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Yashica Chopra
August 15, 2024
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How to Scale Your Startup With Managed Data Analytics?

Data analytics is the process of collecting, storing, and analyzing large datasets to derive actionable insights in real-time. Here, we’ll discuss the role of managed data analytics in scaling a startup and the benefits of adopting the data-driven model for decision-making. Startups usually begin on a small scale and expand over the years. However, scaling a startup is easier said than done. As per a study by the Kauffman Foundation, just one startup in every ten scales is successful. That’s when startups are worth $1215 billion in 2024, and the value of unicorns around the globe is estimated to be $4.3 trillion. So how do you scale your startup and ensure success in 2024 and beyond? Managed data analytics and artificial intelligence are the answers. Startups need to be proactive and take advantage of the data and technologies available in the market to establish themselves. Instead of following conventions and orthodox business models, startups should adopt data-driven models and advanced tools (cloud solutions, AI, ML, etc.) to reduce the risk of failure. Fortunately, plenty of third-party companies offer onshore, near-shore, and offshore managed analytics services tailored to suit the business requirements. In this blog, we’ll read more about how to successfully scale a startup by investing in data analytics and the benefits of using managed analytics in a new business. How do You Scale up Your Startup? Scaling a business is the process of growing or expanding the operations, products and services, market share, customer base, and returns. Startups scale to invite more customers which brings higher revenue and creates a brand image in the market. However, scalability can be limited to one or specific avenues as well. Not every startup scales all aspects together. Typically, you can scale a startup in any of the following ways: What is an example of a Scalable Startup? Is Managed Data Analytics Involved? Facebook, Twitter (now X), and Amazon are great examples of a scalable startup. These started as small companies run by the entrepreneur and a couple of friends or team members. Over the years, Amazon has become the number one international marketplace and Facebook is one of the tech giants. They heavily invested in business analytics (gradually) to make decisions backed by data and insights. This allowed them to quickly adapt to the changing market conditions and gain a competitive edge. How do Startups Use Managed Data Analytics? Startups cannot underestimate the importance of data analytics in modern times. From streamlining internal processes to increasing customer satisfaction, analytics can be helpful in several ways. It converts raw data from multiple sources into actionable insights that employees can access to complete daily tasks more effectively. Understand Target Markets Startups don’t have the luxury of taking major risks or investing all the money into a project without basic research. Nine out of ten startups fail and shut shop in less than a decade. This can be due to lack of funds, incorrect investments, wrong decisions, etc. Understanding the target market conditions can reduce the risk of losses and keep the business afloat. For this, you can rely on data analytics to process the datasets related to the market and derive meaningful insights. Third-party companies offer managed analytics solutions and embedded analytics to provide real-time insights whenever you need them. Analyze Customer Behavior Customer feedback is vital for every business, and startups need it more than ever. However, you cannot afford to spend your time and resources on manually analyzing this feedback. Data analytics simplifies the process by using powerful tools and sharing the reports through data visualization dashboards. Platforms like Power BI, Tableau, etc., are popular data analytics tools that can be integrated with various input and output systems to provide insights 24*7. Evaluate Competitors How else do startups use data analytics to grow their business? Managed data analytics is not limited to analyzing the internal aspects of a business. You can use public data to determine who your competitors are and how they are faring in the market. This helps in identifying weak areas in your startup and strengthening them to survive the competition. Similarly, you can track the performance of your competitors and identify growth patterns to plan your strategies accordingly. Improve Products and Services Startups face severe competition from existing and new businesses. This means you have to continuously tweak your products and services to increase sales and bring more customers. Data analytics helps by highlighting the purchase patterns and preferences for your offerings and in the market. It provides information about what customers like and how you can improve your products and services to generate more sales or get the desired number of subscriptions. Streamline Internal Operations As a startup, you don’t have access to unlimited funds. You need to make some strict decisions about where to invest, what to prioritize, etc. In such instances, managed data analytics can help by identifying processes or steps that consume excess resources but are not necessary for the business. You can shorten the cycles, automate recurring tasks, and trim areas without compromising quality. It also helps in negotiating better deals with suppliers, storing your inventory carefully to reduce wastage, increasing or decreasing production/ procurement to align with the market demand, etc. Increase Conversion Rate Marketing is another area where data management services and analytics can help your startup. A new business has to invest in offline and online marketing campaigns to reach the target audience. Generating leads is one aspect, and converting them into sales is another. Startups tend to have a hard time converting leads to sales. Data analytics can be used to create a marketing strategy that suits customer preferences. Identifying the right kind of audience and sending the right message to the right customer at the right time through the right channel is possible when you use data analytics. Identify More Avenues for Revenue Revenue cycle analytics gives startups in the healthcare and finance industries a clear idea to streamline their revenue generation avenues. It tracks every step

Yashica Chopra
August 14, 2024
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Startup Fundamentals Checklist : 11 Essentials New Businesses Need to Get Right!

