The Lean Start-Up Secret to Data Management

tyler Uncategorized Leave a Comment

The Importance of Data
Data management denotes the analysis, and subsequent transformation, of data into relevant information (i.e. actionable intelligence). Information analysis enables managers to understand consumer behavior, and tailor their respective strategies accordingly. A company’s ability to operate successfully underlies the efficacy of its data management system. Forbes states, “The companies that use analytics best are 5 times more likely to make decisions faster than competitors […], 3 times as likely to execute decisions as intended, and 2 times as likely to have top-quartile financial performance”.
Data Management is Difficult, Especially for Start-Ups
Fortune 500 executives and lean-startup entrepreneurs alike, must ensure they manage data properly. Although the former of which can allocate tens of millions of dollars towards data management staffing and software; the latter simply cannot operate the same way, given their limited budgets. Lean-startup entrepreneurs often times can’t afford large data management teams. They usually place heavy reliance upon the data management capabilities of a couple individuals, who source key information by sifting through- and interpreting- the data thereon various data analytics platforms. These (lean-startup) data managers then communicate relevant findings directly to key decision-makers, like the company’s CEO, CFO, and its Board members. Said decision-makers browse the internet to formulate ideal “plans of action” and rely on the information they receive: which can be difficult and time-consuming task. Lean-startup entrepreneurs, who are either first- or second- time business owners, rarely circumvent this tiresome process- wasting precious time.
Data-Management Hacks for Your Startup
Let’s get down to brass tax. If you’re reading this, you are probably rising entrepreneur struggling to tackle the issues above. You’re facing them at your startup… don’t worry. Here are a few KEY SECRETS to turn analysis into information Your time should be spent focusing on information blah blah blah
Low-hanging Fruit
Make it Easy, But Keep it Cheap
-Free versions (for ex: AWS first X GB free), test the service, integrate, as your company scales you can pay-as-you-go (a la carte)
-Examples (comparative BS or links)
20) Integrate, Consolidate, Automate
– Zapier (data integration software), Hootsuite, etc: Talk about this shit and how it helps w/ data mgmt
Automate: Another secret comes in the form of a “solution-driven” data analytics system. Such systems can be synchronized with (pull data from) multiple data analytics platforms, and can organize it in a clear and concise manner. When these systems identify important issues (for example: a high bounce rate [bad], or an increased conversion rate [good]), they will notify administrators- and then provide the admins with relevant information from the internet to help them overcome a present concern, or a future obstacle. These “solution-driven” systems are: developed for lean-start-up companies, targeted towards lean-startup entrepreneurs, and priced affordably.
Here are some…:

30) Find an Intern, or DIY?
-Where Can I find a Data Management Intern?:
There are resources out there blah blah blah
Indeed.com
Monster.com
Craiglist.com
Internships.com

-DIY: Keep a list of key metrics that track success (know key words: bounce rate, conversion rate, customer acquisition cost, customer lifetime value, quality score (google ranks quality of website [ranks higher/lower/ influences bid [high scores pay less for google ads than others]), click through rate, cost per impression (cost per someone viewing your ad), etc.)—Bring someone

10) Use Your Guidance (Use your Connections/Network)
11) Assess your Needs: Do it Yourself, or Bring Someone In?
Talk about importance of networking, getting free consulting, and/or finding/using advisors (You need advisors). Somebody, you or otherwise, should understand how to interpret data and turn it into info.
13) Keep a list of key metrics that track success (know key words: bounce rate, conversion rate, customer acquisition cost, customer lifetime value, quality score (google ranks quality of website [ranks higher/lower/ influences bid [high scores pay less for google ads than others]), click through rate, cost per impression (cost per someone viewing your ad), etc.)—Bring someone
-Bounce
14) Consolidated and Automated Data Management Systems
Another secret comes in the form of a “solution-driven” data analytics system. Such systems can be synchronized with (pull data from) multiple data analytics platforms, and can organize it in a clear and concise manner. When these systems identify important issues (for example: a high bounce rate [bad], or an increased conversion rate [good]), they will notify administrators- and then provide the admins with relevant information from the internet to help them overcome a present concern, or a future obstacle. These “solution-driven” systems are: developed for lean-start-up companies, targeted towards lean-startup entrepreneurs, and priced affordably.

11) Bring Someone in, Or

CONSOLIDATE DATA, CLOUD-BASED SOFTWARE

Here are a few, key secret to turn …

11) Automated Softwares

About Structured Data Management Software
Structured data management software is used to store and manage various forms of data generated by companies. It is also an approach to manage the flow of data through the entire cycle (from creation of the data to the time it is deleted) in organizations. Recently, the need for the effective management of corporate data has increased widely due to growing compliance issues, increasing the demand for management software. Data management services can be provided on-premise or on-demand. The on-demand services are known as cloud-based database, which is gaining increasing acceptance among several organizations. TechNavio’s analysts forecast the Global Structured Data Management Software market to grow at a CAGR of 7.82 percent over the period 2013-2018. (http://www.reportlinker.com/p02386317-summary/Global-Structured-Data-Management-Software-Market.html)

Leave a Reply

Your email address will not be published. Required fields are marked *