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.\xa0 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. \xa0 Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let\u2019s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0\xa0 For Feedback please contact info@tencapital.group\xa0\xa0\xa0 Please , share, and leave a review. Music courtesy of .