It all started way back in the 19th century when a certain ruler initiated time management techniques. Let’s fast forward to the industrial era when the time was again used to calculate the speed of assembly lines. Soon computers were introduced to the world. Data started generating. Not only data was generated it was stored, and then people started realizing the use of this data. So data processing also began. We cannot ignore the word information in this scenario. If we start analyzing the present, data is being generated at unimaginable amounts. When raw data is analyzed and then converted into information, then information is studied and turned into knowledge. Then this knowledge is used to gain a competitive advantage. This is where analytics come into the picture. In this article let’s look at the different tips and tactics one can use to set-up an analytics startup.
A word of caution, don’t enter this field unless you are passionate about it. If you are passionate and want to start your own startup, don’t forget to register it. Start with a Private Limited Company registration
Invest in the basic infrastructure
There are some cool and free tools available online for you to test and start your investment process. These models will allow you to gain working knowledge about the tools you will be buying while setting up the infrastructure. The leader in this sphere is IBM. Through IBM Watson you can input your data into their systems and get informational results related to the questions you ask.
Hire a team
This goes without saying that you will be in need of a proper team to start off your venture. You should definitely hire an expert to take care of your technical side. If you are the one who remains on the technical side hire someone who can handle your sales. Hire interns who you can train to run your day-to-day tasks. Let me explain this point. You being a startup the scale of your activities will be very less. Hiring college or undergraduate or graduate interns is one of the best ways to deal with this scope. All the interns that you have can then be retained, let’s be positive that the business flourishes. Do your GST registration and get your GST number
Get ready for extraction
In this scenario get ready to deal with a lot of raw unstructured data. This will be a daunting task, but this is the crux and soul of the company. This raw data then can be turned into information for your clients which is almost as equal as gold for your clients. You can get information from everywhere like website, account books, sales figures, social media, etc. You should exactly know what you are looking for. Once you are well aware of what you are looking for gathering data becomes more of a structured task. Still, you can’t escape the tedious part.
Client is everything
The client is everything for you. Try to pitch clients by first finding their pain points. Try to do preliminary research on the client you are trying to tap. If the information that you are looking for is easy to come it’s okay, if not try to schedule a meeting with them (cold calling helps). Get in touch with the concerned manager and pitch him your offer. If not you can definitely buy a database of companies from where you can generate leads.
Doing a startup is never easy this article might not be even the tip of iceberg. You will spend many days and long hours building your analytics startup. The point to remember here is to always provide a structure to whatever you do. Be it data or administration or any other task that might come up.