New Business and Big Data

Technology and tools for analyzing large volumes of information used by large corporations to make business decisions are also available to businessmen and small companies.

Finding the best location for a new sales point, finding the areas where potential customers move and analyzing their purchasing power and their behavior as consumers are just some of the things that can be done today with the help of new technologies.

Not long ago, when an entrepreneur decided to start a new business from scratch, such as opening a restaurant, they often had to use their own intuition, in addition to static and not always updated data, as the main input for decision making.

But with the advance of technology and new tools available to all types of companies, decisions made based on intuition or the simple desire to undertake are being left behind.

In a special report prepared by and Telefónica, they detail “… some utilities that data analysis can provide to an entrepreneur who wants to bring their project forward or to a company that wants to improve its existing business.

1. ‘Geomarketing’. Locate the best areas to set up a business, attract new consumers or discover “clones” in a new area with a consumption capacity similar to that of current customers. Learn more about the geomarketing tool for companies in CentralAmericaData.

2. Optimized investment. Calculate in detail the possible results of several investments, in order to choose the option that predicts the greatest success and reduce risk.

3. Regulatory compliance. To facilitate and speed up the automatic verification of all the standards required for the start-up and continuity of the business.

4. New suppliers and partners. Configure customized reports with the relationship tree of a certain company from a database. This way it is possible to filter according to the interests of the entrepreneur to find in record time the most suitable suppliers and partners for their business.

5. Crime prevention. Thanks to the previous point, by knowing the whole relationship tree of an entity, the entrepreneur makes sure that those companies do not have any relationship with suppliers, partners or clients involved in irregularities or matters that could lead to a crime or a serious risk of reputation.

See article (in Spanish) from “Así ayuda el ‘big data’ a montar un nuevo negocio.

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