Crayon Data handles data with art

MORE than a decade ago, Suresh Shankar saw the potential of Big Data, and observed that companies had a growing interest in harnessing such data for their business decisions.

So in 2012, he formed data analytics startup Crayon Data with co-founders Vijaya Kumar Ivaturi, Srikant Sastri and Aarti Ramakrishnan.

With skills and knowledge in Big Data analytics, technology and marketing, the team shared a vision of simplifying complex data to create value for companies, said Aarti.

Crayon Data was set up as a Singapore-India dual-shored entity, to enjoy the best of both worlds. The founders chose to locate its headquarters in Singapore to tap the country’s pro-business environment and strong startup ecosystem.

Meanwhile, its development centre is based in Chennai, India, to leverage the city’s faster tech industry growth, larger talent pool and cost efficiencies.

In line with its name, Crayon Data’s value statement is “We handle data, with art and with heart”.

Its flagship software platform, maya.ai, uses patented algorithms and machine learning to generate insights from consumer data. Companies can then use these insights to tailor products and services for their customers.

Crayon Data’s solutions serve five main industry verticals: consumer banking, fintech, tech distribution, retail and travel. In 2021, its revenue crossed US$11 million, doubling from the year before.

The company has achieved recognition in both countries where it is based. In 2022, it became an Enterprise 50 Award winner in Singapore; in 2023, it won for the software-as-a-service category in India’s Mint Start-up Icon Awards.

SEE ALSO

Hisaka emerges stronger from semiconductor roller coaster

Growing a Business Edge in human resources

Succeeding by helping customers succeed

Getting to this point was not easy. The founders started their journey brimming with ideas, but the process of translating these into viable business strategies was not always smooth.

Starting with sports analytics, the Crayon Data team applied what they had learnt from that area to expand into the fields of retail, telecommunications, consumer goods, banking, and hospitality and travel.

However, the company had limited funds and resources. It was difficult for it to scale and effectively cover the multiple industries that it had entered, said Aarti.

The founders made the tough decision to discontinue several product lines, close some offices and cut salaries.

Fortunately, within six months, it was able to not only reinstate salaries but also provide increments, as revenue had grown 25 per cent that year.

More companies began using digital channels in their business, providing more opportunities for Crayon Data.

Once secured, these customers are treasured. “Crayon Data values (customer) longevity,” said Aarti, adding that the company has a 100 per cent customer retention rate.

She attributed this to an emphasis on value creation and the success of their customers, with the road map for each product being developed from inputs provided by that particular customer.

Crayon Data also aims to maximise the performance of its products for customer satisfaction. At its “experience centres”, customers can view and try out products at varying points in the development cycle, so that they understand how the solution is being developed.

The company also encourages prospective customers to reach out to existing clients, who can help the former understand the value that data insights can bring to their business.

Looking to the future

Crayon Data is now present in the Middle East, Africa, India and elsewhere in the Asia-Pacific. The company aims to further expand in the Middle East and Africa, in line with those governments’ goals of driving financial inclusivity and digitisation.

Beyond geographical expansion, it is looking for opportunities to diversify to other sectors.

The company’s focus on the future can also be seen in its approach to talent.

Said Aarti: “The mission is the boss.” Knowledge-sharing is a core company value, and even seasoned professionals can draw inspiration and learn from the fresh perspectives of their younger peers, she added.

The organisation’s younger employees play key roles as data scientists, well-versed in artificial intelligence (AI) and generative AI technologies that are shaping the company’s growth.

Crayon Data eschews traditional corporate hierarchies where seniority is often a criterion for leadership. Rather, leadership roles are assigned based on skills and knowledge – the most qualified individual is selected to spearhead a project, irrespective of age or title.

“I am constantly learning and taking notes from the younger people in the company,” said Aarti. “They blow me away each time we converse.

“The future of how we make these technologies work lies with... our younger employees who are digital natives and tech-savvy.”

This series is part of the Enterprise 50 Educational Project between the E50 partners and the NUS Business School. Crayon Data was among the winners in 2022. The annual E50 ranking is co-organised by The Business Times and KPMG, sponsored by OCBC Bank, and supported by Enterprise Singapore, Singapore Exchange and Singapore Business Federation.