“We have a ton of information that could potentially be converted into insights. But how do we use data for better decision-making with accuracy, reliability, and sustainability? Democratizing data with tools and solutions is what we need for robust data analysis,” said Aparna GuptaExecutive Director – Customer Success, Microsoft.
Aparna was speaking during a panel discussion titled ‘Building a scalable data business’ co-presented by Microsoft and YourStory, to discuss how data is examined to generate deep and actionable inferences.
Building products with new eras of data
Businesses are becoming digitally disruptive and following a value-from-data approach to transforming products and optimizing business operations.
Embracing over 3,000 charging points, battery charging service startup Kazam offers solutions [EV charging] for businesses, restaurants, universities and landowners. Kazam containers data in different formats [according to battery swapping, charging stations, and vehicle types]informs co-founder and CEO Akshay Shekhar, and puts them under a single cloud to understand things, for example, which battery is working, the life cycle of each vehicle, to manage the existing infrastructure, etc.
With an AI-powered contact center, Rezo.ai leverages customer data to make their interactions with brands fast, easy, scalable, and error-free. “Rezo understands context, customer personality from historical conversations or interactions from CRM data and is able to guide and resolve these queries in real time. Market research companies can analyze customer data to provide recommendations or suggestions“, noted pot holder Guptaco-founder and CEO, Rezo.ai.
For Madhumita Agarwal, Co-founder and COO, Oben EV, the product is the hero. “We are a hardware, automotive products company focused on reliability, performance and design. We use customer data to improve the product [safety] and the introduction of gamification for enhanced customer experience,” she said.
Following, Vamsi Yeluri, Founder and CEO, Nuacem AI spoke about building customer relationships with brands using AI platforms. According to him, conversational AI is driving next-generation customer interactions, and with AI/ML capabilities, pragmatic or service-oriented approaches facilitate omnichannel engagement at scale.
Co-founder and CTO of Flo Mobility Mohan Sivam highlighted the key benefits of data to unlock growth opportunities. “We realize data collection and processing as a value chain for different business models or market segments. As a modular autonomous technology company, we are focused on building autonomous technology applicable to all use cases,” he added.
How Microsoft helps with scalability
As data grows in volume, so does the complexity of the dimensions, along with the twin hurdles of security and privacy.
“Microsoft has extended the zero-trust approach. We have a scalable, highly secure and fully compliant data cloud platform. The cloud provides on-demand flexibility and scalability, whether you’re doing data analysis, computer vision, speech recognition and translation, and more. “said Aparna.
With good data comes great responsibility. Ensuring that data security is not compromised when using data or scaling the business, Vamsi talked about compliance institutions monitoring the security of sensitive data, protocols for security, data governance frameworks and responsibility to protect data in proactive environments.
Madhumita suggested investing in security, putting processes in place with active governance and proper management systems in place to stay focused, agile and scalable.
While Manish focused on implementing secure frameworks in startups and midsize companies, Mohan from Flo Mobility spoke about the criticality of data and the consulting segment of data security, especially in companies based on computer vision.
“To build a scalable business, we need to have valid data sets and follow government standards. Additionally, companies should have a verification system in place to ensure the financial health of the systems,” Akshay added.
Collaboration for long-term business success
Collaboration between diverse startups, ecosystems, and stakeholders improves competitiveness and provides better communication and improved workflows between partners and customers.
“We connect technology, software data and automated products to create an ecosystem from manufacturing to suppliers to financing. Learning from past experience, we collaborate with new businesses/initiatives and embrace a huge learning curve,” Madhumita added.
Manish cited an example of how government agencies run mutual beneficiary programs for startups and large corporations to achieve growth.
Mohan also highlighted how connecting with data scientists and other ecosystems to analyze relevant data and open source data for R&D purposes was essential for their startup.
For Kazam’s Akshay, open source data, interoperability, omnichannel strategies, active engagement across platforms, realization of security vulnerabilities, and unbiased auditing are important parts of developing partnerships.
Vamsi also highlighted how Working with large system integrators, collaborations have brought them more learning and success rates.
“We’re on a mission to empower every person/organization on this planet to achieve more by creating a platform to solve complex real-world problems, from data, AI to infrastructure and security. Additionally, we continue to scale with rich partner-driven engagement and impact and will focus on ethical AI,” Aparna said, highlighting how horizontal solutions, financial offerings, credibility and segments basic incentives enrich the whole ecosystem.