The phrase “Data is the new oil” is commonly used as we speak to depict the rising worth of knowledge for companies throughout sectors. However, the saying additionally depicts a key hole – simply as crude oil must be transformed to varieties like petroleum to be used, knowledge must transcend insights to truly drive motion on the bottom. “What’s my data worth? – this is a question that leaves company executives in a cold sweat,” says Shub Bhowmick, co-founder and CEO of Tredence. “Forward-looking CFOs in large enterprises often ask their business leaders about the ROI of analytics investments. In reality, most organisations are betting their money on siloed and misleading data.”
Bhowmick, who has an MBA from Northwestern University’s Kellogg School of Management and a B Tech in Chemical Engineering from IIT-BHU, explains that “every day, 2.5 quintillion bytes of data are created. However, most organisations struggle to unlock the value trapped in data due to a lack of strategic focus, domain understanding, and far-reaching innovation.”
The founders of Tredence thus noticed a niche between insights supply and worth realisation that wanted to be crammed. Tredence, an information science and AI engineering firm, is focussed on fixing this ‘last-mile’ hole in knowledge analytics. The resolution to start out a brand new enterprise germinated whereas Bhowmick was based mostly within the Silicon Valley. “I discovered that Fortune 500 companies were looking for partners that could deliver data analytics services and create value in terms of quality and at scale”.
After he met co-founders Sumit Mehra and Shashank Dubey, the concept took concrete form and Tredence got here into existence in a three-bedroom flat in Bangalore in 2013. “Today, we have a presence in six countries and 10 offices worldwide with over 1,600 employees, who work with some of the world’s leading firms in retail, CPG, hi-tech, telecom, healthcare, travel, and industrial sectors, solving some of the most complex and high-impact problems they face,” he says.
Tredence builds knowledge science options with a vertical-first mindset and an outcome-driven angle that allows large-scale transformation for purchasers and equips them for accelerated progress. Tredence Studio is its co-innovation platform with 50+ ready-to-deploy accelerators which helps companies plug gaps of their enterprise worth chain by means of clever capabilities within the absence of off-the-shelf options. “For example, the healthcare industry is aspiring to transition from fee-for-service (FFS) to value-based care. However, we recognised the challenges that healthcare providers and payers were facing in improving outcomes and optimising the costs of care. Tredence’s HealthEM.AI built by medical science and data science professionals sparks value-driven strategies for the new healthcare ecosystem and delivers enhanced patient experience by turning data into actionable insights,” says Bhowmick. In the economic manufacturing sector, Rebate.AI, the agency’s B2B rebate administration platform, helps buying and selling companions forge significant relationships and expedite rebate return on funding.
In December 2020, Tredence secured $30 million in capital from Chicago Pacific Founders (CPF), a premier personal fairness group. With a CAGR of fifty% since its inception, it is among the fastest-growing knowledge science corporations on the planet, claims Bhowmick. It grew by 65% in 2021, within the course of offering younger AI professionals the increase they want for accelerated studying in expertise, analytics, and enterprise consulting, he provides.
Source: www.financialexpress.com”