Are You a Startup Looking to Thrive?

Plan Your Data Collection!

I am a strong believer that any company can benefit from the data collected. “Well, any company?” Yes, it really depends on how you collect, process, and use the data.

No doubt, I agree that the first and utmost concern for any startup is “Survival” but if you want to thrive and move past the stage of “Survival” you definitely have to think about data.

First and foremost, collecting data takes time, the earlier the startup plans and collects for it, it will have more data than its competitors who thought otherwise.

Secondly, data helps in innovation, and more importantly sets the direction for innovation, providing useful features and functions that are indicative, through data, of clients’ needs. The earlier you can provide these features to your target market, the more sticky your product is going to be, compared to the late competitors.

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Thirdly, starts-up will need to seek funding constantly. Having a pool of data will substantiate the claim on wanting to add Artificial Intelligence into product features and business processes, as compared to just claiming to add artificial intelligence alone.

I hope I convince you that data is important for start-up survival and prosperity. So what is next? Consider planning a data collection strategy. Good quality data takes time to plan and collect. Use the product roadmap to plan data collection. Collect data that can inform whether a feature or function works or is not acceptable. With a good data collection strategy and execution, a startup will increase its chance of survival and perhaps thrive.

In conclusion, if a startup is keen to outmaneuver its competitor, it should put out some bandwidth on the data collection to gather the necessary resource to show its investors they are forward-looking!

What are your thoughts on this? Do share them in the “Comments” below! :)

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