Waves of startups have completely changed the way people consume and do things but what makes an idea stick and cater to unseen needs still largely remains a mystery. A new report reveals that their success is dependent on catering to the multifaceted demands of the ‘Information Generation’, a new breed of connected consumers who are shaped by easy availability of information and technology and are placing new demands on how businesses operate.
The survey which was commissioned by EMC India and conducted by Greyhound Research found that hat business agility is the key business attribute that is allowing startups to disrupt traditional industries. Out of the 100 B2C and B2B startups, aged 0 to 5, surveyed, 88 per cent of respondents reported to have the ability to be to deliver unique and personalised experiences, with 42 per cent of startups already doing this organisation-wide compared with 33 per cent of mid-large enterprises. 82 per cent reported that they believed that digital technologies impact the way they do businesses.
“There are three outcomes from the survey—the need for experience continuum is high, while mobile continues to be the most important endpoint that is being served at, the definition of the endpoint will quickly go beyond the mobile, moving to smartwatches, IOT devices, BYOX, etc. It’s all about the understanding of the business context and which kind of people to hire,” said Sanchit Vir Gogia, Chief Analyst and CEO of Greyhound Research.
“When we speak about real-time analytics, there is a dichotomy. While 85 per cent of them (the startups) want analytics, only a few understand it—how to consume it. 47 per cent have no data scientists. So they might have the stack but they do not actually know how to use it and marry it with their business context. The problem is one of understanding, people and business contexuality,” Gogia said.
Source: Business World