CIO

Now a Startup Too Can Leverage Data for Innovation

Established firms trump a startup in data collection. They have years of data generated through customer feedback and internal activities. To fill this data gap, the new market players are getting creative. In this article at CIO, Martin De Saulles discusses how a startup can leverage data for innovation.

Being Innovative Around Data

Since startups cannot have historical data to fall back on, they are collecting information from other off-track sources. Following are a few of the methods they are employing:

Planning a City Through Vehicles: Populus is a startup that is emerging in smart cities like San Francisco. It collects data from ride-sharing companies. The information it gets from vehicles helps the city officials to make better traffic and parking strategies.

Knowing Customer Demands from the Web: Danone, PepsiCo, and McDonald’s are paying Black Swan to understand precise consumer demands. The London-based startup pulls data from online forums, social media, and review websites to get real-time data. It then uses in-house AI software to identify trends. So, the big firms get accurate and valuable insights at affordable costs and without sending out surveys.

Making Online Shoes Fit through Designers: More consumers are relying on online shopping for their regular needs. To reduce the rate of return of footwear, Boston’s True Fit collects data from designers, users, and surveys.

Personalizing Marketing through Wi-Fi: Purple is a startup in Britain that collects data when users log into public Wi-Fi networks. The login portal informs about the users’ dates of birth and personal preferences. UK’s Pizza Express has installed 1,024 Wi-Fi access points in 470 restaurants to leverage Purple’s strategic marketing move.

Learning the Global Statistics: Statista is a familiar name for people that search statistical data online. Founded in 2007, the company has 1.5 million registered users, with 12 million visitors per month. It collects data from data providers as well as various websites. The startup allows its customers to get low-cost, subscription-based data on multiple sectors and technologies.

To view the original article in full, visit the following link: https://www.cio.com/article/3438539/5-ways-startups-are-innovating-with-data.html

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