Big Data Startups-Decoding Big Data Analytics Benefits That Control Startup’s Efficiency and Proceeds

Nearly all the big data startups are sinking in data. The total amount of data that the startups are generating and calculating is increasing exponentially and is expected to double until the year 2020.

At the commercial level, the huge majority of that digital data is falling by the cracks, taking important insights with it. The new-age big data companies are making good use of big data analytics platforms to leverage an ideal mix of individuals, tools and data to drive improvements.

Several top big data solutions companies are investing a lot of money in the advanced Big Data initiatives for saving their hard-earned money and gain maximum market share through exactly predicting future behavior instead of guessing at it. 

Speedily advancing big data analytics solutions have revolutionalized how progressive and futuristic employers manage their teams to assist them get more productive and cost-effective.

Scroll below to have a look at a few specific categories wherein big data analytics startups can drive great organizational improvements.

Check out Key Big Data Analytics Benefits That Empower Big Data Startup’s Productivity & Revenue:

1. Constant Performance Growth:

     As we speak about individual and team performance, data is an important productivity enhancer. It can display the management areas which require progress and help employees get more attentive about their routine work habits and activities. This type of data acts as an enduring resource, which constantly reveals new paths to growth as more and improved data is being collected. The latest big data startups can tap into big data for making beneficial and productivity-increasing policy modifications.

2. Drives Smart Decision-Making: 

     Data can support decisions with strong facts and offers balance in situations wherein opinions differ extensively or sentiments run high. Additionally, the more big data solutions companies analyze, the more beneficial the support becomes. Once the team performance report mentioned initial points out, the big data analytics engines become smarter because they soak up your company’s real outcomes and connect them with the data getting collected and this happens easily without the prejudices and other restraints which the decision-makers experience.

3. Facilitates Intelligent Hiring Options: 

      Another vital decision-making pointer wherein the employers can use data to their benefit is in hiring their staff. Starting from skill deficiencies to skills gaps, finding competent new employees is quite challenging, particularly in high-skill niches. Presently, we are in an economy wherein talent is considered to be an important and rare quality. In such a scenario, the latest big data startups must become smarter while taking all talent decisions. Data-driven companies make use of algorithms which foresee the engagement of prospective employees that assists the managers to make smart hiring decisions, decide which management techniques will generate optimal performance etc. But it is not just restricted to the hiring phase which can benefit from the data-driven insights. Once the employees get on board, data helps in more effective training techniques. Tapping into big data can assist companies to recruit and retain the best talent, then produce insights on the right ways to enhance their performance.

4. Delivers a Competitive Edge: 

     Data and analytics are unquestionably an integral part of the modern big data solutions companies, made more easily accessible with the latest technology and tools to put them to excellent use. Businesses that fail to excavate their value risk falling behind their more futuristic-thinking, data-driven competitors. Companies that have the advanced analytics skills get a competitive edge over their industry peers, will be able to boost their financial performance and will make faster decisions compared to their market peers.

5. Encourage Income Growth: 

    Nearly all business initiatives boil down to one primary objective- increasing revenue. Through making even the smallest growth to the existing data businesses can reap huge benefits. Big data startups can increase its profits heavily every year through increasing data usability by only 10%, amplify return on equity by 16% through increasing the data quality and sales executive skills to access it by only 10% and increase ROI by 0.7%  through amplifying both the intelligence and user-friendliness of data by only 10%.

So, if the big data startups put the above mentioned big data analytics benefits into use then, they can easily and smartly control their company’s productivity and revenue.