Moving towards Data-Driven Entrepreneurship

Every day it seems that the technology is pushing the boundaries of what entrepreneurship can deliver to the society. Recent developments in technology are shaping the future of the entrepreneurship. The current approach towards entrepreneurship in India has gone through a great change. We are living in a data-driven society where numerous tools are available to track customer habits, preferences, and purchases. Today, entrepreneurs have access to this entire customer’s data. This data is used as the foundation of new business ventures.  It is interesting to imagine the power that entrepreneurs are going to have when so many different sorts of data are available.

In India, data science domain has a great potential and opportunity to drive change in the society. As per the alarming trend, India is in need of as many as 45,000 data scientists at this moment. Institute of product leadership recently hosted data science summit 2018 in Bangalore. The motto of this summit was to skill professionals to become a data-driven entrepreneur and create newer entrepreneurship models. Every professional who is engaged in customer and business-driven innovation should become a data-driven entrepreneur for better business growth.

Social Problems Signifying an Opportunity

In India, social problems have huge potential to encourage the data-driven entrepreneurship. Recognition of problems in a correct manner is the most important factor for data-driven models. Traffic management shows a great opportunity for data-driven models as data generated in this sector is immense. The placement of sensors on traffic signals and roads to monitor the vehicle density at given time creates a large amount of data and it is possible to control traffic signal through IoT by using this data system. Many startups in India are eager to collaborate with the government to resolve traffic problems and emerge with innovative ideas.

Other sectors which could get maximum benefits from data-driven models are Healthcare and Agriculture. Data-driven entrepreneurship has the ability to transform the healthcare sector. Healthcare sector has the large amount of medical data which is helpful to predict and prevent the disease, reduce medical cost and improve personal healthcare. In this sector, numerous organizations are using this data to personalize and increase the healthcare of their patients. This data is gathered in the form of digital data as a result patients are using personal digital health tracking devices to take care of their health.

Apart from above sectors, agriculture could also get maximum benefit from data-driven models. Data-driven models help to resolve issues such as determine the correct market price for crops, weather conditions & correct method to cultivate crops.

Data-Driven Entrepreneurship in India

Introduction of new data centers by Microsoft Azure and Amazon Web Services (AWS) are accepted by traditional companies. Various companies in India are using data to gather insights of the organization. The access to this data helps organization to maximize security with minimum governance.

Due to digital India campaign, there is a huge opportunity for data-driven models. Easy access to mobile internet makes data faster and cheaper than ever before. A large amount of data is generated by mobile companies which operate across entertainment, shopping, banking, and traveling etc.

Recently, Uber launched ‘Movement’ in India to support data-driven urban planning in four cities. These cities include Delhi, Mumbai, Bangalore, and Hyderabad. The Uber tool uses data from millions of trips to help planners and peoples to analyze transportation patterns and make a wise investment in a future infrastructure project. This tool can also help people to discover patterns, rush hours, road closures and the impact of events to help optimize travel time.

Use of Data for Better Governance

Quality data if analyzed properly, it can be helpful for programmatic decision making, proactive policy revisions and efficient delivery of schemes. Comptroller and Auditor General (CAG) launched Centre for Data Management and analytics to analyses relevant data for auditing process. The main purpose is to create a data-rich environment in union and state government to build capacity in audit and account department.

The Indian government is working on an open data policy under the department of information and technology to encourage a sharing of information between various departments and across ministries. In many states, municipal corporations have tie-ups with entrepreneurs to standardize city data. The government encouraged startups and technology companies which offer a data-driven model. These data-driven models will help the government to increase efficiency in its working.

With the improvement in the entrepreneurship system, many things have changed. The credit for this change in mindset goes to entrepreneurs, startups, government, and industry. They have shown a strong desire to take India towards data-driven models. Data-driven entrepreneurship is taking an extraordinary shape in India. Though more has to be done, there is a definite hunger to support data-driven entrepreneurship. This is the best time to support entrepreneurs, startups, government, and industries to build a data-driven entrepreneurship.