Startup Funding Espresso – Data-Driven Business Models

Data-Driven Business Models

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

A data-driven business uses data to drive business decisions and processes.

A data-driven business model is one in which the business is structured around data and changes price, costs, and responsibilities according to the incoming data.

Many companies already use some data to drive decision making but a data-driven business takes it to the next level and uses it for strategic decisions.

The benefits of a data-driven business model is that it brings greater productivity.

It can decrease costs.

It can speed up decision making. 

It can create better products and services.

It can increase revenue through new sources of income.

To implement a data-driven business start with a strategy about how data can drive the business.

Identify the key data sets needed.

Implement an analysis of the data to make the incoming data useful for decision making.

Install a process for using the data in the actual decision making program.

There are limits to data-driven decision making as the complexity of business often requires more than just a data set to determine the next steps.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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