Why should startups mine their data?
Well established businesses with more resources tend to do a better job of realising the value of data mining. Startups, in general, don’t so well on this issue and while working with in-the-business tasks are a business’ life blood on-the-business tasks are also critical. Take for example social media, getting your message out there is important, knowing how and when to post is the next important step. Mining and analysing your social network for information will help figure this out.
Data mining is therefore critical as it gives us a way to understand what’s going on under the hood, in addition and as a result of mining data:
- We get better & more measurable decisions being made
- We are more likely to address key problems as we can clearly see important correlations and causations
- We have traceability in the decisions made
The importance of data mining for startups
Simply put, data mining is important for startups as it gives startups contextualised information from which better decisions can be made. While it’s important for all businesses it is even more so for startups as resources are more often than not at a premium. Having better information at hand will result in better decisions being made with less effort. Automation that helps in gathering and analysing data is a big help in this.
It could be assumed that startups, being smaller businesses, have smaller amounts of data than larger businesses and therefore an ad hoc approach to mining will do, while this is true it also offers a false sense of security as even in a one person business patterns in data can easily be overlooked and misinterpreted when dealt with manually.
Having some kind of automated data mining processes is therefore necessary.
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