You are reading Entrepreneur India, the international franchise of Entrepreneur Media.
Data is growing exponentially and has become integral to the functioning and success of many industries around the world. Data allows organizations to establish baselines and benchmarks and set strategic goals. Additionally, data enables leaders to spot meaningful patterns and make smarter decisions. With this in mind, Shub Bhowmick, Shashank Dubey and Sumit Mehra founded Tredence in 2013. The company was formed out of a realization that Fortune 500 companies were reviewing their business models to unlock the value of data, build non-linear revenue growth models and compete with digital-first organizations.
“The last mile problem in AI is the gap between identifying insights and unlocking value from those insights. The last mile is a critical step in implementing AI models, and getting it right can be challenging,” said co-founder and CEO Shub Bhowmick said. CEO, Tredence.
Analytics is a core piece of the multilayered transformation puzzle that businesses are trying to solve. Transformation requires partners to be able to scale data initiatives across existing and new initiatives, and to design a value system that aligns with corporate goals and objectives. The founders saw an opportunity to fill a related need and founded Tredence. The company provides artificial intelligence consulting, data science, data engineering, sustainability, supply chain, and customer experience solutions.
The company firmly believes that the AI and data science revolution should happen at the grassroots level, helping front-line decision makers leverage data to execute informed decisions for greater efficiency. Data science solutions enable shop floor supervisors to maximize capacity utilization and output, help store managers establish optimal inventory management, enable supply chain supervisors to accurately forecast demand, and provide prescriptive patient recommendations to health workers.
“In order to increase the value and impact of the products we provide to our customers, we put innovation at the core of all our solutions, making it the backbone of our business model. Tredence invests 10% of its revenue in research and development. The company’s AI Adopted by leading players in retail, CPG, telecom and manufacturing, the solution addresses some of the related issues in supply chain, personalization, marketing, revenue growth management and trade promotions,” said Sumit Mehra, co-founder and CTO, Tredence .
“AI is an integral value stream that enables businesses to monetize data and build new revenue channels. By making data transformation easier and faster, we hope our customers will be able to traverse and conquer the full potential of AI and its ability to bridge functional silos within the enterprise. The journey to get value from data is not a sprint, it’s a marathon. The only way to succeed is to have a long-term mindset, invest in your capabilities and people, and let the forces of value realization take over,” said Shashank Dubey, co-founder and chief risk officer at Tredence.
In the past, Tredence’s business primarily consisted of analytics services. In the past two or three years, the focus has shifted to artificial intelligence products and data science solutions. The compound annual growth rate of the company has reached 50% since its establishment. In 2021, Tredence grew by 65%, and by 2022, the company expects to grow by 90-100%.
To facilitate enterprise adoption of AI, Tredence is doubling down on ATOM.AI, an intelligently designed AI platform that guides enterprises from design to experience to value. The company strongly supports the AI Exchange model, which aims to work closely with customers, partners, researchers and academia to deliver shared value and outcomes.