Kenyan company String Analytics will soon become the top management provider in Africa, aiming to assist communication between policymakers, investors, and MSMEs. The company offers solutions to various organizations to understand their data better and provide them with tools that enable them to communicate with their customers better via various channels. String Analytics specializes in improving customer interactions and supports, which allows brands to frame their policies, and strategies better.
Fremont, CA: String Analytics is a big data management and market intelligence brand that was started in 2019 by Mugo Ngatia and Ndungu Muigua in Kenya. The company provides services that go way beyond the generic quantitative methods. They provide tools to understand data better and formulate strategies accordingly. Rather than just providing a quantitative insight, the tools also provide qualitative data derived from the market responses. Such insights and feedback are processed to generate results that improve the quantitative methods.
The company is aiming at enabling economic growth in the African region. Their strategy to do so involves delivering tools to let MSMEs make informed decisions, which are based on data. Alternative data from unorthodox sources can be utilized to increase the efficiency of operation in such MSMEs, which will eventually cause growth in the entire region.
The majority of the African continent is still developing and one can only guess what the position of businesses would be. Here, MSMEs are the major driving force of the economy, and assisting them would result in exponential growth throughout the region. 70% of the native population is engaged in these companies. To start large-scale industrialization, it is evident how important the role of MSMEs are.
The major issue these MSMEs face is the absence of finance which obstructs their growth. Moneylenders are skeptical to provide capital as they do not possess the tools to analyze data and make an informed decision. Hence one could see several unregistered MSMEs that are operating informally. Also, technical expertise is absent. In Kenya alone, MSMEs employ 80% of the country’s working population and generate 30-40% of the GDP. Given that the majority of these MSMEs are not even registered, finance becomes the biggest issue and individuals utilize their family savings and take loans, which they are often not able to pay back due to heavy interest rates. The majority of the investment and financial support which comes along the way anyway goes to the MSME agro sector, hence the non-agro sector is passed over.
String Analytics aims to solve this problem by offering MSMEs, investors, financiers, and policymakers the solutions to analyze real-time data and make informed decisions. It is currently forming the MSME database. String analytics wants to establish itself as the go-to company when it comes to specialized services. This approach will not only help the MSMEs grow but allow the investors to gain an idea about the companies who are looking for new markets and products.
String Analytics’s intelligent market solutions can gather information directly from the customers via cell phone channels like USSD, or mobile applications, or telephonic consultations. They also conduct focus group discussions. All these data are analyzed to generate reports on consumer behavior and requirements which assist the MSMEs.
The company currently has an office only in Kenya and is self-funded but plans to expand to the rest of the region and assist the MSMEs. The company is also currently in the process of collaborating with Nigerian entities for business opportunities in Nigerian and Ghana. The company is planning to generate revenue via consulting and licensing fees.