- September 13, 2019
- Posted by: Asheesh Sinha
- Category: Business plans
The combination of software and tech has delivered massive amounts of data to the business world. However, big data has proven to be overwhelming. There is so much information that some find it difficult to keep up. Consequently, if you operate a small business or have a startup, you need to be very mindful of how you work with big data. Since you will not have the staff or the computing power to crunch the numbers for you, you must manage it effectively and clearly. Here are three tips to consider.
Keep It Simple
As the owner of a startup, you have to keep your eye on the prize. You are trying to gain market share while simultaneously trying to stay afloat. When it comes to big data, Help Systems advises that you keep it simple. There are several online tools that can scale with your business, so as it gets larger and more profitable, the fees and capabilities will follow. Customer relationship management software is a great example. Most CRMs are designed to help their users manage the sales pipeline more efficiently. This could be vital as you expand.
Keep the Human Element
According to Deepen AI, efficient pre-labeling can be a highly useful tool for annotation and tagging, but the only real way to ensure pixel- or point-level accuracy is by having a human-driven vetting process for each label and each frame. Overdependence on technology can be a major failure for a business. While it is true that there is always the possibility of human error, there still has to be a system of checks and balances. Additionally, the data could be telling your company it is time to pivot when, in reality, you are just getting started and on the verge of truly taking off.
Know Your Goals
As you begin digging through the data, it is going to be very easy to get lost in all the information. Before you begin, decide on your goals. Having a direction in mind can help keep you on track, but valid questions are equally important. If you are trying to figure out if a marketing strategy works or decide whether to expand a product line or pivot in a completely new direction, you can find the answer in the numbers.
Big data is one more asset companies have at their disposal to make well-informed decisions. To maximize its power, it is best to keep it simple and retain the human element, which equals a balanced business approach.
If you are just getting started, let us help you with your business plan!