By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    customer experience analytics
    Using Data Analysis to Improve and Verify the Customer Experience and Bad Reviews
    6 Min Read
    data analytics and CRO
    Data Analytics is Crucial for Website CRO
    9 Min Read
    analytics in digital marketing
    The Importance of Analytics in Digital Marketing
    8 Min Read
    benefits of investing in employee data
    6 Ways to Use Data to Improve Employee Productivity
    8 Min Read
    Jira and zendesk usage
    Jira Service Management vs Zendesk: What Are the Differences?
    6 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: How to Start, Nurture, and Grow a Business with Big Data
Share
Notification Show More
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Big Data > How to Start, Nurture, and Grow a Business with Big Data
Big Data

How to Start, Nurture, and Grow a Business with Big Data

Big data can be invaluable for creating and growing a business in the 21st Century.

Ryan Kh
Last updated: 2021/11/01 at 5:05 AM
Ryan Kh
7 Min Read
data-driven business
Shutterstock Photo License - By everything possible
SHARE

At any given moment, a single person creates roughly 1.7 MB of data. We?re creating and putting more information out there than at any other point in human history. At this rate, by the end of the year, we can expect the Big Data market to reach 40 trillion gigabytes.

Contents
How You Can Use Big Data?How to Start Your BusinessHow to Run a Data-Driven OrganizationThe Bottom Line

That?s more data than most of us can even begin to imagine.

Now, this data contains everything from the pictures you upload on social media to comments you post on Reddit and everything in between. A certain amount of that data won?t be of use to anyone. But there?s a lot of useful data out there. Especially if you need it for your business.

Today, we?re going to discuss how to start, nurture, and grow a business using big data. 

How You Can Use Big Data?

The term big data refers to large amounts or volumes of data, both structured and unstructured. In recent years, due to social media, there?s been a boom in big data. Companies now have zettabytes of data on their hands on a regular basis. 

Some know how to filter this data, process it, and use it to cultivate their business. Others don?t.

Your mission is to fall into the first group. If you never dealt with data before, don?t worry, you have numerous data analytics tools out there that will allow you to reap the benefits of market and customer information.

And what are the benefits of using big data exactly? Some of them include:

  • Identifying the causes of problems and failures in real-time
  • Understanding the full potential of a certain segment of the market
  • Creating full customer profiles and catering to their habits better
  • Improving your branding efforts through customer engagement
  • Creating a loyal customer base out of ordinary shoppers

To enjoy all of these benefits, you need to learn…

How to Start Your Business

Before you can really start using Big Data to your benefit, you need to take care of more traditional business and legal aspects of starting a company first. That means you need to research the rules and regulations in your area in an effort to abide by them.

You don?t want to start a data-driven business successfully, only to find yourself knee-deep in legal problems. Consequently, you may find yourself out of a job too.

Everything starts with contacting a local legal expert, discussing what type of organization you should start, and what you need to launch it. For example, when filing LLC in Texas, you need to do the following things:

  • You need to name the LLC
  • Select a registered agent
  • Filling articles of organization
  • Create an operating agreement

Once you handle that, you also need to get your EIN, open a separate business account, and find an accountant, among other things. Remember, not all states have the same regulations, so make sure to check the ones in your state. For example, company formation in Dubai is far more straightforward.

With what out of the way, let?s see what it takes to run a data-driven company.

How to Run a Data-Driven Organization

There are certain principles you need to follow in order to run and develop a data-driven organization. To apply these principles, you need to understand the concept of business and technology you?re starting with and define the concept you want to get to:

  • The first principle requires you to define your business objectives first. Then, you can focus your data and digital capabilities on a crucial point of your strategy to achieve them successfully. After that, you need to?
  • Work on capacity building. Some of the platforms you?ll be using won?t be up to date nor prepared for handling big data. You need to make sure that you?re using technology capable of capturing and analyzing the volumes of data you want.
  • The third principle relies on establishing a governance model that will suit your organization. Keep in mind that you?ll be handling 3rd-party information. So make sure that the privacy and safety of the information you have in your hands are top-notch. 
  • You also need to cultivate a company culture that values data above everything else. No matter how many staff members you have, everyone in your organization needs to know how to use data to improve business operations and processes at any time. 
  • Last but not least, you need to think about how you?re going to use the information you have and who is going to consume it. Remember, you?re not the owner of the information, therefore, find a suitable way of using the data and continuing working without it. 

The Bottom Line

You?re probably now wondering, how can you achieve all of this? Well, you need to work on three specific business areas. These areas include:

  • Acquiring the necessary technology for the job
  • Focusing on the right type of big data analytics
  • Identifying what?s the real value of big data you have

Once you do all of this, you?ll be able to collect the right amount of data and subsequently, tweak every aspect of your business – both internal and external – to suit your target customers.

TAGGED: business intellgence, data-driven business, data-driven decision making
Ryan Kh November 1, 2021 December 18, 2020
Share This Article
Facebook Twitter Pinterest LinkedIn
Share
By Ryan Kh
Follow:
Ryan Kh is an experienced blogger, digital content & social marketer. Founder of Catalyst For Business and contributor to search giants like Yahoo Finance, MSN. He is passionate about covering topics like big data, business intelligence, startups & entrepreneurship. Email: ryankh14@icloud.com

Follow us on Facebook

Latest News

Cloud-Based Marketing
Smart Video Bloggers Are Leveraging Cloud-Based Marketing Tools
Cloud Computing IT Marketing
technology and security
Technology in Physical Security: A Guide to Business Safety
Exclusive IT Security
ai for stopping credit card theft
AI Can Manage Credit Card Cybersecurity Risks
IT Security
ai can help with nurse burnout
Breakthroughs in AI Are Helping to Prevent Nurse Burnout
Artificial Intelligence Exclusive

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

analytics in digital marketing
Analytics

The Importance of Analytics in Digital Marketing

8 Min Read
benefits of investing in employee data
Analytics

6 Ways to Use Data to Improve Employee Productivity

8 Min Read
IT budgeting for data-driven companies
IT

IT Budgeting Practices for Data-Driven Companies

9 Min Read
it management for data-driven businesses
IT

7 Major IT Infrastructure Challenges for Data-Driven Companies

7 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai chatbot
The Art of Conversation: Enhancing Chatbots with Advanced AI Prompts
Chatbots
giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?