INTERPRETATION AND VISUALISATION OF DATA
COMPANY NAME: SMARTDATA
Be Smart with SmartData
Business idea: ‘SmartData’ is a data visualization and interpretation software which consists of many features and can help a data scientist/analyst to interpret and visualize the data in many ways. SmartData will not only help the user to visualize the data in every possible way but it will also provide the user with suggestions on how he/she can solve the real-life problems using the given data and in-built algorithms. If the user wants it can even allow the software to read the datasets and perform actions which would be data-driven or knowledge- driven. This software also provides an online platform where the user can interact live with other data analysts for a fee, via chat, text or call. SmartData is also intern or student friendly as it provides sample datasets of different stores to help them practice. It is easy to use and people of every age group can easily learn and use it. It will also be compatible with every programming and scripting language. Here is a video to understand the term Data Visualization Software: https://youtu.be/VyhLRJVoIrI
Market Demand: Some of the tools/software are not compatible with every programming language while some interpret the data wrong or are unable to represent the data with the help of graphs and charts as per the needs of the user or some are just difficult to learn and use. Smartdata has identified all these problems and has overcome it. Smartdata will be compatible with every programming and scripting languages, it will represent and visualize the data in every way possible, plus it is user friendly and easy to use. This software will also interpret the data in the way the user wants, be it economically, statistically, mathematically or psychologically. The software will make decisions on the basis of the data and then decide which approach to adopt, data-driven or knowledge-driven. Though some people use tools to visualize or analyze their data, they are not aware of the logic behind it or why they are doing it in that way (this has happened with me therefore I am sure there are people like me out there too). Smartdata will guide the user ( if he/she wants ) through every step and will even answer the questions regarding the logic, reasoning or definition of the method/process adopted. Smartdata is the whole package, it can analyze as well as visualize the data. If one has smartdata one need not need any other tool.
Relevant products in the market: Tableau, FusionCharts, Sisense are some of the data visualization tools present in the market. Tableau being the best of them. Tableau is one of the best tool to visualize the data but tableau cannot interpret or analyze the data very accurately. Though it can represent the data with graphs, charts, trend line, forecasting. etc. yet the user has problems in analyzing or interpreting the data. It does not provide the interpretation of the data in the way the user wants or understands. Smartdata will interpret the data the way the user wants or understands, be it economically, statistically, mathematically or psychologically. Smartdata will visualize the data in the way the user wants and will also guide the user if he/she is stuck. . It will also have videos which would be recorded by some of the respected data scientists so that the users become familiar with the term and methods. Smartdata will also provide examples, videos and texts explaining the ways why it has interpreted it in that format. For example, if the dataset has some missing data, then the software will first explain what is missing data, how to tackle the problem and what ways are generally used to tackle such problems. Then after its analysis the software will explain why and which method did it adopt to analyze the user’s dataset. This feature is not found in tableau or any other tool.
Target Customers: Smartdata targets customers of every age group (16 and above) because it is easy to learn and use. It can help students to prepare for the real-world problems by providing them datasets similar to the store data. Students can practice on the sample data to gain experience and knowledge. While the adults can use it to visualize and analyze their data to their satisfaction. Because of their user friendly nature, smartdata will attract a wider set of audience. There are no boundaries on caste, religion or race, everyone in the world will have access to the software. It will also run on every operating system, be it Microsoft Windows, MacOS or Linux. Smartdata is especially helpful for entrepreneurs who don’t have enough funding and are therefore unable to hire data analysts to guide them. These small start ups can take help of our software to analyze and visualize their data.
Required knowledge or Expertise: If a person wants to pursue data science/analyst as a career or if one is employed and wants to represent/analyze the data accurately, he/she should have some basic knowledge in the field of economics, math, statistics, psychology, computer programming and accounts because then the person will be able to provide a general solution and will be able to tackle the problems in all the fields rather than just focusing on one. Again it is not necessary for the person to have knowledge in all fields, having knowledge in any one of the field will be enough. Python, Java, C, C++, R, SQL are some of the languages that smartdata supports. But unlike other tools, smartdata also supports ruby, MATLAB, assembly languages etc. The only hardware required is a laptop or a desktop. This software wont work on a mobile phone.
