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V-C Blog: Keeping the Bankers Happy with Business Analytics
If I were a Venture Capital funded organisation with a foothold in my market, I know what I would want. I would want to keep my funders happy. I would want to be able to strip down the goals they set in to simple understandable parts and set to work on them. After all, entrepreneurs and their funders aren’t dumb, so it’s worth pursuing their instincts. There is a certain raw insight that makes up the substance of this sector. Following it may well lead on to fortune. I’m impressed anyway.
However, what is the substance of insight? The knowledge behind it of course, and this is where we find venture backed entrepreneurs appetite for data fascinating. Here at Kognitio we have worked with a number. It’s usually the CEO and CFO who come to see us.
There is no interest in business couture (you know the sort of trends we had around CRM and BI), they are interested in the hard and durable work-wear of database insight: What is profit per hour? If profit per hour is X, why is that? What impact does staff rostering have on Gross Margin? Why can data management help me? Why would I need an‘Analytical Platform’ to ‘accelerate my infrastrcture’? We explain it’s all in the speed and ease of gathering disparate data in to a coherent picture and then being able to dip in to it with any question, following your train of thought to its logical conclusion. They like that. Creative curiosity that allows people to find opportunities, see risks and understand causes intuitively allows them to break down those goals in to cause and effect. It’s attractive to be able to see what moves when you pull a lever in business.
Actually, working with small entrepreneurial companies is also very refreshing. They have no time for long decision processes, everything is about contribution to the core goals and every insight that companies like Kognitio can provide has a real impact. One of our customers told me at a recent event that there Business intelligence environment was so granular that they were now achieving 2% extra gross margin over the industry average. Another one had made the difficult decision to keep the business open on Mondays for branding reasons, even though Mondays were losing them money. The key here was that both these customers understood why and understood the impact of the decision.
As the quarter turned and the old sales opportunities began to lengthen like the shadows of summer evening, my thoughts have turned to tomorrow.
Guess what? I’m going to start talking to venture funded businesses to pep up the second half of the year. I know these people will talk to me. Their spirit is such that they like ideas and they like insight.
In fact, here’s an offer. If anyone out there has a chunk of data that they want us to work some magic on to see what it could tell them, give us a call (or e-mail). We have big machines here where we are happy to show you. The only thing you’ll have to sign is a Non Disclosure Agreement!