Big data will increasingly help Millennial entrepreneurs understand and address their industries, their clients’ pain points, and the world’s most critical issues, enabling better decision-making and better results.

1. The Benefits of Big Data for
Millennial EntrepreneursJake Croman

2. Millennials are shaping the modern workforce. They are increasingly
starting their own businesses and doing it much earlier than previous
generations. As a generation that has driven the use of big data through
e-commerce, apps, and social media, it’s only appropriate that these
younger entrepreneurs should champion its use within their businesses,
as well. Especially given what big data adopters stand to gain.
Millennials are willing to share their personal information in exchange
for the promise of receiving timely and relevant content in return. And
they’re not alone. Our digital universe is approaching 44 zettabytes of
data, 90 percent of which was produced in the past two years. Young
entrepreneurs that are able to put the data to use will benefit handsomely
from this influx of information:

3. More Effective
Marketing
Big data translates to big money. According to Forbes, a mere 10
percent increase in data accessibility would result in nearly $65
million in additional net income for the average Fortune 1000
company. This can be attributed to many factors, but one of the
biggest is most certainly the improved marketing efforts that big
data enables. Leveraging data allows startups to identify and
segment their target audiences like never before. Millennial
entrepreneurs now have the opportunity to understand their
customers in ways that would’ve been unthinkable a decade
ago. Mining this data provides a roadmap to patterns in
customer transactions and behaviors, as well as the ability to
predict future behavior, thus targeting customers with the exact
products or services they need at exactly the right time.

4. Spotting
Trends
There is no better or faster way to react to changing market
conditions or consumer trends than by analyzing your data for
actionable insights. Proactively leveraging big data to identify
key trends is helpful for strategic planning, updating existing
products and services, and creating new ones. There is no better
way to establish a competitive advantage than to leverage big
data to stay ahead of industry and market fluctuations.

5. Social Change
Big data also promises to make a big impact when it comes to
solving the world’s largest social problems, issues with which
Millennials are widely engaged: climate change, poverty, hunger,
inequality, inadequate healthcare, and other global concerns.
We’re already seeing big data being leveraged to create Smart
Cities and other environmental initiatives, as well as for advances
in healthcare and other social concerns, and Millennials will
doubtless continue to pursue those avenues within their
startups.

6. THANK YOU
www.JakeCroman.com