Big Data for Entrepreneurship and Sustainable Development

Entrepreneurs use big data to cut costs, minimize time waste, study competitors, increase efficiency, improve product pricing, and increase sales and loyalty.

Format: Hardback
Length: 206 pages
Publication date: 10 December 2021
Publisher: Taylor & Francis Ltd

Entrepreneurs are increasingly leveraging big data to optimize their operations and drive growth. By harnessing the power of large datasets, businesses can gain valuable insights into their customers, products, and processes, allowing them to make data-driven decisions that lead to cost savings and increased efficiency. One of the key ways that entrepreneurs use big data is to study their competitors. By analyzing large amounts of data, businesses can identify patterns and trends in the market, as well as gain a better understanding of their competitors' strengths and weaknesses. This information can be used to develop competitive strategies, improve product offerings, and differentiate themselves from the competition.

Another way that big data is being used by entrepreneurs is to increase efficiency. By automating repetitive tasks and analyzing data in real-time, businesses can reduce the time and resources required to perform certain operations. For example, using machine learning algorithms to analyze customer data can help businesses identify potential fraud or identify customers who are at risk of churning. This information can then be used to take proactive measures to prevent these issues from occurring.

Big data can also be used to improve the pricing of products. By analyzing customer data and market trends, businesses can develop algorithms that can predict the optimal price for their products. This can help businesses avoid overpricing or underpricing their products, which can lead to lost sales and reduced profitability.

In addition to improving efficiency and pricing, big data can also be used to help increase sales and loyalty. By analyzing customer data, businesses can identify their most loyal customers and develop targeted marketing campaigns that are designed to increase their engagement and loyalty. For example, using personalized messaging and offers can help businesses build stronger relationships with their customers and encourage them to make repeat purchases.

Overall, big data is a powerful tool that entrepreneurs can use to optimize their operations and drive growth. By leveraging the power of large datasets, businesses can gain valuable insights into their customers, products, and processes, allowing them to make data-driven decisions that lead to cost savings, increased efficiency, and improved sales and loyalty. As the amount of data generated by businesses continues to grow, it is likely that we will see even more innovative uses of big data in the future.

Weight: 572g
Dimension: 234 x 156 (mm)
ISBN-13: 9780367546632