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    AI-led analytics has significantly transformed businesses: Shashank Dubey, Tredence

    Synopsis

    Artificial intelligence (AI) is changing the way businesses use data analytics, making it easier to identify inefficiencies and areas for cost savings. This has led to increased revenue, reduced costs, and improved customer experiences. The focus will shift towards AI-led market differentiation, with companies that lead with tech-driven differentiation standing out. Additionally, the use of explainable AI will become more widespread, allowing companies to better trust and interpret AI's decision-making process.

    Shashank Dubey, Co-founder and Chief Revenue Officer, Tredence
    Shashank Dubey, co-founder and Chief Revenue Officer, Tredence
    Combining Artificial Intelligence (AI) with data analytics can result in significantly better decision-making and give the much needed competitive advantage to enterprises. Shashank Dubey, co-founder and Chief Revenue Officer, Tredence, says that AI’s ability to identify patterns and behaviors in data that might otherwise be overlooked, can help businesses stay ahead of the curve. Tredence, a Bengaluru and San-Jose based data science and analytics firm has raised around $200 million so far from Chicago Pacific Founders, Advent International, a private equity firm and others. In an email interview Dubey discusses the changing contours of data analytics with the use of AI, how companies can improve their RoI with use of analytics and more. Edited excerpts:

    What impact is AI having on analytics? How are companies using AI?
    AI is the fuel that propels businesses to new heights of innovation, productivity, and growth. When combined with analytics, it offers significant economic advantages to businesses of all sizes and industries. AI-led analytics has significantly transformed businesses, resulting in more informed decision-making and actions that drive competitive advantage. AI's ability to identify patterns and behaviors in data that might otherwise be overlooked has been a crucial benefit for businesses, allowing them to make predictions, forecast demand, and stay ahead of the curve.

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    How is Tredence using platforms like ChatGPT? How are these helping?
    With 100 million daily users and 1.6 billion visits to date, ChatGPT is the fastest-growing consumer application ever. Generative AI tools like ChatGPT can enable transformation across business functions. Startups are notching VC investments, and hyperscalers are investing in developing capabilities.

    As demand for integrating generative AI in complex workflows grows, our AI Studio team is expanding to meet customer needs. Our goal is to democratize AI within organizations, enabling advanced personalization, fraud detection, inventory allocation and supply chain management.

    Tredence has integrated ChatGPT into its atom.ai platform to develop a Coding Virtual Assistant that optimizes and explains code. This has led to coding productivity gains and allowed us to develop accelerators that simplify ChatGPT integration for clients.

    Tredence raised around $175 million in January with a total fundraise of around $205 million so far. What are you using the funds for?
    In 2020, we received $30 million from Chicago Pacific Founders and in 2022, we raised $175 million in Series B funding from Advent International, a private equity firm. This will allow us to strengthen our domain expertise, increase our IP portfolio, expand operations in Europe and the Middle East, fuel inorganic growth through strategic acquisitions, establish a channel partner program, and enhance operational efficiency.

    What is the RoI that companies using analytics are getting (across say FMCG, e-commerce, travel, manufacturing, pharma, etc)? How can this be improved?
    Companies using analytics can reap returns on investment across industries. One common approach is to use analytics to identify inefficiencies and areas for cost savings in business operations.

    Analytics can monetize data and be leveraged to learn multivariate relationships for deeper customer understanding, advanced segmentation, and personalization. Grocery retailers can Identify untapped market segments based on proprietary headroom, customer lifetime value, and share of wallet. You can segment customers objectively for cross-sell and up-sell opportunities.

    In the travel industry, data-driven products and analytics can improve adoption rates and reduce churn. Hotels can analyze customer feedback to identify areas for improvement and create more personalized experiences, bolstering customer satisfaction and repeat bookings.

    Potential returns from analytics investments can be significant, leading to increased revenue, reduced costs, and improved customer experiences.

    What are the key improvements you see in analytics over the next 3 to 5 years? And why?
    The focus will shift towards AI-led market differentiation. Companies that lead with tech-driven differentiation will stand out, and speed to scale and value will become crucial growth barometers.

    The focus on AI will shift to a co-pilot model where AI works closely with engineers and architects to solve customer problems faster. AI will identify more revenue opportunities and create new products and services.

    New AI platforms and AI-as-a-service will democratize AI within organizations, enabling more companies to access the benefits without developing in-house capabilities. Additionally, the use of explainable AI will become more widespread, allowing companies to better trust and interpret AI's decision-making process.



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