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. This was revealed in an independent survey commissioned by EMC India and conducted by Greyhound Research, which found 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%), 24x7 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.
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 Quest to Redefine: Fundamental Attributes for Digital Business
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:
1. Predictively spot new opportunities
2. Innovate in an agile way
3. Demonstrate transparency and trust
4. Deliver a unique and personalized experience
5. Always on, operate in real time
“The Information Generation is demanding faster, round-the-clock access to services and wants more personalized digitized experiences tailored for any smart device. As digital inclusion initiatives in India gather steam, traditional businesses must prepare for the onslaught of new customer demands while staving off disruption by agile startups that are able to natively leverage technology legacy-free. While transformation is critical, “born-in-the-cloud” startups, may be more cognizant of the experiences their customers want, but could learn a few lessons from traditional organizations in scaling these insights and putting in the right processes in place. One thing is clear: the parameters of doing business have been transformed forever, and it is up to organizations large and small to redefine themselves in order to compete in the new era,” said Rajesh Janey, President, India & SAARC, EMC.
“Delivering consistent customer experiences is not a matter of choice anymore. This research study and our ongoing tracking of the market confirm that the startups are taking a clear lead in delivering consistent customer experiences. Our study revealed that the majority of startups felt that the demand for better use of insights was coming directly from customers, and not competitors or partners. Indian startups are able to deliver these unique customer experiences, owing to agile and disruptive business models. Having said this, for Indian startups to continue on this growth trajectory, it is imperative to adopt a culture of process orientation, as learning from legacy organizations. Another interesting find from the study that validates the need for process orientation is that Indian startups are unable optimize information primarily owing to lack of planning and anticipation of data sources, followed by lack of resources and workload constraints and security concerns around using sensitive customer data said Sanchit Vir Gogia, Chief Analyst and CEO, Greyhound Research
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Updated Date: Dec 08, 2015 16:39:54 IST