This seems to be really concerning, and if businesses are on their way to flourishing by analysing only 20% of their data, then a lot can be made out of the remaining 80%. Also, out of this, around 50% of the unstructured data is text. Proper business insights could be obtained when data is properly analysed. Can AI come to aid to solve this problem?
Ram Sukumar, Co-Founder and CEO of Indium Software, sheds some light.
Please elaborate on the growth journey of Indium software and its product division teX.ai.
Indium Software has been in business for 20 years and its growth has accelerated in the last 5 years especially after its merger with Noah Data in 2018. The consolidation led to the Digital and QA arms of the business complimenting each other to achieve the rapid growth that we have achieved. Indium’s Digital canvas includes – Advanced Analytics, Big Data Engineering, Low Code Development, RPA and Full Stack Development. Indium today, has over 1000 employees across several locations globally and customers in US, Europe, India and Asia.
It has long been Indium’s vision to expand into a SaaS or PaaS or a product-based revenue model in addition to the core services business. teX.ai was launched in 2019 combining Indium’s Text Analytics, AI, Cloud and Product Development expertise. In the short span of time from launch, teX.ai has been well received and has been recognized by Forbes as one of the top Machine Learning Products to Watch of 2020. teX.ai is an Automated text analytics product powered by AI. It aims to automate the manual activities involved in text analytics and thereby improving the turnaround time and reducing costs. Offered both as a Cloud and On-Premise solution, teX.AI addresses a growing need in several industries to leverage text analytics to drive operational efficiencies and enhance customer experiences. There are customers in the US, India and APAC market currently benefitting from our teX.AI solution.
What is the role of AI-based Text Analytics Software? How is it disrupting the industry?
Disruption is a matter of perception. AI based Text Analytics disrupts different industries in different ways.
Usually a task like summarization and analysis of 1000’s of customer reviews for an e-commerce or retail firm would be challenging with lot of human effort. With an Ai-based text analytics software this can be achieved in a few hours.
Depending on the industry there are several use cases for Text Analytics. Let us give some examples –
- In the Banking industry, going through several pages of large documents is humanly impossible, and there is a need to extract relevant text from the documents into a format that is more easily consumed by the Analysts. This could also be applied to processing Invoices, processing bank statements for loan processing, Annual Reports etc. This largely streamlines operations by reducing turnaround time, improving accuracy and savings costs. The same use case can be applied in the Insurance industry for Mediclaim Documents Processing and automating tasks in the process.
- For a consumer brand that gets Customer Reviews, there are several channels in which Brands get reviews – at stores, online, Social Media. It is challenging to go through and summarize every review for a global brand. Having a text analytics engine that goes through these reviews and summarizes them can help improve customer experiences and can have a huge business impact for the brand.
- Manufacturing industry has needs to extract text from several documents such as Invoices, Delivery Receipts, and Engineering Drawings etc.
There are many more such use cases across several industries.
How will this solution help business during the COVID crisis?
For any company to come out stronger through a challenging phase such as this, it is important to look for opportunities to optimize costs and build efficiencies. There are multiple industries like e-commerce, financial services, insurance, manufacturing and healthcare where teX.ai is a solution that helps improve process efficiencies, customer experiences, and turnaround times for these industries. We are seeing companies now looking to reduce costs and increase turnaround times for processing loan documents, Mediclaims, Invoice processing etc. On the other hand, enterprises are also looking to use text analytics to better understand customers through review analysis and improve experiences. This is where teX.ai could further help our customers during this Covid crisis.
Which all industries can benefit the most from this solution considering the current business environment?
I can think of a couple of examples to answer this.
E-commerce for one. In this unfortunate time of the Covid-19 pandemic, online sales have increased from 10-30%. People are not comfortable going to the brick and mortar stores, they prefer buying even the essentials online. As I had illustrated earlier, if a greater number of people are buying online and leaving reviews, more data is being assimilated. teX.ai can help improve customer experience after summarizing and analyzing the reviews.
Another example is in the healthcare sector. Most hospitals are facing the issue of bed shortage as they are accommodating more patients than they are accustomed to. This means more paperwork, more prescriptions and a lot more running around for the hospital staff. teX.ai can extract and classify the necessary data and send it to the relevant stakeholders making the entire process shorter in terms of time and thereby reducing manual effort. Automation will make the process efficient and reduce turnaround times.
teX.ai is a solution cuts across all industries and is not limited to any particular industry.
In general, Retail & E-commerce, Consumer Brands, Banking & Financial Services, Insurance, Manufacturing and Supply Chain will be the industry segments to benefit the most due to the growing demand to tackle big data and deliver valuable insights from it.
What are Indium’s plans for the India market and could you acquaint us with the business model?
While Indium aims to focus its efforts to constantly grow its core services business, teX.ai will be a product play and will be a key growth driver for Indium from FY 2020-21. We plan to invest 5% of our digital revenue in teX.ai to develop better and smarter versions of teX.ai in the future. We will also continue to grow our Advanced Analytics practices and strengthen our team of Data Scientists, Data Analysts, and Data Engineers and service customers globally and in India. Our vision will always remain to ‘provide customer centric high-quality technology solutions that deliver business value.’ We aim to double our revenue in the next 3 years.