Website : https://www.iotasol.com/
Great Companies: How did you get your idea or concept for the business?
Yashpal Singla: I always wanted to start a business. I was very clear about this from the start of my professional career. I still remember my first appraisal meeting (after 6 months of joining Infosys) with my Project manager, When he asked where do you see yourself after 5 years? I answered that I would be running my own business by then and coincidently it happened after 4 years.
I started looking for multiple opportunities and domains and worked on different business models. I was almost on the verge of starting a restaurant in 2008 but due to some issues that plan did not work out. Then finally I thought of sticking to what I can do best i.e. Software Development and started looking for opportunities to work as a freelancer parallel to my job. I used to work from 8 in the evening till 2 a.m.in the morning and full weekends as a freelancer to cover up the freelancing assignments parallelly and without compromising and affecting the commitment at my job.
Great Companies: What are the various services provided by Iotasol?
Yashpal Singla: Iotasol is a software development company that transforms business ideas into digital reality. It caters to startups, small and mediums scale businesses as well as entrepreneurs.
Here are the services we provide
1. Website development
We are the industry experts in building customer-centric, easily navigable websites with great design and yet at an affordable price. We believe in making a perfect blend of creativity and usability.
2. Mobile app development
We develop top-notch mobile applications using the latest technologies and frameworks. We take care of everything from design and development to maintenance and future technical strategizing for your mobile app.
3. E-commerce website
We build beautifully simple and intuitive e-commerce websites keeping every business’s goals, customers, and competition in mind. Establishing a strong brand identity, and creating mobile-friendly and user-focussed e-commerce web and mobile applications are our core goals.
4. Advisory and Technical partnership
In the ever-evolving technological world, the right kind of technical advisory and upgradation is the need of the hour to have a competitive edge. So, we at Iotasol, render the services of business consultation and also serve as stable technical partners for companies looking to excel on the technology front by giving them our useful inputs after analysis and directing them on their next step.
Great Companies: What makes Iotasol different from hundreds of other similar service providers?
We have a very friendly environment, we don’t have a rigid subordinate and senior culture in our organization. We all are friends irrespective of the role we are performing. Everyone gets an opportunity to act as a leader and everyone has his own ‘SAY’. We give everyone equal opportunity to let them work in the way they desire. We work relentlessly to give our best and always give full support to clients when needed.
As a team, we follow a "Never Say No Attitude" and go an extra mile when required to produce the intended solution with quality and on time. We focus on 3 important pillars - Client, Our Team, and Society and give importance to all of them, and where needed we back the person who is right irrespective of its short term impact on billing or anything.
Great Companies: What are the struggles and challenges you face?
Yashpal Singla: Various challenges involved are
a) Always evolving technology: The biggest challenge as a software development service provider is to maintain the pace with ever-changing technological needs and make efforts and processes to keep evolving. It requires an effort to keep the team motivated towards expecting and absorbing the pressure of new challenges and technological changes. We as an organization keep a keen focus on keeping pace with technology needs and updates regularly.
b) Increase in cost vs drop-in rates: As the market is becoming more open to freelancers and many other countries are developing skilled IT resources, we as an India based outsourcing company always need to differentiate ourselves against the competition, as the leverage we used to have of rates is diminishing by every passing month. We need to project ourselves differently
from our competition and our value proposition as a team needs to always surpass the rates. We keep on building internal processes and tools to reduce the overall cost of delivery and then convert that to facilitate the reduction in margins and compete.
c) Attrition: The biggest problem for a small organization like us is to cope with employee attrition. We put a lot of effort into training and finding good talent and once they get good experience and exposure they tend to find better opportunities. As an organization we always try to raise our bar every time and come up with strategies and models by which we can pass on the maximum advantage to the employees without disturbing the balance and stability of the company, at last, we need to keep the ship floating. We have a very strong cultural difference from other organizations which also encourages employees to stay with us in spite of the various other lucrative opportunities.
Great Companies: How do you plan to grow in the future? What do 5 years down the line look like for Iotasol?
a) Expansion into different countries - We are able to develop a successful delivery model in one country and now we look forward to replicating that model in different countries. It has played a significant role in our growth as an organization.
b) Plan to launch multiple products - We are already working on multiple products internally and are excited to launch them as soon as possible and working towards creating a parallel pipeline for revenue generation around the products.
c) Diversifying our offerings - We are exploring different complementary service offerings which we can add to our umbrella which not only will increase our opportunities to grow and also give us a stronger position in front of our existing clients and represent us as a one-stop-shop for everything.
Great Companies: If you had one piece of advice to someone just starting out, what would it be?
● “Nothing comes, until it comes” - So never be sure that a project will land in your pocket even if the pitch is looking to be 100% in your favor. This helps us in keeping a balance between resources and speculations.
● “Maintain constant Cash Flow”, You should have a very clear picture of your cash flow for at least one financial year and you should have
enough budget to keep sailing and absorbing different uncertainties which come over.
● “Risk Mitigation Plan” You need to find different possibilities and areas of expansion. Evaluate and create a risk vs benefit plan against every such idea and then take enough risk after measuring and comprehending how to cover up the adverse situation when it arises. Without taking good risks there will be very limited opportunities to grow and you will always keep relying on the LUCK, which is a very difficult word to rely on for running a stable business.