Millennials are shaping the modern workforce. They are increasingly starting their own businesses and doing it much earlier than previous generations. As a generation that has driven the use of big data through e-commerce, apps, and social media, it’s only appropriate that these younger entrepreneurs should champion its use within their businesses, as well. Especially given what big data adopters stand to gain.
Millennials are willing to share their personal information in exchange for the promise of receiving timely and relevant content in return. And they’re not alone. Our digital universe is approaching 44 zettabytes of data, 90 percent of which was produced in the past two years. Young entrepreneurs that are able to put the data to use will benefit handsomely from this influx of information:
More Effective Marketing
Big data translates to big money. According to Forbes, a mere 10 percent increase in data accessibility would result in nearly $65 million in additional net income for the average Fortune 1000 company. This can be attributed to many factors, but one of the biggest is most certainly the improved marketing efforts that big data enables. Leveraging data allows startups to identify and segment their target audiences like never before. Millennial entrepreneurs now have the opportunity to understand their customers in ways that would’ve been unthinkable a decade ago. Mining this data provides a roadmap to patterns in customer transactions and behaviors, as well as the ability to predict future behavior, thus targeting customers with the exact products or services they need at exactly the right time.
There is no better or faster way to react to changing market conditions or consumer trends than by analyzing your data for actionable insights. Proactively leveraging big data to identify key trends is helpful for strategic planning, updating existing products and services, and creating new ones. There is no better way to establish a competitive advantage than to leverage big data to stay ahead of industry and market fluctuations.
Big data also promises to make a big impact when it comes to solving the world’s largest social problems, issues with which Millennials are widely engaged: climate change, poverty, hunger, inequality, inadequate healthcare, and other global concerns. We’re already seeing big data being leveraged to create Smart Cities and other environmental initiatives, as well as for advances in healthcare and other social concerns, and Millennials will doubtless continue to pursue those avenues within their startups.
Big data will increasingly help Millennial entrepreneurs understand and address their industries, their clients’ pain points, and the world’s most critical issues, enabling better decision-making and better results.