Establishing a startup is much more than naming a business and pitching to people in your network. It is a long-term commitment and needs proper planning. Here, we’ll discuss various aspects of setting up a business and the startup fundamentals checklist to help you plan ahead. Entrepreneurship and startups have gained prominence in recent years. Many youngsters and experienced professionals are taking the risk of establishing their own businesses instead of working for others. This is a great development as it creates more job opportunities and keeps the market healthy with new competition. According to Small Business Trends, only two out of five startups turn profitable, while one in three could break even and one in three could end up in losses. Running a startup is not easy and requires a lot of planning (and funding) along with experience and support from different parties. Many people ask if they can start a startup alone. It is certainly possible, but it is also important to find third-party partners to sustain the business and survive market competition. Following a fundamental checklist will help create the initial plans and give you a clear idea of what needs to be done to establish and run a startup. Let’s find out more about the startup fundamentals in this blog. What are the Essentials for Starting a Business- Startup Fundamentals? So, what are the fundamentals of startup? What is required for a startup to become successful? Let’s find out. 1. Business Plan A business plan is a detailed document with information about your startup, like the idea, industry, goals, expectations, potential investors, target markets, etc. It is a roadmap you draw to convert your ideas into actions. So, why does every startup needs a business concept statement? Because a business cannot run for long on vague ideas and random decisions. Moreover, if you apply for a loan or pitch the business to investors, they ask for a business plan to make their decision. It is a compulsory document for many fundraisers. But how do you create a business plan? Is there software for it? Yes! Business plan software can be used for this purpose. The software helps refine your ideas and structure them into a polished plan that will appeal to investors and banks. However, you can create one from scratch by following the existing templates. The following are the common elements to include in a business plan: As you can see, much of this requires serious effort from entrepreneurs. You can save time by investing in data analytics in startups to gather the required information. This also ensures that your business plan is data-driven and based on solid groundwork. 2. Cost Estimation Another important part of startup fundamentals is budget. What are your financial prospects? How much will it cost to establish the startup? How much working capital do you need to run it? What salaries will you pay? Can you buy the latest tools? What kind of funding will you require? These are just some questions you need to answer when estimating the cost of a startup. These calculations should be ready long before the startup opens. Use budget templates meant for startups or small businesses to plan your finances. Additionally, don’t rely only on outsiders to raise funds. You should have enough money saved to pay for the initial foundation work, like creating a business plan, pitching the idea to investors, getting expert opinions from financial and legal advisors, etc. How you set up a startup also depends on how you plan and manage money. Opt for small business loans and angel investors instead of mortgaging your existing properties. Many legitimate platforms allow entrepreneurs to run crowdfunding campaigns. This helps in generating funds and assessing the viability of your business idea. 3. Researching a Managed Service Partner Though you have yet to register and run the startup, you have the necessary information to determine the business operations. This will give you an idea to search for a budget-friendly managed data analytics provider for collaboration. The company can also help create the business plan, plan daily operations, build the IT infrastructure, and manage it to reduce downtime. In short, you not only gain access to data-driven insights but can also rely on an expert to manage your business system end to end. 4. Registering the Startup Another crucial part of the basics of startup essentials is the registration process. This depends on the geographical location of your business, the industry standards and requirements, etc. It is recommended to hire a professional to oversee the registration to avoid last-minute complications. For example, some business models require additional permissions and documents. The owners may have to sign certain agreements which could clash with their existing jobs (if any). This can be risky if you are working for a company and want to build a startup simultaneously. In such instances, you should select a model with more relaxed terms and conditions. 5. Finding the Right Business Model As mentioned above, the business fundamentals checklist includes the type of structure/ partnership you want in your startup. This also determines how you get your funds or approach investors. By default, the business models are categorized as below: Study each model carefully and choose the best one for your startup. Take expert advice and consider your long-term goals. 6. Naming the Startup Giving a good name for your business may not seem like a big deal to some, but it is! That’s why it is listed as one of the fundamentals of a business. The name you choose becomes your brand image and identity. Make a list of all your ideas and suggestions from others. Analyze the names to see if they suit the business idea and convey a message to the target audience. If you wish to trademark the business name, it should comply with certain criteria, which will be available on the official website. Moreover, the name should be easy to pronounce, spell, and recollect. Go through

Pawan Chabra
June 10, 2024
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Key Areas of Global Capability Centers and How to Leverage Them

