For many enterprising individuals, the idea of starting a startup company or business may seem like a daunting and costly affair. At the recent preview talk organized by the Centre for Professional Development and Analytics, HELP University, the audience learned about the importance of analyzing, studying and processing important business information in order to fully cultivate successful business platform. Big Data Analytics is the process of examining large data sets containing a variety of data types to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful business information. The analytical findings can lead to more effective marketing, new revenue opportunities, better customer service, improved operational efficiency, competitive advantages over rival organizations and other business benefits.
The presenters then corralled the audience into participating in a game where one side of the hall had to design a product, in this case, a snowflake and then sell the produce to the ‘buyers’ on the other side of the hall. The ‘buyers’ were secretly shown what the actual look of the snowflake was and what are the USPs they were looking for before making a purchase decision. The ‘sellers’ spent about 5 minutes designing their snowflake, after which, they were tasked to sell their finished product to the ‘buyers’.
The first round, most of the ‘sellers’ failed to make a ‘sale’ and this was because they did not conduct a proper market survey to determine their target audience. Once the ‘sellers’ started their second attempt at product design, they finally made some ‘sales’. This game taught the audience that in order for a start-up business to succeed, they must first examine the market trends, seek out what are the relevant possible options in order to make a profit and have confident in their product(s) and abilities to market and sale them. The presentation ended with a tea reception in the Chancellory.