My Solution and requirement of my solution: The problem is that there is no software that can analyze or visualize the data simultaneously and accurately. There is also a problem that some of the softwares are not compatible with every programming language. Well, Smartdata will have none of these problems and it will run on any operating system, whether its Microsoft Windows, MacOS or Linux. Smartdata can interpret, analyze and visualize the data simultaneously without hampering its efficiency and accuracy. The software helps in solving real life problems using data. Smartdata can analyze the data in various ways, be it economically, statistically, mathematically or psychologically and give a general result. In most of the software's/tools students don’t have the data to practice, well smartdata will provide the users with sample datasets so that they can practice and apply what they learned to solve real life problems.
Estimated Budget: The total cost price will be around 2 Crores. To create such an efficient software we would need high end desktops which would be around 1.5 lakhs. If we buy 3 of those then it would cost us about 4.5 lakhs. We would also need to buy the licensed versions of some software which would help create our data visualization software. I would also need to build a team consisting of 5–6 members who specialize in different fields. Their salaries would be around 10,000 to 30,000 depending on the work they do. Then we would be requiring a workspace where we all can discuss and pitch in our ideas, so the rent of the office or the workspace also adds up to the overall cost. Then after the completion of the software we would have to advertise our product in order to attract some customers. Marketing is expensive and hence a lot of money would be required to reach a wider audience. Testing the software and making changes to it will also cost some amount of money. We would be calling someone neutral, so that he can give us an honest review about our software. Then finally additional 1 lakh will be required to deploy and host our software. We have also kept aside some extra money in case we have to tackle any unforeseen or foreseen catastrophe.
Product Pricing: The first month will be a trial period, where the users will be able to interact and use the software for free. The software will ask for no details regarding payment, during that trial period. The user has to enter only his name, his email-address and his contact number. After the trial period has ended the user can buy any of the 2 packages; First being if he would like to purchase the monthly package which would cost him 100 rupees per month or the yearly package which would cost 1000 rupees annually. Students with a student ID will be able to use the software for a year without any charge.
Marketing Plan: We will put up online advertisements. We will make an animated video showing the users why SmartData is important and how it can make your work easier. We would have to make an animated video because as it is a startup, hiring people to make an ad will be expensive. We would create a social media account and upload posts to reach the millennials while for the older generations we could put out an ad in the newspapers. Marketing or advertising our software through social media would be our main concern because it is cheap and helps us reach to a wider set of audience. Here is a link to know the importance of marketing: https://youtu.be/W4WeYSqhwqQ
Risk Analysis: We might face some problems in making our data visualization software compatible with all programming languages, as this would increase the load on the software thus making it slow. If the software is slow in producing the output then this might lead to bad ratings from the users and since it’s a start-up we cannot afford bad ratings right from the start or the idea will never work. I hope there is some advancement in the future so that software are able to take on more load without it hampering the software’s speed and efficiency. Marketing can also be challenging since, advertising a software is more difficult than hardware. Without proper advertisement our company would never grow and will shut down early.
Milestone and Timeline: We plan to finish the project by the end of 2024 and launch the software at the start of the year 2025. We would start the planning by 2022 but before that I would have to assemble a team with the required skill set. After planning the structure and content of the software which would take about a year we would implement or start working on it by 2023. After we have finished the programming of the software, we would start testing the software to its fullest extent and make the improvements necessary. Then by the end of 2024 we would start marketing and advertising our software through the social media and then finally launch it at 1st January 2025.
Below is a presentation which would better explain the timeline and milestone: https://youtu.be/LW2rCIWQpdA
Starting a software company entails a number of risks, but no more than you could expect from any other kind of business. With the right marketing strategy, you can reach customers and avoid the troubles many software start-ups face after the completion of their software.
For any queries regarding the article or to be a part of the start up give me a call or text me at:
+918017637028
Name: Dev Singhal
