The idea struck Mahesh Ramakrishnan when he was working on analytics architecture as part of the Unique Identification Authority of India project. He realised the power of data when put in context. He, along with four others, founded Nanobi Analytics in 2012.
“Back then, the concept of big data was emerging. In the connected economy of today, the insights that people get is not just on data from within the enterprise, but also predominantly from the entire ecosystem. So, we are focused on data for the digital economy. We give clients unique insights that would not have been possible before,” said Ramakrishnan.
Nanobi works on a cloud-based subscription model and clients can ‘plug and play’ the ‘apps’ in the analytics app store. It believes that small and medium enterprises, which always have truckloads of data, too need the power of analytics to make prudent decisions based on hard facts rather than depending on gut feeling.
“Take a typical SME. They run sales, have invoices, inventory, and have a working capital at any point in time. We take this basic information and project it in the future. Say whether cash flow will be positive or negative or tell if you have optimal inventory or excess or less. This helps them plan better,” said Ramakrishnan.
The ‘plug and play’ apps include ones that measure the financial performance of a firm, social media analytics and also a single solution that addresses all analytics needs of a startup.
The app store, which went live last month, is already catering to 57 customers. The offering can range from Rs 2,000 a month to Rs 35-40 lakh a year, based on the requirements of the customer.
The company’s clients, other than SME’s, include Motherhood Hospitals, Vistaar Finance, DotZot, Mahindra Retail and Bangalore Electricity Supply Company (Bescom), among others.
“The different technologies we used before could not talk to each other, so data analytics was very people-dependent before. It required analysts. Nanobi eliminated that need,” said Rohit MA, Managing Director of Cloudnine Hospitals, one of the clients.
Sanjiv Goenka-led business process management player Firstsource Solutions had picked up a minority stake in the startup in 2014. The plans for the four-year-old companies include aggressive targeting of large enterprises and expanding into Europe, including the UK.
Source: The Economic Times