The idea for Nanobi Analytics was born when founder and CEO Mahesh Ramakrishnan was designing analytics for UIDAI. Mahesh saw the potential that small islands of data held in the context of analytics and how these small islands of data can be brought together to unravel never before thought of insights from data.
Together with Sumant Sarkar, C V Vinod, Dr.Jayaprakash and Abhishek Purohit, Mahesh established Nanobi Analytics in Bangalore in March of 2012. We chat with the founders about the venture.
An Excerpt from the Interview What made you start your venture?
A driving factor was that small and medium businesses (SMBs) have long been on the periphery of adoption of analytics for a number of reasons ranging from cost, skills to various myths related to complexity/success of analytics projects. Further, with the rapid increase in the amount of data generated within organizations and the amount of public data that is being made available for use, organizations are finding it more and more difficult to manage data, and make effective use of the information that is hidden in these huge volumes of data.
Analytics from small, diverse but well-connected data islands had the potential to solve this problem and this led to the creation of the analytics app store theanalyticstree™. The purpose of theanalyticstree™ is to democratize the usage of analytics, making high impact analytics simple, affordable and instantly available to all business.
What has been the key to your business’s success?
Right market segment: The SMB space in India is at the cusp of analytics adoption in a big way. This market segment has been on the fringes of analytics usage primarily due to the cost and complexity involved.
With our technology we have made this adoption very simple without big financial implications to our customers in this space.
Right product offering: The concept of a cloud based analytics app store has been accepted by most of our customers and prospects. Businesses in India are very open to adopting the cloud today; this is a significant shift that we have seen over the past three years since we started our operations.
Right advisory board: Our advisory board has industry stalwarts who guide us on various aspects of business like technology, sales, product marketing. Their views and guidance have been valuable in target market identification, product positioning.
Right team mix: Having the right mix of team is critical to any business’ success.
What are the major challenges in your line of business and how did/do you overcome them?
The biggest challenge has been in terms of creating a team that could develop the platform as there were not too many people have experience in developing software products especially an Analytical Product.
The approach we took initially was to recruit people from smaller towns and colleges and train them to be product developers. We believed that given the right platform and exposure people can be part of a product development organization.
Do you have a mentor who guides/advices you on matters of the business?
Right from the start we felt that we needed to have mentors who could help us in build the product and the company. Hence we have an Advisory Board comprising of Product Management Expert, Technology Evangelist and an experienced Fund Manager. We were also part of the Microsoft Accelerator Program in 2013 which provided us exposure to people from the industry and customers.
Have you benefitted from the use of any specific technology for your regular operations?
Being an analytical platform company, we use data to take informed decisions. Thus, right at the start we have adopted technology across all operations of the company. We use an Accounting System for our financials, a CRM system to manage our Sales, a Product Engineering and a Support ticket system.
What strategy do you follow for Customer Satisfaction & Expansion?
We believe in making our clients our Brand Ambassadors. We were closely engaged with our customers during the initial stages of the product development. These engagements helped us in delivering the right mix of analytical applications on the nanobi platform which also helped in building confidence with our customers. This working relationship has also helped us get a lot of referrals from our customers.
The other aspect of our customer acquisition strategy is to have a vibrant partner ecosystem. Building partners is critical for us to be the world’s leading analytical app store.
The app store requires analytics across industries and verticals which ensure that every segment of a business has analytics for its consumption in a simple manner. And to have these domain rich analytics, we work with partners who bring in that experience. This strategy helps us in focusing on building our core analytics product and our partners building domain rich analytical applications solving business problems.
What, according to you, are the top 3 skills needed to be a successful entrepreneur? –
The right mindset to realize ideas, come what may – The penchant to network and collaborate – Build the right team to get all round skills under one roof Visit their Website: http://www.nanobi.in/ Like them on Facebook: Nanobi Analytics