A person walks into a hypermarket on a busy weekend and shops a bunch of expensive merchandise. He carefully scans the checkout counters and selects a cashier who seems to be a trainee as he has done it many times in many stores. His turn comes and since total bill runs into a very high sum, cashier asks for a card. The person extends a shiny new card to the cashier but what happens next makes the person with the merchandise sweat even in cold winter. He was caught carrying a forged credit card and is asked to step aside. The fraud was detected thanks to a technology called Real Time Data Analytics deployed by the card company.
The next scenario – a home maker logs into her favorite ecommerce portal to buy the curtains for her living room. While browsing the curtains, she taps into a set of queen size bed sheets but goes back finding the right color of curtains as that’s her priority. For ecommerce back-end, the mere tap on the bed sheets were enough to know what the customer may like. She checks out with a set of curtains along with a nice matching set of bed sheets. What happened? In technical language, it’s called using clickstream data to help customer find what she likes in real time a.k.a Real Time Data Analytics. Based on the product clicks along with the recent browsing history of colors of curtains, the customer was recommended with bed sheets which she may like and ultimately buy. The customer is happy to find the items and eCommerce has sold one extra piece of merchandise without any investment in promotion.
Today, Newer innovations are changing the way technology based business is managed with advance developments in artificial intelligence, big data analysis and predictive technologies. IQLECT is leveraging its proprietary innovation in helping corporations add newer revenue streams which may not have been possible earlier or help in saving resources with real time analytics which may been wasted so far.
IDC predicts that by 2020, organizations who can analyze all relevant data and deliver actionable insight will achieve an extra USD 430 billion in productivity gains over their less analytically oriented peers.
Even though the need for real time analytics is on the rise, the technology options are limited and are not enough to support the needs adequately. Doing real time analytics could be tough especially when data ingestion, data analysis, pattern recognition, actionable insights extraction etc all should happen while the event is still happening. This could require responding to the interesting events in less than a second or sometime even less. There are only a handful of companies worldwide which are in high tech field of Real Time Data Analytics and IQLECT is a leading platform from ASIA.
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. Enterprises can use IQLECT platform in various ways.
A representative chart as follows:
Looking ahead, Sachin Sinha, Founder & CEO, IQLECT, said
We are expanding across geography and many industry verticals. Over the last few years we have built and shaped a cutting edge platform and that gives us an opportunity to showcase our product to leading companies and Industry peers globally.
About IQLECT
IQLECT is a big data analytics company based in Bengaluru. IQLECT 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. The company has raised US$2 million in seed funding from Exfinity Venture Partners. Exfinity venture partners is backed by software industry veterans such as TV Mohandas Pai, V. Balakrishnan, Deepak Ghaisas, Girish Paranjpe among others. The company has used these funds in expansion of team and product development. For more information, please visit IQLECT