By Nishant Sharma, CTO, Umbrella Infocare
With increasing number of Indian startups joining the unicorn club despite the pandemic, it is evident the new-age startup ecosystem in the country is showing promising growth. The fast growth can be attributed to the dynamic nature of the entrepreneurs who possess a digital and competitive mindset. Young companies are carving their growth path based on data insights captured from various sources, rather than ‘guessing and assuming’, thereby challenging traditional business models.
Founders of startups are predominantly professionals with global exposure, having a sound understanding of the enormous potential of new age technologies, such as AI, ML, Big Data and Analytics, IoT, Cloud Computing and Robotics among others. Being highly innovative, agile and disruptive, the new age entrepreneurs want to provide a solution to an existing problem in the society or even create an entirely new market category. Pillars of these businesses are built with new-age deep technology and IP-driven innovation.
Big Data and Analytics, part of new age technology helps startups to identify and discover unseen business opportunities by reviewing large data sets and deriving actionable insights. New products can be created or existing ones improved to deliver better business outcomes. Business insights delivered at high speed can support organisations to make timely informed decisions by uncovering hidden patterns and their correlation.
Better customer experience delivered with deeper customer connection
Customers are the greatest asset to any startup business, hence understanding and retaining them drives the first sale and business growth thereafter. The fast evolving customer behaviour, changing tastes and buying trends can be captured with Big Data Analytics. Today’s consumers do extensive research on any product, read reviews on web and social media, discuss with peers, before making a buying decision. The modern, millennial and value-driven customer is comfortable with buying new and less-known brands, unlike the gen-x and baby boomers who preferred products from traditional and established companies.
The data generated by these customers from various digital touch points can be used for customising the effort to reach out to them with Big Data and Analytics solutions. Promotional campaigns can be strategically developed around consumer interests, behaviour and their buying patterns that are identified.
By providing the right content to the target customers, startups can connect and strengthen relationships with them. Improved communication, targeted messaging and reducing disconnect will enhance customer experience which is the goal of every business and more so in the case of start-ups. Technological tools can support in collecting and using customer feedback and their perception of the product or services. These views can be used as a base to make changes, re-develop the product or create a new experience altogether, if required.
Harnessing the power of big data and implementation as part of business strategy
To successfully implement Big Data Analytics solution, the organisation goals are first identified and the solution must be accordingly aligned to them, which is key to developing a business strategy. The team should have sound knowledge of analytics methodologies and appropriate skillsets for configuring and effectively implementing the solution. They should be adept in identifying, capturing, and tracking the appropriate data sets and apply right methods and tools to translate Big Data into value-driven insights to make faster business decisions. Big Data Analytics is critical for businesses to stay ahead in the highly competitive start-up landscape. The business analytics model helps predict business outcomes that lead to informed decisions by business leaders.
Predictive analytics help create an effective go to market strategy using various feeds and reports that keep businesses updated on industry developments. Risk management can be mapped and used to foresee potential risks and adopt mitigation measures.
Large scale personalisation is done by the segmentation of target audiences with analytical tools. Marketing content can be personalised too by targeting larger sections, leading to wider user reach and higher conversions. The solutions also help create new revenue streams for startups through market and consumer analyses.
Competitive advantage, reduction in operation costs and customer retention which are key to start-up business community are the benefits of Big Data Analytics solution. Top management teams with a good understanding of fast evolving technology and consumer trends will lead the digital initiatives to successful implementation in their ventures. Today the lines separating business leaders and tech leaders are blurring as both require knowledge and understanding of digital transformation, the advantages of data and analytics solution and their impact on business outcomes. This is all the more evident in the startup ecosystem
