In a recent report published by Gartner, highlighting the Top 10 Data and Analytics Trends, there was a section dedicated to how augmented analytics will be the dominant driver of new purchases related to analytics and Business Intelligence (BI).
The phrase augmented analytics refers to the use of machine learning (ML) and natural language processing (NLP) to enhance data analytics, data sharing and business intelligence.
According to the report, businesses will increasingly implement augmented analytics where automation will help them find the most important insights – both opportunities and risks. It’ll optimize the entire process of decision making, bringing in efficiency into several key processes that may have been manual in the past.
Indium Software is a cutting-edge Advanced Analytics solutions provider leveraging machine learning and artificial intelligence to automate data-centric applications. It offers clustering, regression and classification services not just extracting insights from numeric data but also from text, audio-visual and image inputs.
Indium also has cross-domain experience, having served clients across sectors including banking and financial services, retail, e-commerce, FMCG and next-generation technology companies. Indium’s current clients include a Fortune 500 FMCG company and one of the world’s leading online cab operators.
The company has built AI/ML and NLP-based solutions for different functional teams including those in marketing, finance and operations.
The team uses Open Source tool sets such as Python, R, or proprietary tools such as STSS for data management and dashboarding tools such as Qlikview, Tableau, Power BI and R Shiny. The team’s expertise in machine text analytics has also led to the development of a proprietary, patent-pending tool teX.ai.
Moreover, Indium provides end-to-end services including Big Data Analytics, Pricing Analytics, Customer Analytics and Social Media analytics. The company is well-positioned to serve as a pure-play analytics partner or an end-to-end solutions provider delivering a range of analytics and digital services including product development.
Considering most modern applications (apps) incorporate data engineering and analytical models, it makes sense to work with a single partner, who can integrate big data solutions with product development.
In the last 20 years, Indium has worked on 350+ client engagements, serving a range of customers from startups to mid-size growth companies to Fortune 500 clients. From undertaking complete projects to augmenting resources, Indium Software has had the opportunity to display its capabilities and provide customer delight on every occasion.
A leading online price comparison platform helps consumers with quick comparative information on various products from a large number of third-party online shopping players. The platform combines data collection from 1500+ online retailers. The key challenge in the workflow was to enable end-users with real time visibility of products (including availability, description, etc.) and their dynamic changing prices.
However, each site would have its own breadcrumb trail, making it difficult to identify and process all products that belonged to the same sub-category. Indium was able to use text analytics to process data in real time with minimal lag and effectively crawl dozens of e-commerce sites to return only the most relevant information with the correct taxonomy.
Using batch processing, the team was able to:
– Reduce the process time from 25 hours to 7 hours
– Reduce the data refresh and response time from 2 seconds to 1 second providing real time price information
– Reduced cost of operations (including the need for manual tasks) by 35 percent
Indium’s text analytics capabilities delivered value for money for a tough problem with limited resources and in a short duration of time.
Subsequently the client has engaged Indium for two of its other projects: one in the areas of web analytics and another in data-driven campaign management.
A Singapore-based financial services company offering a streamlined mobile app that gives payday advances was embarking on a technology modernization program to improve business workflow, increase revenue and decrease costs.
Apart from improving the performance of several business operations and legacy systems, the company was looking to derive insights from advanced analytics in two specific areas: Churn Analysis and User Profiling.
Using tool sets such as Elasticsearch, R, Python, Logistic Regression, XGBoost and K-means Clustering for Descriptive and Predictive Analytics, Indium was able to increase customer retention, lower costs through loan losses and increase ‘tips’, which was its main source of revenue.
· Effective user profiling led to an increase in the user acquisition rate by 10 per cent
· Identifying and addressing the underlying reasons led to a churn reduction of more than 20 per cent
· The combined power of an operationally and intuitive interface resulted in the surge in tip collections in the range of 6.5 per cent
· Potentially bad clients were weeded out
Indium is highly process-driven and follows a three-step process:
· Step 1 revolves around Data Preparation.
· Step 2: Data exploratory analysis is like a preliminary investigation to assess the data and correlate it with the final output.
· Step 3: Models are built and fine-tuned following testing and training of datasets. Once it has been tuned to the optimum extent, it is then deployed and integrated with the client’s system.
In some projects involving text analytics, multiple models are explored before arriving at the optimal solution keeping in mind the client’s context.
As mentioned before, Indium Software is a trusted partner for fast growing organizations around the world. We bring to the fore our deep expertise in advanced analytics, to formulate data-driven solutions for a multitude of business situations.
By Uma Raj
By Uma Raj
By Abishek Balakumar