Startups score high on agility, but need processes and tech to scale: Survey
With startups inherently understanding that their survival depends on technology, the survey also captured that smart communities and big data analytics (57% each) will drive the next wave of technology innovation in India. The three trends that followed in priority were the Internet of Things, automation, and BYOX (bring your own anything, such as devices or applications).
The ‘information generation’, a new breed of connected consumers – shaped by the availability of information and technology at their fingertips today – is placing new demands on how businesses operate, and digitally native startups are well-positioned to address their needs, according to a recent survey, commissioned by EMC India and conducted by Greyhound Research.
The research was independently conducted by Greyhound Research on behalf of EMC. They surveyed key decision makers from 100 B2B and B2C startups organizations in India, which have been established in 2012 and after to determine top business imperatives.
With startups inherently understanding that their survival depends on technology, the survey also captured that smart communities and big data analytics (57% each) will drive the next wave of technology innovation in India. The three trends that followed in priority were the Internet of Things, automation, and BYOX (bring your own anything, such as devices or applications).
The survey also found out that business agility is the key business attribute that is allowing startups to disrupt traditional industries. 88% of respondents are able to deliver unique and personalized experiences, with 42% of startups already doing this organization-wide compared with 33% of mid-large enterprises.
The survey found that access on multiple platforms across web and mobile (82%), 24×7 support and connectivity (65%) and personalized experiences (62%) are the top customer demands that startups are facing. Half of the B2B startups questioned feel that their customers will expect proactive rather than reactive service delivery in the next two years with over 85% citing that mobile devices have changed the way they do business. The majority of respondents (59%) said adaptability was the core of their technology strategy, while 55% were focused on connectivity.
However, the proliferation of connected devices and people is also resulting in an information overload. While startups understand the value of information in creating and delivering unique customer experiences, few are able to utilize it effectively. Nearly 60% said they are not able to turn the learnings into sizeable, actionable results, and 10% stated that information overload was making it even harder to make decisions.
This increasingly data-driven world and new way of life is triggering a rethink in business strategies. In fact, 60% of B2B startups indicated that real-time analytics has transformed their market outreach. About 9 in 10 startups said that customers are driving the need for data and insights, resulting in the sales and marketing teams being the highest consumers of information and analytics organization-wide.
When considering technology investment strategies, only 12% of B2B startups are currently using data lakes to capture unstructured data, and none of the B2C startups surveyed are currently doing so.
Business leaders agree organizations must adopt a digital mindset and embrace these data-driven business attributes in order to leap ahead now and in the future: Predictively spot new opportunities; innovate in an agile way; demonstrate transparency and trust; deliver a unique and personalized experience; and operate in real time.
