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EduPristine>Blog>What You Should Know About Big Data as an Entrepreneur

What You Should Know About Big Data as an Entrepreneur

January 5, 2016

Data is king in modern business.  The more information entrepreneurs can get, accurately analyze, and use effectively the better their chances for success.  The key is not to become overwhelmed by the sheer volume of big data that’s available today.  This can make some entrepreneurs become paralyzed by fear, doubt and indecision and fail to take effective and timely action.  Use the data to your advantage.  Let it inform your decisions.  If your research and instincts say success is possible, then forge ahead.  Don’t research a subject to death and miss great opportunities.  Creating a marketing dashboard can help.

importance of big data

1. Use Big Data To Understand The Customer’s Problem.

Successful entrepreneurs create solutions to the problems plaguing large number of people.  Begin by doing research on the problem and the potential solutions.   Weight the value of the solution you are proposing using the data you’ve collected. Developing personas to serve as the potential customer based on the data you’ve generated can help you to better understand your targeted customers.  Look at the common questions they have and the decision they make. Doing this early in the process can save your time and money.

You should document the results you gather and use the insight you gain to identify the pertinent data sources and prioritize them.  Those data sources should help you to capture valuable, usable information about the needs, products and operations of your potential customers.  You can then use the data based on its business value and ability to help improve ease of implementation of your business plan.  Deciding how much and which of the data you receive is important and which is trivial often makes the difference between wasting time and efficient marketing.  Your dashboard should provide a clear, concise, easy-to-use formula for doing this.

2. Use Data to Understand the Customer’s Environment and how Your Product Fits Into It

Many companies make large investments in their technology and data environments. They loathe wasting that investment. If you can show them how the solution you offer can help them leverage their investment in existing data and technology, then these companies are more likely to look at what you have to offer.  The investments companies make in data, analytics, dashboard tools, reports, and SQL are considered valued strategic organizational assets. Your ability to show potential customers ways to more efficiently and effectively use their existing big data technologies, capabilities, and products can lead to your success.

If you can show companies how spending a small amount today can improve the return on the investments they have already made in data warehousing and business intelligence exponentially, they will beat a path to your door.  Using big data to help your potential customers to better leverage their investment is a winning strategy which can help you to find success as you grow your business.  Helping customers add value to previously made investments makes them feel wise and can make both of you money.

3. Use Big Data To Identify And Leverage Cloud And Open Source Technologies.

There are many free, scalable open source technologies that can help organizations generate, gather, and use big data to expedite product development and the speed with which products are released into the marketplace and begin to generate profits. These include technologies like Hadoop, Spark, YARN, Mahout, HBase, Hive, and R.  Savvy entrepreneurs are able to use these tools to create unique, compelling solutions to common business problems and differentiate themselves in the marketplace.

If entrepreneurs leverage cloud and open sources products for their development environment, they can use big data to help create initial prototypes and get them to market in a flash.  Entrepreneurs should also heavily instrument their products.  That will give them details on the means and methods customers are attempting to use with their products.  The entrepreneur must then use the data generated from this instrumentation to quickly learn, evolve, and improve.  In modern business an entrepreneur’s ability to use big data to improve speed, innovative ideas, and customer service is a surefire path to success.

4. Big Data Can Help Create Short Payback ROI.

Successful entrepreneurs understand how to assist organizations in finding innovative, cost-effective new methods to monetize their analytic assets and data. Focusing on providing products and solutions business stakeholders can utilize to optimize their essential business processes is a pathway to success. Entrepreneurs that create and develop a good ROI for their products and understand how to use it as compelling evidence to encourage their customers to try and subsequently buy their product will do well in the marketplace.

The ability to generate, analyze, and utilize big data effectively is key in modern business.  Entrepreneurs that can empower the front-line employees of their customers to monetize data and analytic assets and improve ROI are destined for success.

About Author

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Trusted by Fortune 500 Companies and 10,000 Students from 40+ countries across the globe, it is one of the leading International Training providers for Finance Certifications like FRM®, CFA®, PRM®, Business Analytics, HR Analytics, Financial Modeling, and Operational Risk Modeling. EduPristine has conducted more than 500,000 man-hours of quality training in finance.

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