With AI & IoT becoming more than just buzzwords today, how can we make the most out of these advances to benefit our business? Excerpts from our Co-Founder Mr. Rajesh Phadke’s interview in the Economic Times.
Question – AI and IoT are hot buzzwords at the moment, but what does it really mean for business? How can we make the most of these advances?
IoT and AI are no longer just buzzwords. We’re seeing an extensive deployment of IoT solutions across various segments. This is largely being driven by a strong desire amongst organizations to become more and more data driven. An IoT system can act as the eyes and ears of an organization empowering it to understand real world product usage, innovate and subsequently build better products and services. IoT coupled with AI can take customer service to a whole new level. The ultimate aim of any data driven organization is to provide a differentiated offering to its customers without increasing product costs. And this is only possible with IoT and AI.
Question – By all accounts, we’re churning out more data than ever, making it critical to make sense of this mountain of information. How do we glean actionable insights from the information we generate on a daily basis?
Everybody talks about humongous chunks of data. The data size of servers has increased multifold over the past few years…. but there are 2 key questions that one needs to answer ⁃ whether I am collecting the relevant data and ⁃ What key insights can I get to increase my geographical reach and product range at the point of sale to maximize my revenues and profitability. Most companies know the answer to the first question but don’t know how to decipher this large chunk of data in such way that’ll give them a clear visibility on the critical aspects of their business and at the same time get actionable insights to take holistic decisions. The challenge lies in building up the database and getting tangible answers to very definitive questions.
E.g. A company which manufactures milk powder wants to know if their product is being sold at the points of sales across different geographies and what exactly needs to be done to stay on top of the ever-changing market trends. Our solutions leverage heavily on prescriptive analytics and give intelligent insights on critical areas like e.g. list of retailers who were ordering a steady volume of this milk powder brand but have suddenly stopped or drastically minimized the order volume in past few weeks. These insights are backed by precise actionable tasks like auto planning of visits to these retailers or the same getting highlighted to the area manager – so in short, it’s not just highlighting the pain points but also drilling down the action items to a very granular level to address these in a tangible way."Visit https://epaper.timesgroup.com/Olive/ODN/TheEconomicTimes to know more!"