Power of Now
The future is all about predictive data analytics. Doing this in real-time and at an affordable cost is the challenge that IQLECT is rising to meet.
In the coming years, real-time analytics will be critical for companies to grow and prosper, and this will need to be offered in a manner that is easy to access and interpret while being affordable at various price points. As business models evolve from their current state to ‘people to people’, ‘machine to machine’ or even hybrid interactions, real-time data analysis will be key for growth.
IQLECT is a core tech startup whose vision is to disrupt the existing market by combining data analytics with AI to give companies access to real-time data and information. It offers an ideal solution for data-driven companies looking to enhance their operational efficiency and fine-tune their customer engagement.
IQLECT strives to be the Software as a Service (SaaS) solution leader in this big data and business analytics market that is presently worth $40 billion, and estimated to bring in revenue to the tune of $208 billion by 2020. Its primary offering is a cloud-based hardware-software converged eponymous service platform leveraging big data for real time analysis, designed to be sold as a single box unit. The advantage this offers is that companies’ data can instantaneously be analysed in the cloud or even onsite, letting them optimise their business processes.
IQLECT was founded in 2015 by Sachin Sinha, an alumnus of IIT Kanpur who was the co-founder of Limeroad, Chief Technology Officer (CTO) at Jabong, and a leader at both Amazon and Microsoft. He has also published many papers on databases and Machine Learning. The dynamic team comprises young professionals with prior experience in tech, marketing, product management and similar roles, at large companies such as Microsoft, Amazon, Facebook, vmWare, Google and others.
The company was started to address a simple problem with far-reaching implications. The problem was that most businesses don’t have consolidated data. Instead, it is scattered across silos and a variety of separate tools need to be used to analyse it all in coherence. Designed for Internet of Things (IoT), solves IQLECT for this with its platform that provides seamless, real-time analysis for all kinds of data sets. Its purpose-built platform uses automatic information extraction and leverages emerging tech such as AI and ML for helping businesses go to market almost immediately, saving more than 50% costs, upfront.
IQLECT provides insights for organisations in sectors ranging from consumer internet to e-commerce, from Banking, Financial Services and Insurance (BFSI) to Internet of Things (IoT), and from logs and infrastructure to Customer Relationship Management (CRM). It has multiple domain-specific apps that can be set up on a personalised basis, with any company using it able to analyse its data in minutes, to the end of achieving a higher conversion rate. To simplify this, the solution lets businesses predict trends and user behaviour with a higher degree of accuracy, based on historical data, which in turn lets them act to reduce service time and improve overall performance.
IQLECT is also making an entrance into the Shopify marketplace, providing online stores with advanced ecommerce analytics.
It is interesting to trace the journey of IQLECT, from its inception in July 2015, when Exfinity Venture Partners invested for the first time in an analytics company. With subsequent funding from VentureEast, VCs and angels, the company is definitely on the fast-track to growth.
It has partnered with CISCO, Accenture, SAP and Dell, and has 150+ SaaS customers with 2500+ active users for e-commerce and 72K+ active users on BangDB, a NoSQL database for real-time big data analytics. Part of the Cisco Launchpad in the first cohort (September 2016 to January 2017), it was listed among the ‘10 Emerging Analytics Startups in India to Watch Out for in 2018’ in the Analytics India Magazine. It was also listed in Red Herring’s list of ‘2017 Top 100 Asia Winners’.Considering the phenomenal rise in data generation, real-time analytics is one of the best spaces to be in for rapid growth.