With the power of conversational intelligence and predictive analytics, Lumenore bridges the gap between an organization’s data and insight-informed decision-making. Lumenore’s wide range of services includes Data Engineering, Business Analytics, Business Intelligence, and Data Visualization. TimesTech spoke with Naren Vijay, EVP – Growth at Lumenore to learn more about Indian data analytics market, importance of business analytics and much more.
TimesTech: How do you see India’s market evolving for Business Intelligence and data analytics?
Naren: The primary function of business intelligence and data analytics is to optimize the cost of various business functions like operations, productivity, people etc. India is the most prominent outsourcing hub across the world. As a result, the Indian industry has been proactive and forthcoming in adopting the analytics trends very early.
Since Indian companies in the outsourcing industry handle a wide variety of dynamic global businesses, there is a lot of growth potential for business intelligence and data analytics in the country. Indian companies must address the competition in international and domestic markets and compete on cost.
As a result, Indian businesses must achieve better cost optimization in business processes. At the same time, the importance of data is increasing in business operations. The entity with the control of data can control everything in a business. As a result, there is immense growth potential in business intelligence and data analytics.
TimesTech: Why is business intelligence critical, and how does it function?
Naren: Business intelligence is the application of technologies, strategies and practices to collect, analyze and present information in a business environment. BI has focused supports and facilitating informed data-driven decisions in a business.
Using BI in business helps derive valuable insights and improve the visibility of business operations. In multiple business functions like sales, marketing, supply chain, finance etc. The effective utilization of BI in business operations provides actionable business data, better insights into industry trends, and a strategic decision-making model based on data.
The use of BI is critical in the current ecosystem because it provides the capability to drive improvement in efficiency and gain a competitive advantage with better, informed and data-driven decision-making.
TimesTech: Big Data Analytics Trends to Watch Out in 2022?
Naren: Businesses are generating a lot of data but face challenges when processing and using the data being generated effectively. It is expected to develop practical solutions that help companies make data-driven decisions quickly.
In the future, many more organizations will likely move towards big data analytics for faster and consistent data analysis for better decision-making. With the increasing importance of data in business operations, an organization that invests in the right resources to leverage data effectively can build a competitive advantage in the process.
Big data analytics’ user interface and capabilities are expected to cover a wider variety of business functions more effectively in the near future.
TimesTech: Which industry verticals is Lumenore currently focusing on? And what is your go-to-market strategy?
Naren: Lumenore serves almost every industry with cutting-edge technology and customized solutions. We primarily focus on sectors like Banking, Healthcare, Education, Automobile, Manufacturing, Government, Energy, Retail, customer care and Telecom.
Our platform can be used by any player in the industry, no matter how big or small they are. This means we target SMBs to large Enterprises. Companies who are struggling to have a data-driven approach, those who would like to improvise their data landscape, or those who would like to add conversation and augmented capabilities to their data journey can benefit from our BI platform.
TimesTech: How Business Intelligence can help with Data Security
Naren: Business intelligence and data security are two different domains. There are sophisticated data security solutions available that are equipped with analytical features. In a way, business intelligence is an enabler for data security in an organization. As a business can analyze data that can point out network inconsistencies and flaws along with other technical issues with data management in an organization, it can be used as a problem solver in the data security ecosystem. Companies have a better chance of success using BI strategies as it helps provide a cover between intelligence and data security.
TimesTech: Brief about Lumenore, its expertise, and recent associations in India. Elaborate on the key focus areas for the company.
Naren: Lumenore is in the business of making actionable insights available to all companies for better decision-making. Our expertise lies in driving productivity, encouraging collaborative decision-making and optimizing business processes with AI-powered predictive analytics, simpler insight discovery and seamless data acquisition.
The key focus area for the company is to help more companies build a data universe and harness the power of analytics and intelligence for efficient decision-making. We have partnered with Apar Technologies, a Singapore-based software services firm, to expand our user base in the Asia-Pacific region. Basically, we are working with partners who are keen in reselling and implementing Lumenore. We are looking for GSI to onboard.
TimesTech: What are Lumenore’s plans for the coming months?
Naren: Following are the high-level plans for Lumenore:
- Expand APAC & EMEA
- Create Industry Solutions
- Initiate Product Led approach by building more solutions for end users
