooked to the startup.
Step 4: Data Governance and Compliance
Lastly, the entrepreneurs need to keep in mind compliance policies while handling and sharing customers’ personal data by going through the agreements and mandates set by the governing bodies like GDPR to avoid costly mistakes.
Without a solid plan to become data-driven in today’s hyper-competitive world would force startups to inadvertently play blind man’s buff. In the wake of Big Data and AI-powered analytics tools, businesses can avail facilities that foster data-driven strategies. Spending on solutions and SaaS to make startups data-driven right from the beginning are expected to increase.
If you are curious about how Blockseed Investments’ analytics and AI-powered tools help transform startups into data-driven businesses, visit www.blockseedinvestments.com for more details.