How do you deal with rising expectations and innovations?
Technology has always proved to cause a tremendous growth in the start-up business due to the revolutionised business concepts and models.
BENGALURU: Technology has always proved to cause tremendous growth in the start-up business due to the revolutionised business concepts and models. It provided a faster, more convenient and efficient way of performing the business transactions to have a wider reach in the global market thus attracting more clients and customers.
We believe that start-ups succeed when they focus on not just meeting customer expectations, but on increasing and exceeding them. In order to drive better health outcomes for the user our innovations in personalisation algorithms, predictive analytics and user experience have driven breakthrough health outcomes, often driving 27X more impact than traditional approaches.
As a result, our growing user base has 2x better compliance rates than prior highs, satisfaction and retention rates of 90 per cent and an NPS measure which is 8x compared to industry averages. Inciting higher expectations from our clients and users motivates us to continue innovating to stay ahead of the curve.
Due to poor user experience, users often get disengaged, leading in turn to poor compliance (studies show that at most 33 per cent users adhere to physicians; advice) and eventually poor health outcomes. For example, customer experience and expectations with healthcare have traditionally been low. Research from Accenture (link) shows that the average Net Promoter Score (NPS) for healthcare, a measure of customer experience and expectations, is 9 on a 100 point scale.
– Rekuram Varadharaj, co-founder and COO, Healthi
As a start-up begins getting noticed, some of the early challenges are to deliver speed and efficiency, while ensuring scalability to meet dynamic expectations of clients/ customers.
Luckily, we learned early to embrace technology to innovate. Being the pioneers in India for our industry, we have lived through the rising expectations of our clients for TAT, custom solutions, mode of delivery, quality and accuracy.
With a strong focus on technology, we have innovated our processes to not only meet but surpass some of these expectations and establish industry benchmarks. One such example is automating
the operations workflow system. It was a game changer and even got recognition as a case study by Cornell University.
The technology is bringing intelligence to our processes and systems and helping us to innovate to deliver instant checks, hyper-customised solutions and error-free data processing without human intervention. While dealing with a lot of data, automation is building repositories or databases, which are becoming reference points for increased business intelligence and efficiency.Often, when I am educating clients on our products and services, I end up being inspired with an idea or two myself. For us, the innovation comes from expectations; the higher the expectations, the more inspired I feel to build solutions around those expectations.
– Ajay Trehan, founder and CEO, AuthBridge
The new millennium witnessed a tectonic shift in the global business sector, with various entrepreneurship initiatives getting consolidated in the form of startups.For achieving sustained growth, a strong team comprising erudite professionals who closely follow latest trends in developments in science and technology, is imperative.
The technical wing needs to be effectively supported by an innovative marketing team which can procure efficacious monetising models and generate significant revenue. Social media has indeed become a powerful tool to integrate various growth factors, which not only includes roadmaps for procuring funds, but also encourages a feedback system that channelises client priorities and customer satisfaction.
However in an era of fierce competition and rising expectations, the success of any venture rests on its innate emphasis on fortifying its fundamentals.
– Oshikka Lumb, author and entrepreneur, Markitiers