Technological advancements have led to prodigious digital transformations. Each transaction in the digital world holds enormous value to data and analytics. Extracting information, pattern formation and data analysis are the key functions of big data. And these key functions are performed computationally on extremely complex data sets that cannot be dealt with otherwise.
Big Data helps in making better decisions, optimising business processes, cutting costs, and storing tons of information systematically. IDC predicts that the expanse of data will grow to 175 zettabytes by 2025. It has become almost essential for startups to make use of this enormous resource to take an edge over their competitors.
Ways Big Data Can Help Your Startup Succeed
Big Data has proven itself exceedingly beneficial across all business verticals. To begin with, entrepreneurs can use big data to research if their business idea is worth materialising. They can understand its market, target audience, their needs and ways with which the startup can fulfil them. In later stages, big data can help in optimising the functions of marketing and CRM, security, customer service and retention, human resource and data sharing.
99% of businesses have reported that they wish to implement big data analytics and AI soon, while only 30% have successfully done so – Harvard Business Review
Emerging Data Analytics Startups
Spoonshot
Spoonshot (formerly known as Dishq) uses food science to gather relevant food-related insights, personalised for every user. They aim to shift the process of making food recommendations away from rating and reviews to more emotionally driven entities. They have established themselves in the international markets and are making millions of dollars every year. They have managed to raise to $500,000 till date. They are also working on a project called ‘The Spoonshot Genesis’. Their ultimate goal is to replicate human cognitive processes in the food industry.
The company was founded by Sai Sreenivas Kodur (ex Zomato) and Kishan Vasani (ex Just Eat) in 2015.
Impact Analytics
Impact Analytics works as a bridge between best practices of management consultancy and analytics-based products. It offers products that allow businesses to make well-analysed decisions in CPG, retail, hospitality, banking, sports and gaming sectors. They provide services for margin improvements, marketing and customer analytics, merchandising optimization, operational excellence and AI-based automation solutions. They work with well-established brands globally and have managed to bag fundings worth $750,000 till date.
Impact Analytics was founded by Prashant Agrawal in 2015.
Wavefront
Wavefront is a US-based cloud-native real-time monitoring startup. Humongous numbers of Engineers from Lyft, Box, Workday, Doordash, Groupon, First Data, etc. count on Wavefront every day to monitor their production infrastructure, make informed decisions, identify problems and find solutions to challenges they face. Their product creates automated dashboards for users to alert them about the information relevant to them. The startup raised total funding worth $65M.
Wavefront was founded by Dev Nag, Clement Pang, Sam Pullara, and Durren Shen in 2013 and VMware acquired it in 2017.
Terracotta
Terracotta is a data management enterprise that supports operational and analytical data processing. It offers products like operational storage, caching, server-side analytical search and capability computation. They use non-relational data with the fastest In-Memory data grid technology. It is used in around 190 countries by over 2 million developers.
The company is based in South California. It was founded in 2003 and was acquired by Software AGT.
As Peter Sondergaard, Senior Vice President at Gartner said, “Information is the oil of the 21st century, and analytics is the combustion engine”. A smart entrepreneur would not fail to leverage this gigantic resource of Big data since it also provides an edge over digitally-backwards enterprises to newly founded startups.
