Fast Growing Startups Are Using Big Data To Drive Innovation

Tech Update

LOS ANGELES – TECH – Big data is a rising trend in business. Startups are using big data to create new services and products. There are many opportunities in this field as large and small enterprises continue to invest in how they manage their data and achieve innovative success. As an entrepreneur, you can take advantage of the new developments in big data analysis to create your own venture. By looking at how other startups are using big data, you can find ideas to implement in your own industry. In this post, we cover how startups are using big data to create innovative solutions.

Collecting Feedback From Customers

Firstly, startups commonly use big data to manage feedback from customers. As you know, customer feedback is essential to improving your products and offerings. More recently, big data has made the collection of feedback easier and more efficient. That means, companies are able to learn more about their customers and meet their demands. You can use this data to tweak features, introduce new products or create unique insights. Using big data, startups can gather valuable information from customers quickly and reliably.

Enhance Communication And Knowledge Sharing

In some of the fastest growing startups, executives use big data to share information with team members quickly. Often times, big data allows someone to find valuable insights that can help the company. This is why it is important to keep lines of communication open to benefit from these insights. As stated by the Infor CEO Charles Phillips on WSJ, their management team sits at a large table where anyone can come up and ask questions. Of course, these quick meetings can lead to new innovations for the company and their clients.

Implementing Artificial Intelligence To Serve Customers

Additionally, startups are investing in big data to leverage artificial intelligence for their customers. If your venture can successfully capture customer feedback and integrate into their solutions quickly, it will improve the overall experience for users. AI can dramatically change the speed and pace at which changes are made to meet the customers’ intent. Whether customers need to search databases, update profiles or send out information, an artificial intelligence platform can automate many of these tasks. Clearly, this is a huge opportunity to make customer’s lives easier as a new startup.

Centralize Cross-Platform Analytics For Sales

Moreover, startups are leveraging big data to change how customers are buying across many different platforms. Today’s customers are considered omnichannel buyers. They are shopping on desktops, mobile devices, in stores and more. By implementing big data analytics, startups can track customers across different devices and platforms. This leads to higher conversion rates and more sales. Your startup can use this data to help your own internal sales or facilitate the sales of other companies. The most innovative big data startups are changing the ways businesses interact with their omnichannel customers.

Increase User Engagement On Platforms

Building off a multi-channel approach, your startup can benefit from increased engagement from big data insights. With the right data, startups are able to measure the performance of their content or social marketing efforts. They can test for higher engagement rates and goal completions. It provides direct insight into what your audience cares about. Obviously, a higher engagement rate for your startup could unlock growth potential quickly. Furthermore, you can create new content and campaigns that connect with customers because the big data shows you the higher levels of overall engagement.

Customize Solutions To Individual Users

On top of improving your engagement, big data allows startups to customize user experience entirely. For companies that cater to multiple audiences, the data can provide customized solutions based on the user’s history, criteria, and preferences. For example, educational tech startups provide customized lessons based on the performance of the student. They are a great example of how big data solutions are creating customized experiences.

There are many different ways to use big data within your startup. Some of the biggest startups are already using the technology on a large scale. You can implement it to drive innovation internally or you can create an entire business model around data analysis. Depending on your company goals, these big data impacts can be leveraged by any startup. You can collect customer feedback, share knowledge and power artificial intelligence. Moreover, you can track customers and optimize their engagement. Surely, these types of innovations can lead to major disruption in your venture’s industry if you can think “big” enough.