As India prepares to open up and recover from the COVID-19 pandemic, there will be many opportunities for savvy business owners to take advantage of this now, forever changed global economy. “The phrase, “knowledge is power” is an old adage used around the world and given how much has changed, and the speed at which things have changed, understanding how to obtain and leverage information is of critical importance, and Indian companies are primed to take advantage” says Steven Czyrny, President of The Analyst Agency, a premier US based market research firm who is expanding into India.
“Market research comprises many different facets and methodologies, and one area that is often overlooked is financial research. This includes things like business loans, insurance, capital raising, government assistance and grant programs, and more. Companies in India are attractive to outside investors and financial institutions given the positive trajectory of the economy in the last number of years, and the skills that the labor market has obtained in strong sectors such as technology, manufacturing, healthcare, and agriculture.”
Some consumer data companies will be looking for in the future include things like credit card data, rewards tracking, consumer financial confidence, and other financial details like income from remote work and outsourcing to India from North America and Europe.
Companies in India will need to be vigilant about researching foreign investments, local and international assistance programs, as well as new regulations. Financial institutions like banks and credit firms can help support the recovery of the businesses with the Government offering stimulus packages along with a bailout for the MSME sector, amongst other steps. Key sectors like hospitality, aviation, tourism, auto industries, among others, need immediate relief for them to recover from the COVID hit on the economy. Financial institution research will enable these businesses to have a closer look at investment opportunities, loans, assistance programs, and possible outside partnerships.
India start-ups have raised more than $10 billion through initial-public-offerings (IPOs) so far this year, which was more than in the last three years, and the pipeline is expected to grow according to Goldman-Sachs and CNBC. With India’s population and IT infrastructure growing at such a rapid rate, many sectors are going digital, and understanding the updated rules are going to be another financial research area for companies in India.
In the past, finance was often seen as a completely separate part of a business-- accounting, payroll, money management, etc., but now and in the future, finance is going to be viewed as a broader function where everyone in the organization is going to have to consider financial and regulatory consequences of decisions because of how intertwined and connected they are now because of technology, sales systems, and more.
Things like cryptocurrency, cybersecurity, payment processing, and other considerations are also part of the future of financial research as understanding new currencies, data protection, and various fees and time commitments to learn can weigh a business down, so it is important to bring in experts who can help.
The author is the founder of The Analyst Agency, an award winning, global research, marketing, and technology advisory services firm with locations in the United States, Canada, and India.
