How to use data to power your startup? Such is a key question, in contemporary business. The subject can impact diverse fields, from medicine to finance. Below, we give some tips.
It is undeniable that big data is changing our world. The topic is now common, in daily business conversations. It doesn’t take much effort to understand how widespread this subject’s impact is. Data analysis is now key to understand finance, in the fast-paced banking world. It allows marketeers to perfect communication, by measuring target audience behavior. Doctors use it to study drug effects, and patients’ responses.
The above makes data usage an important asset, in the digital age. Thus, its importance grows for “small economic challengers” like SMEs. It can assist with controlling cashflow, and improve product decisions too. How to use data to power your startup? Below, we provide 5 useful guidelines.
The first is learning about tools that help you understand financial data. Contemporary ones are much more developed than the classic Excel. Take Domo, or Google’s Data Studio. The former is a business cloud, allowing you to integrate data from different sources. The latter is completely free, and has web based reporting tools.
The second is using data from the beginning. If startups develop such capabilities at an early-stage, they’ll reap benefits later on quickly. This can also help finding funding, and facilitate meetings with investors.
The third is to know when, and how, to use data teams. Having the latter can contribute to everyday decision-making, in an organization. For example, measuring KPIs can help product development. Employee productivity can be assessed to demonstrate if teleworking should be resorted to. Also, efficiency of marketing campaigns can be assessed.
Above some tips were given, on data usage for startups. Do you want to read the original article? Check here.