Prasanna Dhungel is the co-founder and managing partner of GrowByData, a Boston-based marketing intelligence firm specialising in strategic insights for agencies and leading brands. In 2014, GrowByData began with a team of five members from a one-room shared office space in Naxal. Today, the company has a strong team of more than 100 people in its Boston and Kathmandu offices. The company is now collaborating with over 100 brands through half a dozen agencies. In an email interview with Post, Dhungel talked about GrowByData, its operations in Nepal, future plans, and impact and challenges of IT-based companies, among others. Excerpts:

Tell us about GrowByData. How has your company expanded? What’s the market response?

GrowByData empowers brands and agencies with data-driven insights to excel in a competitive landscape. Our comprehensive analysis covers voice-to-share, product mix, pricing and promotions, enabling winning strategies for revenue growth and enhanced marketing performance. We prioritise a strong online presence on Google, Amazon, Walmart and social media. With a decade of experience, we've supported leading brands in retail, finance, insurance, and more, providing tailored insights for success.

Pioneering data insights nine years ago, we helped retailers and brands enter e-commerce and establish a robust online presence. Today, we evolve with the industry, guiding clients through digital commerce complexities and data overload. Our focus is on delivering quick and actionable answers, keeping our clients ahead of the competition. With GrowByData, gain valuable insights for digital marketing excellence, informed decision-making, and driving growth in a dynamic marketplace.

What is the reason behind establishing a company in Nepal? How many employees do you have?

Having worked for United States Nepal businesses for over 20 years, I have identified three key advantages for US companies operating in Nepal. Firstly, Nepal offers access to top talent in software and data analytics. Secondly, the significant time difference allows for 24-hour operations, providing productivity gains. Thirdly, US businesses can benefit from cost advantages in Nepal. Leveraging these advantages, I started my own business in Nepal. Now in its 10th year, we have a team of over 100 employees in our Kathmandu office. We support numerous clients across sectors with insights and services and are excited to work on transformative digital marketing platforms from our Nepal and US offices.

The country is going through a recession. How tough will it be for you to survive? What are your strategies?

In the current global economic recession, both the US and Nepal are facing economic challenges. To navigate these times successfully, it is crucial to maintain a lean and cost-conscious approach. We should carefully evaluate every expense item to ensure it delivers value, and any initiatives that fail to generate short- or mid-term returns should be discontinued.

Despite the economic difficulties, our focus on client satisfaction must remain unwavering. As our company grows and expands, it becomes increasingly important to stay connected with our clients. We should avoid losing sight of their needs and priorities, even as we add departments and serve clients from different parts of the world. Regardless of location or role, it is vital for everyone in the company to maintain a customer-centric mindset and constantly seek ways to add value for our clients. Surviving and thriving in these challenging times requires three key strategies: Delivering exceptional client value, maintaining operational efficiency, and fostering innovation to delight our clients. Embracing technology and streamlined processes will enable us to achieve greater efficiency and automation, ultimately serving our clients more effectively and cost-efficiently. Let us prioritise these principles to drive our success forward.

What are your company’s future plans?

We have the privilege of serving digital marketing colleagues at prominent brands and agencies. Through our interactions, we have recognised the challenges faced by digital marketers in fulfilling their roles effectively. They are inundated with data and tools, while platforms like Google continue to evolve. The recession has further intensified the pressure to achieve more with limited resources. Understanding these pain points, we are committed to supporting digital marketers. Our mission is to simplify the complexity of data and provide marketers with clear insights into market trends and actionable recommendations. Our goal is to streamline processes and avoid overwhelming them with excessive data. We strive to be user-friendly and assist marketers during this period of transformation. By focusing on aiding digital marketers at leading brands and agencies, we aim to establish ourselves as valuable partners.

What are your views on the impact of IT on Nepal?

The IT sector has transformed Nepal, enabling individuals worldwide to access limitless knowledge through the internet. With the widespread availability of mobile phones and internet access in Nepal, remarkable talent has emerged, contributing to our firm's success. Many of these talented individuals have further advanced their careers, either by joining other companies or establishing their own businesses globally. Kathmandu boasts multiple companies like ours, supporting international brands and yielding numerous benefits. Firstly, Nepal is gaining recognition as a talent hub across various industries in the US and other markets. Secondly, the presence of trained IT professionals supports diverse industries within Nepal. Thirdly, IT has increased remittance inflow into Nepal. Lastly, the growing number of IT professionals in Nepal are spreading knowledge, positivity, and capital throughout the economy.

How can Nepal further benefit from growth in IT?

Absolutely. Nepal, like India, can capitalise on the IT demand and future trends. Identifying the right client segments and needs is crucial. The future lies in data insights, as we navigate a world abundant with massive data. Businesses adept at managing, labelling, analysing and extracting value from data will thrive. Digital assistants aid us in our daily tasks, and the potential of Generative AI is becoming clearer. During this transformative era, businesses operating in Nepal can support and experience significant growth. This will generate a demand for a talented workforce of data-trained IT professionals, fostering a supportive community of companies. Envision the positive impact on Nepal—capital, knowledge, positivity and ample opportunities. Imagine how global ideas will shape the Nepali mindset and revolutionise the economy.

What are the bottlenecks and challenges companies encounter in Nepal? What is the difference between operating in the US and in Nepal?

While the opportunities in Nepal are vast, operating a business in the country comes with its share of challenges. Starting a business has become easier compared to the past, but sustaining and growing a business in Nepal presents various friction points. One significant challenge is the scarcity of qualified talent. The demand for skilled professionals in the IT industry exceeds the available supply, resulting in unfilled job openings and the need for extensive training for new hires. This training period and potential turnover reduce the effective productivity time for companies. Additionally, government offices and policies create obstacles to business growth, adding further complexity to operations. Addressing these challenges requires a focus on developing a trained talent pool to support the growth of the IT industry. By enhancing the training of college graduates in the latest IT techniques and providing training opportunities for individuals from non-IT backgrounds, such as math, sciences and social sciences, the volume of qualified talent entering the industry can be increased.

It is essential for the government to not only facilitate business start-ups but also support the entire ecosystem of businesses that contribute to the IT sector. Streamlining processes and creating an environment where companies can scale up to employ thousands of individuals will be crucial for the transformation of Nepal's economy. Envisioning a future with hundreds of IT companies employing thousands of individuals and several companies with workforces exceeding 10,000 employees, it becomes evident that Nepal has the potential to undergo a remarkable transformation.