How Think Analytics is disrupting the market and is profitable from the first year.
13th, August 2017 - Analytics
Mr Amit Das, founder of Think Analytics, an analytics solutions and Services Company focused on building alternative data solutions that provide curated business insights for instant decisions. . His dad worked in Ministry of Home Affairs (Intelligence) and mom was a house home maker. Major part of his schooling was in Ranchi and he finished his undergraduate studies in Economics from Delhi University and has an MBA from IIM Bangalore. His brother works in HSBC and his sister is working with West Virginia University in US. His wife Neha, works with one of the big 4 consulting firms, and she too is an analytics professional. Mr Das is into analytics or last 15 years and has served as part of teams which set up analytics at TCS ,Inductis ,Diamond consultants 3i Infotech.(Inductis was later acquired by EXL Services, while Diamond was acquired by PwC USA.).
Mr Das says he had many itches that led him to set up ThinkAnalytics with his fellow co-founders- an itch to create something, a need to continue learning the many new things happening in the analytics and big data space, and a desire to leave a legacy behind. He mentioned mentions that when we are a part of a large organization, our roles solely become organizing and managing people. The everyday hard work and efforts forces us into execution mode and not on learning new things. And the firm builds a legacy that is very difficult to overpower. You are what your firm is. Mr Das says he always wanted to start once he had an idea that would take his dedication for next several years. "To us, it was really important that we are not picking a fly by night idea”, he added.
Mr Das says, his journey from corporate to start-up was both easy and difficult. "Like a band aid that you just ripped", he describes it. First month was a breeze. Second one was tough and by third month he says he could have given up, but the addiction of being on his own and building something new kept him holding on. Most of the businesses fail and end up in smoke due to financial crunch. Mr Das had savings that he could depend on and a long career that he could carry with himself, and apart from all these, he is blessed with a very supportive family. He still, as the firm’s first strategic pillar, ventured into profit generating lines of businesses, to ensure that the firm has a strong base.
Mr Das has always worked with clients from USA and other developed markets. However, he shifted his focus to India to lead this Entrepreneurial journey. He justifies it to the fact that he had always been settled in India and he has always had a strong base here. He shifted his attention to Indian market despite having US, UK and Asian clients. He says US clients are easier in terms of project economics, maturity and technology. But India has more problems to solve for. He says the kind of problems that the Jio, Flipkart, and Ola are solving, makes India a lot more interesting market to work for. He always wanted to contribute to Indian ecosystem.
The core of Analytics is empowering thoughtful decision making. The more informed you are, the better your decisions are. That's a maxim everyone can relate to.
Thinkanalytics supports clients in healthcare ,Ecommerce and BFSI sectors. For lenders, they provide access to digital field investigation waiver scores, data quality scores, alternative risk scores, which enables instant underwriting. For banks, they provide customer value, marketing triggers and large transaction reports for compliances.
Algo360 is their alternative data solution. It accesses and helps businesses make sense of huge amounts of a user's digital data – e.g. social profile, messages, app usage, call patterns, etc. It's all accessed with user's consent and awareness. And it is to help customer's get better and relevant business benefits, like a cheaper loan.
With Algo360, lenders can really triage customer information and prioritize cases for further action by leveraging alternate data. Algo360, in fact, packages all the data in the form of an alternate risk score that institutions can leverage for faster and cheaper lending.
"Say, you are a Payment Wallet. Like a Patym or a Freecharge. You really want people to pay their post-paid bills or electricity bills through the wallet. With Algo360, you not only know when those bills are due, and what those bill amounts are, but also the more insightful behavioural aspects. Like Amit typically pays his bills one day before his due date, while Surya pays his bills within 24 hours of getting the bills. Getting this simple insight can mean that you're able to remind Amit at the right time.” explains Mr Das.
Many fail to succeed in Start-up field, but ThinkAnalytics made a breakthrough and achieved profits. They always stayed on their path of "right money that should be charged" to cope up with organizations that expected free service. Profits have been carefully used up in products investments out of which some succeeded while some failed. Unlike many other start-ups, Think Analytics doesn't advertise and doesn't have any vanity metrics to report. "The biggest suggestion I have is that all businesses need to be money obsessed and frugal. If you have to spend money, spend it on your business (be it people, processes, product), but do not waste it. If foregoing a "desired expense" gives you one extra month of survival, it's worth it. I think a lot of start-ups around me have been so busy "projecting" themselves as successful that they forget survival. ", is his suggestion to fellow start-ups.
Think Analytics is looking forward to continue what they do, make great analytics products and do high and appreciable quality work.
"We hope to keep growing at 100-150%+ over the next few years. If Algo360 becomes the success we hope it will become, we are looking at 3-400%+ growth, but that'd be us getting ahead of ourselves at this time. That being said, the time for Algo360 and allied solutions is NOW. And the time for high quality analytics across the world is NOW.” aspires Mr Das.
Amit Das was MS Dhoni’s senior from school and his peer in the school cricket team – they started in DAV cricket team together.
The analytics business in India itself is about $2.03 Billion annually and 23.8% of CAGR. We wish Think Analytics very good luck
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Pursuing Computer Science and Engineering in Mangalore. Loves to code and write about Start-ups. Favourite language C. Loves to read about science and life. Role model - Thomas Alva Edison.