The company offers a hardware-software converged platform, for users toenable real-time data analysis for their businesses, in a cost effective and process-efficient manner
A boom in technology in the last couple of decades has created a huge amount of data in the digital
era. Every company is now dependent on computers which create a database which has to be managed properly in the digital form at to be used correctly or to its optimum usage. Humans generate data wherever they go in the form of smartphones they carry. According to Sachin Sinha, Co-Founder of IQLECT, “Data is growing with humongous speed with very little support from hardware matching the requirement. This poses huge challenge for users to scale linearly with the growth of the data. Use of more memory adds pressure on cost too. Therefore, keeping the solution simple, cost effective, scalable and perform-ant are the major challenges for organizations in the big data space”.
IQLECT is a big data analytics start-up based in Bangalore, India. The company offers a hardware-software converged platform, for users to enable real time data analysis for their businesses, in a cost-effective and process-efficient manner. It is the need of the hour for businesses such as e-commerce, financial services, web and digital media, personalized and targeted marketing, mobility and internet of things.
Solving the Problem
According to Sinha, the two core offerings of IQLECT platform include cost savings and the comprehensive features of the solution. IQLECT’s offering on Cloud is an end-to-end ready to consume solution using just screen clicks and can be deployed over a cup of coffee. Users can select from a freemium pricing options and click to deploy the entire infrastructure and software on cloud.
IQLECT’s simple intuitive dashboard let users:
- Define the correlation or other eventing rules for pattern recognition, alerts and notification
- Run predictive analysis
- Social Media Analysis E.g. Sentiment analysis of Twitter stream
- Ad Personalization
- Pixel analysis like Google’s analytics platform
- Recommendation engine for an e-commerce store
- Fraud detection in financial services
- Monitoring Internet of Things (IoT) devices
- Data Centre analytics and many more
Users will have the option to try out all of these free of cost before making the purchase which is a direct cost saving for IT departments of enterprises compared to resources deployed in selecting other analytic tools in the market. Some of our key customers are NextGen, ZopNow, o9Solutions and IIT Kanpur.
Challenges and Solutions
The biggest adoption challenge for real time data analytics solutions is the lack of technology expertise, comprehensiveness of solutions and the pricing in the market. Currently, what is up for grabs is either a halfbaked open source infrastructure that creates latency in analytics or full-fledged expensive solutions that take long periods to demonstrate return on investment.
“IQLECT simplifies the overall proposition and offers a fully baked off-the- shelf software converged platform, either on the cloud or as a converged hardware-software all-in- a-box platform. The convergence of all necessary software and hardware in one box enables the users to get up and running in a few hours, thus making the proposition highly scalable, cost effective and easy to integrate and accelerates the time to market for enterprises. We are highly optimistic about our freemium model, product features and execution expertise to demonstrate clear ROI for organizations and be a technology partner rather than provider for them,” said Sinha.
“User’s needs and requirement changes and evolve very fast in the space therefore the extensibility and self-serve model for the platform or solution is non-negotiable. Most of the available options in the market don’t follow these properly. Also the need is everywhere and not limited to enterprise or core tech companies, therefore there is a huge opportunity for us to democratize the space.”
The company’s main competitors are Splunk, Striim and Kinesis. Most of their competing products use siloed approach and are very costly with bigger latency and high complexity. The USP of this company is to be cost effective, real time with sub second latency and unified converged platform which removes all silos hereby enabling some of the complex cases which are need of the hour.
On the other hand, Open source players have set of components which need to be stitched to build a platform. It takes very long time to market with higher cost and increased complexity that doesn’t allow it to scale nicely. It is not designed for humans who make it quite difficult to use. Hence even though the company has open source options but they are not easily consumable and are not a cost effective offering in the long run.
Real time insights: The need of the hour
Proliferation of mobile devices, social media and other digital networks keep customers plugged into the virtual world, which makes it imperative for businesses to monitor events and activities while they are happening in order to pre-empt decision and prevent disasters.
We have to understand that we are past the stage where we could collect data, store it and then analyze it in retrospect. Huge streams of data from across digital channels including social networks, web pages, mobile phones and apps are critical for acquiring, managing and retaining customers to say the least. This data is highly perishable if not analyzed in real-time and acted upon.
If a customer is looking for products on a digital commerce site, then it is critical that the data is instantly captured, analyzed and used to incentivize the customer to make a purchase. If not, then the moment has gone and so has the customer. If not captured, processed and analyzed in real-time, they will render ineffective for decision making, causing huge business losses.
Imagine a scenario, where a credit card fraud could have been easily detected and prevented through real-time data monitoring and analysis or a datacenter downtime could be pre-empted. There is certainly an increasing realization about the importance of capturing big data in real-time, however, majority of them struggle due to lack of technology infrastructure and expertise. The biggest aspect of real-time data analytics is time and robustness of the IT infrastructure. Starting from data capturing, ingestion, analysis, pattern recognition to actionable insights extraction all stages must take place while the event is still happening,” he added.
GTM strategy in India
“In India, our key strategy is to target CIOs chief data officers, chief digital officers and IT operations leaders and data centre leaders. We understand the business dynamics in India extensively and that gives us an upper hand in understanding critical business issues in Indian perspective and solution execution. Our technology partnership with Dell, CISCO and likes gives us ample credence as a solutions company. Hence, our main GTM strategy has been so far around targeting key critical sectors and functional areas for implementation.
We started our operations from India and now in process of expanding to bay area in US. Hence, we look forward to tapping the international markets with our cutting-edge data analytics platform. We are highly optimistic about our product in domestic as well as international markets considering the onset of IoT which will introduce hybrid interactions between machines to machines, hence, making real-time analytics the critical solution for business decisions,” he concluded.