Start-ups feel daunted when issues of data management, governance, and security are thrown at them. Most entrepreneurs decline thinking that these are expensive investments, which their limited resources will not allow them to do. However, rather than feel overwhelmed, start-up and their owners should look to engage with data in a meaningful way.
A start-up typically is driven by low resources, multi-skilled individuals, unreal KPIs, and ever-expanding SoWs. Given this setup, data can act as a crucial driving force, enabling start-ups to make the most out of their situation.
In this article, we lead to leading business gurus and IT experts and ask them about using data from the get-go can help start-ups in a major way.
Promoting the Culture of Innovation
People like start-ups for a number of reasons. The style of work is different, the pace is unreal and the sound is deafening. In other words, tech is the foundation of a start-up’s working enterprise. Using social media, search engines and paid ads are some things, which we associate with start-ups.
Like the three above-mentioned traits, data should also be something, which start-ups should look to exploit. This will help them boost their perception of driving and leading in terms of innovation when compared to their older and more traditional counterparts.
Vendors, consumers and everyone else expects start-ups to be at the forefront of tech innovation. According to gartner master data management, using data and benefitting from the same should come as all too natural for start-ups looking to grow and develop at an accelerated pace.
List of 5 Ways Data can help Start-Ups in 2021
1. Show and Prioritise Focus Areas-
Start-ups who have limited resources cannot afford to have too many focus areas at any time. They need to strike in specific areas where they feel that they will be able to gain the most. This is where data can help in a major way by showing exactly those areas, where limited investment, can result in the biggest gains.
2. Create an Efficient and Streamlined Team-
Start-ups cannot afford to have single-skilled individuals in the organization. The nature of the start-up industry is such that one individual needs to possess the skills to take on two or three tasks at the same time. This is an area where data can prove to be a gamechanger as it can be utilized by a team member for fulfilling requirements across different verticals of a start-up.
3. Eliminate Wastages and Errors-
For a start-up, one hour wasted is a far bigger loss than it is for an MNC. This is why the aim is to use time, energy, and resources in the most optimum manner. Wastage, redundancies, and duplication of work can cost a start-up dearly. Using data helps in locating issues, which need attention and which can provide the highest ROIs for the organization.
4. Become part of a Global System of Business-
Start-ups are always looking to spread wings in different countries. While some might be doing it in the hopes of attracting target audiences in different countries, others might be doing it to seek the attention of investors. By following data management policies, native start-ups can strike a tune with foreign investors who are guided by GPDR resolutions.
5. Aiding Rapid Growth and Development-
Steady, slow, stable, etc. are not words you are likely to find in the dictionary of a start-up entrepreneur. Rapid growth and advancements in revenues are what most owners are looking to achieve. This is why data can be such an important factor in charting out the growth story. By using data to make crucial decisions start-up owners can ensure rapid progress.
The Final Word
Data is a key component of any business organization. It can help you gain a competitive edge over your competitors in a major way. Start-ups who feel that they are too early in their life to start using data need to rethink their strategies in a major way. By working with data and helping it in decision making, start-ups can ensure growth, development, and branding.