Data Science and Other Business Tips For Your Startup
As the world advances, it cannot be helped that the business industry gets dragged along too. There are now many more things that business owners can do to improve their business operations. Whether they’re investing in advanced analytics or using technology to upgrade their marketing strategies, startups must exert efforts in making their services better. Competition is fierce, and a lapse can cause the organization to lose its edge.
It is quite unfortunate to note that over 90% of all startups fail. This sad reality can be due to a variety of reasons such as an unsustainable business model, poor sales performance, a weak market, etcetera. And while it can be intimidating to be aware of this statistic, startup owners need to know that failure is a massive possibility for their organization.
One of the best ways to avoid this from becoming your future is to continually find ideas on how to improve all the aspects of your company. By adapting to the latest advancements, you are sure to stay on top of the competition. Data science, for instance, is making revolutionary changes in how we do business.
Here, I have listed six business improvements to make to better your company and avoid the possibility of becoming part of the 90% statistic.
Invest In Data Science
The Harvard Business Review calls being a data scientist as the “sexiest job of the 21st century” and with good reason. The Worldwide Semi-annual Big Data and Analytics Spending Guide, a report made by the International Data Corporation (IDC), estimates that the worldwide revenues for Big Data and Business Analytics (BDA) Industry would increase from $130.1 billion in 2016 to a whopping $203 billion in 2020.
Because of the development of technology, the global data volume has increased at an exponential rate, and it doesn’t seem to have any intention of stopping. Companies have to deal with a vast amount of data regularly, and this data could translate to valuable insights such as:
- How to improve customer engagement
- Comprehensive Competitor Analysis
- Ways to make business operations more efficient
- Provide office-based solutions
- How to personalize marketing strategies
These insights help companies improve both their internal and external processes, moving towards a more optimized state.
Create A List Of Goals
Setting both long- and short-term goals for your company is crucial as it provides everyone with a clear sense of direction. Goal-setting allows employees to see which tasks they need to prioritize and focus on, offering a more strategic work schedule. Also, you will have the collective effort of your employees working on a single project, boosting teamwork and efficiency.
Usually, companies use these Key Performance Indicators (KPIs) as an avenue to provide incentives to their employees and boost their morale. Companies can also consider this as quantifying measures for employees to determine whether their performance is excellent or not.
This is where a data scientist plays a crucial role. He needs to identify what the goals of the company should be and what the attainable metrics are. Setting unattainable goals will dampen the spirits of everyone in the organization.
Establish A Strong Office Culture
Experts have found that the existence of a healthy office culture improves the employee retention rate. Establishing an office culture also encourages teamwork and boosts productivity. Employees who have a strong personal connection to the company and their coworkers work better. Office Managers can also see the positive effect of office culture through the performance of their employees and how enthusiastic they are about work.
Overloading your employees with work is not ideal. While you may get good results for the short-term, the performance gradually decreases until your employees either quit or produce subpar work. Introducing a work-life balance allows employees to recuperate after a hard day’s work.
Focus On Customer Experience
If you do not satisfy your clients on their first time of doing business, you can essentially say goodbye to them forever. Studies found that aside from the product, customer experience also plays a crucial factor as to whether your customers return and become loyal.
Take surveys and questionnaires. Your in-house data analyst will be able to identify your customers’ likes, dislikes, preferences, etc. from the answers that you get. Spend some time and resources in improving the lives of your customers. Having a 24/7 responsive chatbot, for one, is perfect for keeping your customers engaged at any time of the day.
Optimize Office Layout
The office layout and aesthetics can play a huge factor in the productivity of your employees. A messy, disorganized and cluttered room hinders everyone from working at an optimal state. Likewise, it can get be quite confusing to navigate through an office that feels more like a maze of people, equipment, chairs, desk, and computers than an actual workplace.
On the other hand, an optimized room where employees that need to work together are closer to each other, the office equipment is all in one place, and the entire floor is clutter-free, makes for a much more ideal working situation.
Focus On Staff Improvement
Aside from providing your employees with a work-life balance, one thing that companies must do to show that they care towards their staff is to provide avenues where employees can better themselves. Offering training, seminars, and classes in their fields of expertise do two unique things. 1) your employees feel personally indebted and work harder as a way of payback and 2) your company gets to have a workforce who knows the most recent advancements in the industry.
This knowledge is brought to the workplace and results in higher output quality. For example, sending select staff to international conferences relevant to their jobs is considered more of an investment instead of a business expense.