Velocity MR Furnishes Instant Data To Organizations
With the integration of technology into business processes, there has been an upswing in the way businesses are being conducted and strategies are crafted. Organizations these days do not like to wait for too long to collate data and to decipher insights, as this delay would provide time for competition to act quickly and grab their share of the pie. For instance, e-commerce companies change or tweak their strategies overnight for increased patronage from their consumers.
According to Gartner, Indian business intelligence (BI) software revenue is forecast to reach US$245 million (in constant currency) in 2017, a 24.4 percent increase over 2016 revenue of US$206 million. This forecast includes revenue for BI platforms (comprising of traditional and modern BI platforms), data science platforms, analytic applications and CPM Suites.
Insight provider Velocity MR ensures quick turnaround time to clients without compromising the quality of data and incorporate tech-driven methodologies into business processes to help them with high accuracy of data. Jasal Shah, CEO, Velocity MR, gets on into an exclusive chat with CXO Today to delineate more. Edited excerpts.
CXO Today: What are the top three pain points you are trying to address?
Velocity MR: Primarily, we aim to provide access to quality insights with quick turnaround times. We provide businesses with the opportunity to understand the changing patterns of consumer dynamics and therein enable them to realign themselves to stay competitive in an evolving marketplace. Though Velocity MR is a young brand in existence, its custodians carry the experience of operating in over 80 countries and for many years. Our clientele acquires immense value through our experience and we equip them in turn with the accurate information required to compete with established brands. In a nutshell, if I were to identify three pain-points, it would be quick access to insights, ability to swiftly collect feedback from consumer courtesy our global online panel and finally data accuracy.
CXO Today: Today, most of the organizations have one or more analytics tool, given that how unique are your services?
Velocity MR: Our progressive tech-driven methodologies give us an edge over the competition and are based on real time analytics. Our clients are able to monitor the entire process in motion from any remote location in the world. This aspect brings in transparency and real-time access to consumer sentiments, which is what dynamic and new age brands need the most today.
CXO Today: Nowadays, analytics and insights are coming as an additional tool by many companies (for example all the ERP start-ups give analytics and insights as an additional tool). In what way Velocity MR will add value to the eco-system.
Velocity MR: To be precise, we provide insights based on primary data unlike historical data used by ERP start-ups; and this gives more accurate and current insights which are based on the existing business scenario and emerging trends that are influencing it. This, in turn, helps companies to understand their target audience better and fine tune or adapt strategies to remain competitive.
CXO Today: How simple is your market research methodologies and how accurate are your results?
Velocity MR: As indicated our methodologies are tech-driven DIY tools which any researcher could use and its unique hassle-free experience is one of its USPs. We believe that a large part of our success can be attributed to our focus on quality processes and on accuracy. Testimony to this fact is also reflected in our list of clients who have stayed with us for long periods. We believe it is a combination of our technology powered solutions and secondly our experienced team that provides accurate and insightful solutions every step of the way.
CXO Today: Are market research confined only to sales and marketing department in an organization? Other than these, what are the other areas you think MR intelligence is required?
Velocity MR: This is a wrong perception or if I may say so, a myopic view to have about research. Towards building profitability for businesses, market research helps in providing a better understanding of the dynamic consumer, which can, in turn, impact the top line of a business positively. But the top line or gross revenue is a function of other elements as well, among other things important is the employee. An employee might be able to give feedback on ways to weed out operational or HR issues that can impact the productivity of a business. If I have to pick, I would choose operational efficiency where Market Research Intelligence could give us new insights for companies to grow and reduce the difference between the top line and the bottom line.
CXO Today: What is your GTM strategy in India? Velocity MR:
Velocity MR: Our GTM strategy in India is two-fold: Firstly, to leverage the brand equity of our parent company, which already has a global footprint and is in the business for many years. We hope to ride on this success and build a similar success model locally in India with Velocity MR. Our second focus would be to build an ongoing and live repository of emerging trends in diverse sectors through syndicated studies conducted regularly on topics impacting the economy. These generic research reports we believe will help provide industry insights on shifting trends and can further empower industries.
Our vision, therefore, is to simplify and provide prompt insights which are valuable to companies and can further contribute to their success with the power of Knowledge and Information.
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