By Srinath Srinivasan
Startups and their products in India are well-received due to the numerous effective features in their products and services that stem from the massive amount of data they collect and analyse. However, large corporations that have been in the market for decades already have huge volumes of customer data but may have never got around to derive customer insights from them. Chennai-based TheDataTeam is now looking to changing this.
“We want to make large corporations give the same kind of agile, personalised and hassle-free services that today’s startups are known for, using the data they already have and form new revenue channels. We do this with our product that runs AI to analyse data,” says Rangarajan Vasudevan, founder and CEO, TheDataTeam.
The bootstrapped startup has already got some big names such as HDFC Bank, Singtel, Indian Oil on its client list. “Today there are very few plug-and-play options for the kind of use cases that large organisations want,” he says. For example, he says that customers who make a purchase at a retail brand could get personalised credit options directly from the existing banks they have their accounts in, instead of the retail brand suggesting them a preferred partner and a trending credit plan or offer.
The software products of TheDataTeam also allow brands to manage their numerous products on its single platform. “In the past, a bank, say, would have 20-25 products. Millions of account holders would buy them. It was easy to manage. Today, banks cannot put the account holders into these specific buckets any more.
Each customisation they make is a product in itself and unique to the account holder. Essentially we are talking about millions of such customers with numerous customised products each. All of these can be streamlined and managed on our platform,” says Vasudevan.
Digital native startups have been doing this since day one and so today we see people opting for their services, moving away from traditionally large businesses. “We now power these big businesses to do this themselves,” he adds.
One immediate consequence of adopting a cloud powered digital solution shows up in the legacy brand’s valuations. Startups want to use the rich repository of data they will collect over the years to promise high returns in future. This promise also boosts their valuations to very high levels even though they may be cash negative today. “Legacy brands already have this kind of data collected over decades and continue to do so. Our products simply transform them into a digital native business using this data. Their valuations eventually grow without bounds on top of what they already are today,” says Vasudevan.