tech entrepreneur

Data-Driven Journey of an Entrepreneur

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Whether you have just marked your presence or an experienced businessman- there is a lot of things you can manage with your data. You can attain success with the data analytics and business intelligence. There’s a lot of things you can do by incorporating these tools into your business, such as make accurate decisions, long-term strategies, personalized customer experience, observe patterns and behaviors etc. It sounds great but a little complex, don’t worry, the latest tools available online can save a huge amount of time and money.

Still, if you want to explore deeper inside this technology, you can go through the Hadoop Training and learn about each step involved in the big data analytics journey. Here, you will able to face all phases from data collection to clustering and processing on the Apache’s big data framework called Hadoop. This data-driven tool will help you to process billions of information and present fruitful results. These insights can make your business to stand active and tall among the other competitors following the ongoing trends and making future strategies in advance. Let’s explore how this data-driven technology is helping entrepreneurs to give their best:

1. Behavioral Data

Whether you are selling your products through an e-commerce or a retail shop, this digital world demands a website. The insights collected from the website data is precious stone for a business. Suppose you are offering a service through your website and observe its analytics every day. What if you observe that a few people from same geographical location have increased bounce rate.

Thus, after a deep research, you will realize that you are getting more leads from which places. With this information, promote your product and services accordingly.

2. Data for Decision Making

Since you have invested in the right tools for organizing your data, now is the best time to put it on work. I know, dealing with a wide range of metrics is not an easy task, but you have to start from here to achieve desired outcomes.

Let’s take this forward with the help of an example. Suppose you started an online business offering a gaming program on your platform. With analytics, you recognized that your business is generating a huge lead every day, but the conversation rate is continuously falling. What is the reason? Well, through analytics, you find out that the landing page on your website is very large and users don’t will to write this much of information while filling it. On conducting A/B testing, you created more personalized landing page asking only useful information. This way, the overall bounce rate on your website gets minimized converting more number of qualified leads for your business.

From the above example, your company uses data to bring actionable insights with the minimum number of resources. This same approach can be applied easily to the various number of businesses running in this world in the form of customer support, buying-selling, productivity etc.

3. Future Planning

Sometimes, you need to decide business milestones with a properly designed strategy. Instead of making guesses, you can include data analytics in your business operations to observe the enlarged marketing structure.

This information will assist you in making strong decisions and estimations for your business. This real-time updated information will tell you about the latest trends in the market. Further, making future predictions in various scenarios becomes easy and fast.

4. Business Intelligence

The advanced data analytics tools available these days are alone responsible for performing all kind of big data analytics tasks such as from gathering information to processing it. These self-driving tools automatically process small or large data sets collected from any of the sources correlating them and offering newly observed trends. It doesn’t matter whether it’s structured or unstructured, you will get straight information without spending days on compiling information.

These collected reports will not only help you to monitor business activities also attract investors offering them future estimates and predictions.

Thus, we can easily feel the sensations of big data running in the business veins. The big data market is estimated to reach $114 billion by the end of this year giving businesses whatever they need to successfully accomplish their main goals.

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