Business Analytics to get a Lasting Impact with Profoundis
Business Analytics has a fast growing market in India as well as other developing economies across the globe. Gartner predicted a 15.6% growth in the business analytics market in India in 2012. The SME sector, which contributes to over 40% of the country’s production, will definitely need analytics to take it to the next level.
Also, at any organization, data accumulation has taken place at an explosive rate. Management of data is instrumental in arriving at right decisions at the right time. Especially for an SMB in the growing state, efficient analysis of data would be crucial in taking the organization to the next higher level. Profoundis, derived from the word “profound”, means a group of high intellect individuals, committed to make world a better place to live. Profoundis envisions building a range of technology products and services that touches the life of fellow beings.
“We pursued our Undergraduate degree together in the same College - College of Engineering Chengannur, Kerala, India. At College, we teamed up for several Technical, Professional and Voluntary activities. The team had a stint of entrepreneurship right from the college days with a small startup Openode Labs (merged into Profoundis), which we wanted to take to the next level after gaining some Industry experience. After a corporate career of 2 years each, we came back together to continue our efforts and Profoundis was born,” says
The team has interspersed Business Analytics (BA) and Business Optimization (ERP) as Software as a Service (SaaS) in their business with a focus on SMBs. The solutions that are currently in wide use might not be suitable for the SMBs (especially in India) due to affordability issues, need for customization, detailed analysis, need of trained consultants and so on. These are the prime problems Profoundis is working upon.
“If we consider a retailer with 20 outlets, with Business Analytics, she/he will be able to able to assess outlets making maximum profit, customers behaviour analysis, their feedbacks, intelligent staffing, predict trends etc. The whole information will be available in a one stop shop in a scheduled or ad-hoc manner. The information will assist the concerned in reaching the right decisions and setting strategies,” says Jofin explaining their business with an example..
Their key focus is to reduce the TCI for their clients. They have set their basic service on SaaS and pay-as-you-go billing. Apart from that, needed customizations will be billed at an hourly rate. On the marketing front, they are currently focused on Direct Marketing and have a limited online presence.
As of now, Profoundis is bootstrapping. They are working on a couple more product ideas, the first of which NearMe is already in the prototype stage and ready to go live by the start of August’12.
Check out Profoundis here.
[Image Courtesy: impactsignsandprint.co.uk]