By: Aleks , at June 06, 2020
New times, new strategy

Only a few weeks ago, a vision of a global pandemic and a nationwide quarantine seemed like something surreal. The beginning of 2020 looked promising and some assumed that the expected market breakdown will eventually not happen.

But here it is.

Although most of us worry about our health and of course, that is the priority, there is another long-term aspect we need to think about. It’s still uncertain what will be the final aftermath of the COVID- 19’s influence on all the industries.

But we can see already how it affects the value of companies with a high burn rate.

Will tech companies with a high valuation and burn rate survive this crash? We will know once things calm down.

Meanwhile, current business models might not be relevant anymore and expected funding might not come in for the next round. For many tech companies, this might mean having to optimize their operations, to make them much more efficient with much less cost and effort.

To support those optimizations, more and more companies are looking into implementing Artificial Intelligence-based technologies to help them survive difficult times and optimize long-term operations.

One of the aspects worth looking into is Analytics. Companies like Airbnb and Uber are examples of how a business improves with positive data feedback loops, where more data means better insights and products.

However, those same companies have built large data teams and continue to build tools internally in order to create solutions that are tailor-made for their needs. Surely they can afford to hire the best people, considering burn rates of over 1 billion dollars every quarter. However, in case anything goes wrong like current times seem to suggest, this model turns out to be unsustainable.

In times of crisis, the most cash-flow friendly solution is simply outsourcing. Now more than ever we need solutions that deliver great value, and are also flexible enough to be used by many different sectors at the same time.

Not only that. What if the players in the industry could help each other out and build an ecosystem where they could share their know-how and improve the overall level data analysis quality?

That was one of the core ideas we had while building Stormly. It allows users to prototype models and create Templates based on specific business cases. The Templates, whose role is to generate insights automatically, are available in the Marketplace on the platform.

Templates can be private for the organization, or shared and made available publicly. Each Template solves a specific business case and contains Insights, Plugins, Reports and other AI-based elements.

It is a new approach, as opposed to tools like Google Analytics, Amplitude, Mixpanel, and others, where most of the analysis is either too rigid and general or has to be run by hand, resulting in a lot of trial and error and wasted opportunities. Although mentioned companies publish articles and “step by step” case studies of how to measure specific metrics, it usually takes some intangible skill to get real actionable results and doesn’t allow to go deep enough.

Attempts to use those tools usually mean using several others, each of which delivers a very small specific value, but we end up paying a hefty subscription fee for each one of them. As a result, many medium and big businesses decide to build something themselves- which again eventually results in a higher burn rate.

If you want to know more about optimizing your data operations with the use of an AI-Powered technology, Sign up for the trial or reach out.

Stay at home and stay healthy!