How Data Shapes Business In Startups
Data refers to statistical or factual pieces of information collected for the purposes of analysis or reference. Data can be quantitative or qualitative in nature depending on the needs of the parties collecting it. Big data, in particular, are extremely large sets of data meant for in-depth analysis to reveal trends in industries and companies. Data handling helps a business understand industry trends, consumer behavior as well as make predictive observations for risk management. Data can however be mishandled and as such, precaution has to be taken when collecting data, choosing data analytics tools, and processing said data Contrary to what one may think, big data has proven to be more suited to small businesses and startups. Smaller businesses have the advantage of agility in response to data-based insights. This way, problems can be solved, performance understood, targets set, and processes improved. The nature of data required by a startup can vary depending on the industry to which it belongs. The data collection process can be tedious and challenging when venturing into a new industry. Exercises such as consumer surveys, competitor analysis, and case studies can be carried out to retrieve the required data as accurately as possible. Analysis of the available data is key to the operations at the conception of a company. Ngamia as a versatile startup appreciates and values the importance of big data for decision making. The operations of the company are majorly determined and shaped by data analytics by a skillfully competent team.