Vivek Joshi, the founder of India-based start-up Entytle, has spent years in senior roles in manufacturers worldwide and has come to appreciate the value of the aftermarket and services business model. He notes that these businesses can often be more profitable than selling equipment itself. However, Joshi has identified a crisis within the manufacturing industry – an aging workforce means that the expertise necessary to operate these businesses is disappearing. This has particularly dire implications for the aftersales market, as experienced staff can anticipate customer needs and provide valuable insight that takes years to learn.
Entytle has developed a purpose-built intelligence platform using modern data storage techniques and machine learning to address the issue of disappearing tribal knowledge. The platform is designed to provide manufacturers with a more complete record of their equipment deployment, maintenance history, and recommended responses. This gives companies the ability to serve their customers better and more efficiently, even in the absence of experienced employees who would have known these details instinctively.
Founded 10 years ago, Entytle is now generating revenues of around $5 million a year from 50 customers and has raised approximately $14 million in funding. While the company is now profitable, its challenge lies in persuading manufacturers to invest in its platform amidst competing technologies and vendors vying for their attention. However, Joshi believes that the platform offers swift payback, citing success stories such as Duravant, which increased aftersales revenues by 20% after adopting Entytle’s platform.
Entytle’s platform helps manufacturers increase their customer servicing capacity and proactively reach out to customers, boosting retention and purchase frequency. Looking ahead, Joshi aims to expand the platform’s ability to incorporate unstructured data, such as sales notes and phone calls, as a rich source of customer insight. While the company has received positive reviews from customers on procurement sites like Cuspera, it faces competition from traditional CRM providers and new entrants offering specialized solutions. Joshi believes his background in the manufacturing sector gives Entytle an edge in understanding what these businesses need in order to succeed.
Joshi emphasizes the urgency of finding a new solution to the crisis in the manufacturing industry, as experienced employees are retiring and the workforce is aging. By leveraging technology and data-driven solutions, Entytle aims to fill the gap left by disappearing tribal knowledge and empower manufacturers to serve their customers more effectively. With a focus on data expansion and customer insight, Entytle is poised for continued growth and success in the competitive manufacturing industry.