Global Capability Centers (GCCs) have transformed from basic back-office operations to crucial elements of multinational corporate strategy, specializing in technology innovation, business process management, and customer service excellence. Initially aimed at cost reduction, GCCs now focus on strategic enhancements such as digital transformation and talent management. Global Capability Centers (GCCs), once called captive centers, have evolved from being mere back-office hubs to becoming integral parts of leading multinational organizations. GCCs are offshore facilities that handle and manage business’s IT, operational, and other tasks, offering innovative solutions at a reasonable cost and driving innovation from locations with rich talent pools and operational cost advantages. Historically, GCCs were first discovered in the late 1980s, mostly in countries such as India as well as the Philippines, as companies tried to benefit from global labor markets to improve efficiency and lower expenses. Initially, they focused on data processing basics and IT-related services but they have seen major changes. Nowadays, they are active centers for innovative analysis and research, analytics, and sophisticated strategies for solving problems, profoundly impacting the business strategies of their parent enterprises. The growth of GCCs is evident in their changing function within corporate strategy. A study states that there are more than 1,600 GCCs within India alone and the country is expected to host around 1,900 GCCs by 2025 with a market size of US$ 60 billion. The shift in direction is from cost reduction to strategic improvement as GCCs are becoming a key element in the implementation of digital transformation, driving creativity, and advancing international business projects. GCCs do not just offer cost savings but also improve capabilities within organizations, improve the agility of the business, and help in the digital transformation of global capabilities. According to a study, approximately 25% of Fortune 500 companies and 15% of Forbes Global 2000 companies operate Global Capability Centers (GCCs) in India. Over the next five years, the GCC sector is poised for significant growth, with the potential to expand by an additional US$ 25-50 billion. This expansion could elevate the sector’s total gross output to US$ 180-260 billion and generate employment opportunities for 6 to 8 million people. As businesses navigate through a complicated global ecosystem, the role of GCCs is becoming more crucial. They are not only support centers but are key actors in global strategies that highlight the importance of strategic alignment as well as local expertise to achieve global goals for business. The transformation of cost-centers to hubs for innovation offers an inspiring story of globalization as well as strategic thinking which makes GCCs an essential element in the structure of modern multinational companies. Key Areas of Global Capability Centers GCCs have been a major component of the corporate strategic plans of multinational companies changing from back-office tasks to becoming the centers of operational excellence, innovation, and customer involvement. Here are the key focus areas of GCCs: Technology and Innovation GCCs are becoming increasingly acknowledged as crucial technology engines in global business. They are not only a supporter but are often the driving force behind the development and research efforts of their parent firms. A study estimates that more than 50% of all new R&D centers that have been established around the world located in India are GCCs which underscore their crucial contribution to the development of new technologies. For example, there are several examples of GCCs developing AI-driven software that automates and improves the management of data across the global operations of the parent company. Such breakthroughs not only increase efficiency but also enhance capabilities for handling large data. Business Process Management In the field of management for business processes, GCCs can be crucial in streamlining processes and increasing the effectiveness of business operations. Their strategic location, usually in countries that have a large workforce and lower operating costs can result in substantial savings in costs. According to EY, GCCs are transitioning from being primarily a means of cost reduction to evolving into Global Value Organizations. GCC-as-a-service is also emerging as a preferred business model. For instance, financial services companies utilize their GCC to streamline and centralize the efficiency of their international and local operations, which results in an improvement in process efficiency and cutting down on errors in transaction processing. Data Analytics and Decision Support Data analytics is yet another key aspect of GCCs which allows businesses to use large amounts of information and analytics that can make business decisions. GCCs excel at the integration and analysis of massive quantities of data from worldwide operations, providing information that helps boost competitive advantage in captive sourcing. One example is the GCCs of e-commerce companies that play an important function in analyzing customer information across all markets to develop strategies for marketing and to improve the quality of products offered. The work improves sales year-over-year through the use of predictive analytics to predict customer buying habits. Customer Service Excellence GCCs are also focused on providing excellent customer service, increasing the customer experience overall by using multi-channel support systems that are both effective and scalable. They employ cutting-edge technology like chatbots, AI, and machine learning to deliver personalized customer interaction. GCCs roll out algorithms powered by machine learning to anticipate customer queries and complaints, while also offering solutions via their customer support channels. This program reduces the volume of calls and improves the satisfaction of customers. Talent Management and Skill Development GCCs serve as vital centers for the acquisition of talent and development, helping to fill gaps in skills and creating a culture of continual learning and improvement. They frequently create large-scale training programs in conjunction with local educational institutions and universities to build a pool of highly skilled professionals. For instance, GCCs have worked with local universities to establish an academy of digital skills, which is not just a solution to the immediate needs of the company but also aids in the regional economy by increasing the talent pool in the region. The strategic impact of the GCC goes beyond their immediate roles impacting development and economics. They

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