How did you determine Lumiq?
A few decade in the past throughout my stints within the US, I witnessed a brand new paradigm with digital-first new world corporations. There was a variety of concentrate on gathering information, leveraging it, and utilizing it to generate enterprise worth. Revolutionary concepts had been rising on easy methods to use the information to know prospects and see easy methods to leverage it to foretell their behaviour. This was in stark distinction to what most conventional enterprises had been doing, even within the West. In India, we had been lagging much more with most enterprises nonetheless solely focussed on environment friendly digitisation.
My thought was to convey this data-driven tradition and mindset change to India and permit enterprises to undertake the identical practices that digital-first corporations had been adopting. We needed to be a one-stop-shop for any data-driven initiatives for our prospects, in how information will get organised, easy methods to leverage and easy methods to monetise it.
How is Lumiq related?
It’s related for all of the departments inside an enterprise. For instance, it permits enterprise advertising and marketing groups to know their prospects higher, uncover their wants, and serve them with related experiences embedded with hyper-personalised choices. Equally, it permits the operations crew to enhance choice making – scale back time to motion, improve effectivity whereas minimising the underlying threat. The probabilities have solely elevated through the years.
We began our journey with insurers after which slowly expanded to banks and the bigger gamut of economic providers. Immediately, we’ve 30+ enterprises as prospects for whom we’re the go-to companions for any data-related initiatives.
What’s your imaginative and prescient for Lumiq?
Information has been known as the brand new oil usually sufficient to be cliché. And it’s not nearly taking a look at Information Platforms as a system of report however redefining them to ship Enterprise Intelligence mixed with enhanced information administration. Future-proof corporations take information critically; for them, information is solely not about reporting what is occurring in enterprise or answering a enterprise query. For them, DATA IS THE BUSINESS.
My imaginative and prescient for Lumiq is easy – each time enterprises consider information or data-driven initiatives, they need to consider Lumiq. Our potential prospects at present are monetary providers corporations. We’re already working with main banks, NBFCs, insurers, AMCs, and are quickly increasing our base.
What is exclusive about your product? What units you aside?
Our options are constructed for monetary service suppliers who need to take a proactive strategy to dealing with and optimizing their information. Consequently, not solely does it speed up the confluence of AI, BI and DI (Information Interchange or Information as a Service) operations in an FSI group but additionally helps to monetize information insights. We assist monetary enterprises with their data-driven decision-making with AI and machine studying options, enabling improved productiveness and the improved buyer expertise of their chosen enterprise perform. That is achieved by leveraging deep area experience and expertise throughout information engineering and information science.
What are the important thing elements driving your online business progress?
To develop our area experience and frequently innovate, we created an ecosystem for collaboration with academia and know-how companions like AWS. Our collaboration with AWS as a trusted associate has helped us reply to the FSI (monetary providers & insurance coverage) business’s must shift from a POC (Proof of Idea) to a BOT mannequin.
We’re working in direction of enhancing our product choices, doubling our income as we improve our buyer base by 150 per cent this fiscal, and transfer in direction of being a 500-people services group by 2023.
What are the important thing issues Lumiq helps resolve?
For enabling a data-driven tradition, our resolution helps to take away conventional data-driven innovation hurdles starting from information silos and codecs to sources and the provision of skilled skillsets. This results in speedily driving enterprise outcomes with actual buyer information, bettering enterprise interplay and eliminating guesswork. We’re driving ourselves to unravel the brand new age enterprise issues alongside our companions like AWS who’ve been tremendously useful in reaching higher buyer satisfaction.
For AI/ML initiatives – we’ve adopted an end-to-end strategy proper from the group of information to mannequin growth, mannequin deployment and mannequin governance. This focus throughout information engineering, information science and Machine Studying Operations (MLOps) has ensured that the enterprise worth creation is steady, and transformations are profitable. Alongside, we’ve embedded transparency and explainability into our options to make sure straightforward adoption and understanding of mannequin suggestions.
What are the important thing challenges?
Our key problem is to scale and drive non-linear progress. We’re conscious that the digital transformation pushed throughout enterprises is a marathon and never a dash. Enterprise-wide adoption is crucial throughout enterprise traces and repair features for digital transformation. When it comes to know-how, one of many main roadblocks is rising issues about safety and information compliance, particularly in cloud adoption within the monetary providers sector. Adoption has been comparatively gradual amongst FSI enterprises as they begin to transfer non-critical purposes onto the cloud. Expertise acquisition can also be a perennial hindrance to progress. We function within the deep tech of information science and information engineering. Along with stand-alone abilities, getting full-stack engineers on board is a problem throughout the realm of information science and information engineering. There’s additionally a dearth of digital abilities availability and high quality together with retention.