The ability to process and analyze data can provide many advantages, especially for developing businesses in this technological era. Hence, the Greater Hub invited Ariya Sanjaya, the founder of Kazee, a data analytics startup, to disseminate how startups can use analytics to advance their business in The Greater Hub XII Expert Mentoring session on Friday (11/3/2022).
Ariya believed that analytics can help startups in many ways, especially in decision-making. Analytics can minimize errors in decision-making compared to relying solely on intuition. Other implementations for analytics would be in marketing, competitor analysis, market growth, and brand reputation.
One of the analytical tools that Ariya introduced in the session was Startup Strategy Compass. This tool can help startups determine which strategies can form their respective competitive advantages. This tool provided four strategies with different focuses: Intellectual Property, Architectural, Value Chain, and Disruption. Accordingly, startups should choose based on their own needs and strengths.
In addition, analytics can also help startups identify opportunities related to trends. With a trend analysis, startups can detect trends that could provide a competitive advantage or the ones that are not widely noticed but will be soar in the future. That way, startups can predict adaptative measures that should be taken and get a head-start in innovating to improve their business performance. Ariya suggested the Gartner Hype Cycle as the trend analysis tools. It can measure the phase of trend development, and Google Analytics, that stores trend movement data.
Although analytics can help startups in solving problems, Ariya emphasized that in the end, it all depends on how startups can implement the results of their analytics. “Analytics is needed so that we can address the problems we face by discovering solutions. However, the real question is, how can we take action with the solutions we have. Analytics helps us make decisions. However, from this decision, there must be real steps taken, for instance, modifying our business processes,” said Ariya.
