One of the biggest buzz words in the world today is ‘big data’. You probably might have also heard that data is arguably now the most valuable thing in the world. Even if you look at security sectors of most countries they invest lots of resources into the gathering of intelligence – which in essence is data. One of the secrets to edging past your competitors in business nowadays is leveraging on big data. The point here is that big data is such a big thing; every entrepreneur must acquaint themselves with what it is. In this article we look at some business ideas that you can embark that are based on big data. Before we do that let us discuss a bit on what big data is.
What Is Big Data?
Big data refers to voluminous amounts of either structured or unstructured data. Some examples of big data can be website activity, sales data, and social media metrics just to mention a few. Big data tends to mostly regard human conduct and interactions – elements which businesses usually need to grasp in order to formulate business strategy. This is essentially because big data goes through some form of analysis so as to draw invaluable insights. That is why the term ‘data analytics’ is quite common and quite a big deal in the world of business. So that is the bit we can discuss on what big data is; now let us look at some big data business ideas.
Business Research Services
You can start a business where you conduct studies initiatively or upon request. The crux will be to collect and analyse data with a bid to come up with comprehensive insights pertaining to wide-ranging business matters. Some of the key areas of focus can be market trends, competition, and consumer behaviour (things like attitudes, perceptions, biases and so on) amongst many more. So the revenue models can be two-tier i.e. you charge for clients coming to you requesting that you conduct some research for them. The other one regards the monetization of data whereby you do research and package the collected and analysed data in such a way that it can be bought by businesses or companies. There have always been controversies and outcries about how companies like Facebook sell data to other big companies. The basic idea to understand here is that data is monetizable – especially big data.
Digital Marketing Services
This is now the hotbed of all things business marketing. Any business that has not grasped how digital marketing works, is missing out on a lot. By digital marketing we are referring to business marketing by the use of platforms such as the internet and social media. The major key in using those platforms for marketing purposes lies in understanding data analytics. If you have a detailed understanding of how data analytics works for those platforms then you can provide digital marketing services to many businesses. The truth is that many businesses do not fully understand or not at all how digital marketing really works so you can make money by addressing that need.
Shared Economy Business
This is term to denote many possible businesses that you can start in this domain. Just to make it clear what we mean by ‘shared economy business’, consider Uber, for instance. This is a business that simply creates a platform that links up customers and people owning the means to provide services being sought out by the customers. These types of businesses thrive on big data; in fact, that is what informs how the business should be run. There is actually a surge in a number of businesses like these all across the world. The idea is to not just solely think about Uber per se but to think about how many possible things can be ‘shared’ in a monetizable way.
Text or Data Mining Services
Most of big data is processed using computation of which computation involves the use of algorithms. Even at the most elementary level big data can be analysed statistically. So here is where it gets interesting, what happens to text-based data? That is where text mining comes in. Text mining is about extracting numerical metrics from text-based data. These numerical metrics are then easy to analyse thus drawing important insights from them. Examples of text-based big data are emails, social media posts and documents just to mention a few. So if you are adept at text or data mining you can set up a business that provides a paramount service that most businesses or corporates need.
The creation and running of an online platform that facilitates business trading involves lots of data. Did you know that e-commerce is the largest catalyst for global business? It is that much of a big deal and that is why you should start a business in this domain. E-commerce is characterised by the continual collection or receipt of large chunks of data. Making sense of that data is what leads to a lucrative e-commerce venture.
This is one of the easiest and simplest big data businesses you can start. You simply find a way to create content using methods such as blogging, podcasting, vlogging and so on. Your focus will be big data and big data-related topics. You will vying to draw traffic to whatever platform you will be using to ultimately end up with a huge, loyal and ever-growing following. In the process you will find advertisers approaching you for ad placement so that they tap into your huge following. You could even just publicize it that you offer ad space on your platform and that becomes one of your monetization strategies. It takes a bit of a while to grow your following but availing regular, consistent and alluring content can fast-track that.
The biggest businesses in the world today are said to be primarily anchored on the use of big data. So big data businesses are definitely big money.