Business Idea for Data Analysis in Malaysia: Statisticians or Survey Agencies
If you are planning to start a business in data analysis in Malaysia, you can earn huge profits. Statista, a leading analytical portal estimated that the revenue from data analysis is expected to reach up to $92 billion in the next ten years.
Data analysis is big. Everything that we do creates an electronic print, even Facebook likes, online purchases, ads we see and the articles we read. As a huge amount of this information keeps coming in on a daily basis, companies are trying to look for ways to manage this data. By doing so, it helps them understand market situations and customer requirements, and predict future trends. In the end, those who can masterfully utilize data will inevitably succeed, as they possess valuable metrics that can improve their brand.
Here are some great business ideas for data analysis in Malaysia:
Data Mining Consultancy Service
There are a lot of unexplored areas in big data. If you have the potential to think differently and uncover the business problems that big data solve, then you can tap into it and set up a consultancy service for data mining. In this, you work with people making strategic and tactical decisions. You also work with managers to reduce company costs, as well as marketing managers who want details of the market and the customer they would be dealing with.
Business Intelligence Consulting
Business Intelligence Consulting is a field where you help organizations use tools and applications to obtain data from internal and external sources. This data is then analyzed and reports are made to visually present the data to the managers if the company. Be assured that if you start this business, you will not need to run after clients. Companies will approach you automatically to avail your services.
Fraud Detection Services
As the economy grows, the rate of economic and online crimes increase too. In a global economic crime survey by PwC, it came to light that one in three organizations are susceptible to frauds. Moreover, data analysis for fraud detection was first used by telephone companies, insurance companies, and banks. Now it is expanding to other industries too. Any fraud that takes place with the use of cellphones, insurance claims, tax return claims, electronic money transfers, credit or debit card usage etc. fall under data analytics fraud detection. As a data analysis company in Malaysia, you can start fraud detection to help organizations or individuals protect their data.
Advanced Analytics Company
Advanced Analytics uses techniques like machine learning, data mining and predictive learning among others to give businesses an edge over others using regular data mining. Further, big data analysis and location intelligence requirements are growing rapidly now. These technologies are mainly used by marketing, risk management, and healthcare industries. You can start a business in data analysis in Malaysia that specializes in one or more of these technologies.
Data Analytics Blog
If you are a data analysis buff, do not have the time or resources to start a business in data analysis in Malaysia, then you can start a data analytics blog. This way, you can keep yourself and your readers updated on issues pertaining to data analytics. Make sure that you are knowledgeable about the topic you are writing because most readers will be professionals who would be interested to know the latest updates or wanting to learn something new. If you slacken your pace, you may lose readership.
Online shopping is booming nowadays, not only in Malaysia but all over the world. Any portal that allows a business to sell its services or products online is now in much demand. Moreover, putting up such a platform needs a lot of data analysis, as you need to develop a customer base based on their search. Data analysis also helps you a lot while predicting customer preferences and future trends. In short, e-commerce platforms are almost based only on data analysis. If you start an e-commerce platform in Malaysia, rest assured that you can reap huge profits from data analysis in Malaysia.
Develop ML or NLP Tools
Technology giants, like Apple, Google and Amazon are making devices and including technologies that are based on interactions between computers and human languages. As language and pronunciation changes from person to person, the database of these computers needs to be updated frequently. The study of such interactions is called Machine Learning (ML) or Natural Language Processing (NLP). NLP is a method for computers to understand human language and execute instructions accordingly. If you have good developmental skills, you can develop NLP tools that help computers in translation, speech recognition, topic continuity and segmentation, summation and other such important tasks.
The biggest fear of most companies is data loss or data theft. A great business idea in data analysis in Malaysia is starting a private cloud services business. You can then offer your services to companies who are looking for reliable data storage options. Private cloud servers provide much more than safe data storage. They are built for high performance and faster data access. They also cover various tasks like file sharing, task management, remote connectivity and much more.
Online Learning Platform
If you are passionate about any topic and wish to pass on your knowledge, then you need to know that there are many students who are willing to learn new skills online. Data analysis in Malaysia is an emerging field. If you establish a business of online teaching, then you can get a huge clientele. Simply analyze what type of students would like to learn what you are offering to teach. Areas like teaching children with learning disabilities or even music or languages are still coming up. You can also use data analytics to see what your average customer/student wants and tailor your services according to their needs.
Text mining is the process of sorting unstructured information and getting them in line and extracting a meaningful numeric index. This, in turn, is fed into various data mining algorithms. Text mining is also useful in deriving business trends from text-based content. This includes emails, word documents, and activities on social platforms like Facebook and Twitter. You can start a business based on data analysis in Malaysia to help companies use this valuable information for progress.
There are numerous innovative ideas for a business that are based on data analysis. If you are a data analyst or a statistician in Malaysia, you need not worry about getting work. You can try any of these upcoming ideas on data analysis in Malaysia, and get good earnings. As this field is still developing, there is plenty of scope for growth. In general, start-ups that employ data analytics, in the beginning, are more successful than those who do not.