Its not a big surprise that big data can be very profitable when used correctly. Companies Teles Properties have successfully used big data to determine the potential of real estate properties, resulting in the firm selling homes for higher prices (and more quickly) than their competitors. Uber, the hugely popular ride-sharing service, uses data as both a tool and a commodity, selling the travel patterns they collect from drivers and using them to implement surge pricing for busy times of the day. Behind these data-driven businesses are a strong infrastructure and talented analysts who can identify trends and suggest changes based on those trends.
Want to gain valuable insights that will help you stay relevant as you grow your startup? Of course, you doand to get these insights, youll need to leverage big data. Almost every industry is using data analysis to predict trends and make business decisions, and startups are no exception. The problem? Most startups dont have the knowledge to set up a simple big data infrastructure, which can limit their potential. Simple big data may sound like an oxymoron, but setting up your big data infrastructure doesnt have to be complicated. Ready to get started? Here are some steps that will help you put a basic big data structure in place that you can build on as you grow.
1. Figure out Your Priorities
Theres no point in collecting data if you dont have ideas for what you want to do with it. Will you be collecting data that could legally be sold? Do you want to use your data solely for predictive analysis? Whats the context youll be applying to your data? Having a data strategy is the first step in creating your big data infrastructure.
2. Set Up Your Data Collection and Storage Systems
While some companies choose to configure their own servers, others opt for a simpler solution, like a third party (such as Amazon Web Services) or open source software. Your website should have lots of opportunities to collect the specific information youre looking for, whether thats from landing pages, surveys, forms, or other methods. Storing the data you collect can be done in several ways, but most startups choose cloud storage for its simplicity and convenience. Some industries, such as the healthcare field, have speed requirements for data analysis of their electronic records, but getting started on the cloud or on local storage should be sufficient for most small businesses at first.
3. Ensure Your Cybersecurity is Solid
Data breaches are only becoming more common as time goes on. You cant turn a blind eye to data theft, and ensuring you have a solid cyber security system is an essential step in building your big data infrastructure. Encryption, securing mobile devices, and having a data breach response plan in place are all musts for keeping your data safe.
4. Decide on an Analytics Approach
When youre first looking into big data, you may think about hiring a big data specialist. While this is a must for large companies with a sophisticated big data structure, it may not be a smart hire for a new startup. Outsourcing to managed IT services or your in-house IT professionals is fine to start, until you know that hiring a data scientist is the right move.
5. Leverage Your Data
Once you start collecting some insights from your data, use them. While its important to ensure the data youre using has the proper context, using these predictive insights can give you a competitive edge, showing you exactly what your customers and clients want. Test these new protocols out and make sure your data is backing up the predictions before full implementation.
Benefits Down the Line
Its fine to start out with a bare-bones infrastructure and build from therethe key is to make sure youll be able to scale your efforts later on. Modern startups often look to globalization as they grow, to open up new markets and remain competitive, providing more opportunities for data analysis. Data is only going to become more valuable as time goes on, so getting a head start on your data strategy is a great way to set your company up for success in the future.
