IoT, intelligence, inclusion: Test your business creativity with Edition 118 of our quiz!
This insightful feature from YourStory tests and strengthens your business acumen! Here are 5 questions to kick off this 118th quiz. Ready?
Lateral Sparks, the weekly quiz from YourStory, tests your domain knowledge, business acumen, and lateral thinking skills (see the previous edition here). In this 118th edition of the quiz, we present issues tackled by real-life entrepreneurs in their startup journeys.
What would you do if you were in their shoes? At the end of the quiz, you will find out what the entrepreneurs and innovators themselves actually did. Would you do things differently?
Check out YourStory’s Book Review section as well, with takeaways from over 355 titles on creativity and entrepreneurship, and our weekend PhotoSparks section on creativity in the arts.
Q1: Edge and IoT
The fusion of IoT and edge computing solutions opens up new opportunities for automation and smart systems. Impacts include low latency, improved responsiveness, and network bandwidth optimisation. What are some other benefits of edge computing and IoT?
Q2: Women drivers
Many women drivers face uncomfortable and even hostile reactions from male drivers. Some women also report discomforting experiences when they are taught two-wheeler driving by men. What’s a way to address this problem, and where is the entrepreneurial opportunity here?
Q3: The power of omnichannel
In multichannel approaches for today’s diverse digital environments, businesses need to employ a range of methods like SMS, chat, voice, and in-person interactions to connect with customers. Omnichannel strategies take these approaches to the next level. How would such strategies work?
Q4: Startups and traditional businesses
The startup movement is powered by entrepreneurial creativity along with access to capital and support from government. How can traditional family businesses tap the startup boom? Who here is best positioned to harness this opportunity?
Q5: Home loans
The sheer volume of paperwork, manual verifications, and physical interactions can pose challenges for those who want home loans. Lenders also grapple with inefficiencies and fraud risks. How can technology help here?
Answers!
Congratulations on having come this far! But there’s more to come—answers to these five questions (below), as well as links to articles with more details on the entrepreneurs’ solutions. Happy reading, happy learning—and happy creating!
A1: Edge and IoT
Operational continuity, real-time data processing, and cost savings are other benefits of IoT and edge computing, according to Ajay Pandey, Senior Vice President—Services at CriticalRiver. “Local data processing enhances security and privacy by reducing exposure to network vulnerabilities and limiting sensitive data storage in the cloud,” he explains.
“Edge computing reduces high-bandwidth data transmission and storage needs at other locations, resulting in substantial cost savings,” he adds. Read more here about how local processing can lead to swift decision-making and timely actionable insights.
A2: Women drivers
Amruta Mane launched Women on Wheels (WoW) in 2018 as an all-women driving school that provides two-wheeler driving coaching to women. “My vision is to make women independent and help them generate employment through our institution while breaking stereotypes,” she says.
The school has trained 3,500 women so far. During the pandemic, Mane pivoted to launch Wow Deliveries for essential supplies and medicines. Read more here about how WoW plans to expand from Mumbai to other cities across India.
A3: The power of omnichannel
Omnichannel strategies take multichannel approaches a step further, crafting a seamless, unified experience across all channels. They ensure uninterrupted transitions as customers navigate between various touchpoints.
The effectiveness of an omnichannel strategy is powered by a robust and well-implemented Customer Relationship Management (CRM) system. Read more about such strategies here from a YourStory roundtable led by Avinash Deepak, SVP & Business Head, Airtel Business.
A4: Startups and traditional businesses
Funding into startups has attracted keen interest from large business families and their family offices, according to Nimish Shah, Managing Director—Family Office & Portfolio Analytics at LGT Wealth India. “The younger generation in these families understand this space better and are using their family wealth and business acumen to invest in startups,” he observes.
“Family offices are part of various forums that provide opportunities to meet with and invest in startups,” he adds. Read more here about such forums that specialise in angel or seed funding as well as more mature businesses at the Series B and Series C stages.
A5: Home loans
From AI-powered document processing to instant credit assessments, the home loan landscape is being rapidly reshaped, according to Pramod Kathuria, Founder and CEO of Easiloan, a digital home loan marketplace. Well-designed platforms and apps can allow borrowers to submit applications in minutes, upload documents securely, and track status.
AI-powered chatbots can provide 24x7 assistance, answering queries and guiding users through the process. Read more here about how machine learning algorithms speed up credit scoring, and how AI-powered document processing automates KYC verification and property valuation.
YourStory has also published the pocketbook ‘Proverbs and Quotes for Entrepreneurs: A World of Inspiration for Startups’ as a creative and motivational guide for innovators (downloadable as apps here: Apple, Android).
Edited by Kanishk Singh