Planning is important for any business, startups especially. The uncertainty of a startup’s trajectory makes preparation essential for navigating choppy waters. During the startup and planning phases, some startups make the mistake of not implementing big data into their business plan. In reality, big data can be extremely influential in a startup’s success.
Big data can act as a catalyst for startup success, with big data that’s driven by valuable insight on consumer and market behavior leading to more effective decision-making. Big data is relevant to various spectrums, including inventory management, customer service, advertising, marketing and general operations. Advertising and marketing, specifically, can be a costly endeavor for startups, which can get more bang for their buck by incorporating big data into the process.