Sachin Sinha, the founder, and CEO of IQLECT, recently joined NewsX for an insightful conversation on Data Analytics and Artificial Intelligence as part of special series NewsX India A-List. On a mission to solve data-related problems using Artificial Intelligence, IQLECT aims to create a cost-effective AI-enabled data analytics platform.
“Our mission is very simple, we want to simplify and democratise the way data is being ingested, processed and analysed so that any big or small company can leverage the intelligence of data, apply it in the ongoing operations and take the benefits of the data. We work towards simplifying the whole procedure and make it available for everyone, not just the big enterprises,” he said.
IQLECT presents a method of converging everything data-related to its clients so that one doesn’t need to collect different data from different sources. He shared, ”We have created a platform and if you think of it as a black box, then what comes at the top is the set of solutions that are domain-specific. We have created different applications that cater directly to all kind of domains, where all the user has to perform is a sign-up and get ready to receive benefits of the platform.”
Speaking about the range of product lines offered by IQLECT to its clients, Mr Sinha said, ”If someone is running, let’s say a consumer internet service, and wants to understand every single user in a better way so that they can ensure engagement to have a better conversion rate at the end of the day; what they can simply do is take our ShopIQ app. Once you plug it in, you will start getting all the intelligence instantly, which is the core of your every single customer on the visitor domain. You can then decide what appropriate action needs to be taken.” When asked about the expansion of IQLECT, Mr Sachin expressed that not only big but small businesses are also collaborating with the organisation and the company’s focus is currently on the infrastructure domain.
Talking about their most highlighted product BangDB, a novel database and first of its kind from Asia, that performs 2X better than most of the leading big products in the market, he emphasised, ”We want to analyse the data as it is being generated. If you see this from a layman’s perspective, data, like vegetables, are perishable in nature. If you don’t use it immediately, the value of it gets decreased by 80%, so you need to capture the data in order to extract the intelligence. BankDB comes with an inbuilt streaming engine and processing workflow, which you can utilise to ingest any kind of data. As long as you have BankDB, it can ingest any kind of data irrespective of its shape, colour, and size.” What makes the product novel is that it is completely built in India- from scratch, which makes it best in the world.
On the incorporation of Artificial Intelligence in BangDB, Mr Sinha added that the product allows the user to have a predictive analysis as it requires latency in terms of rapidness. ”You need AI to be present where the data is, instead of taking the data to the AI. Since BangDB deals with the data, we can not offload the responsibility of AI to the user. Hence, what we have done instead, is integrate both the AI and the data together and the data remains right where the BangDB is. Once you have the BangDB, you have the AI as well as the streaming, which will allow you to easily ingest the data and the AI would then do the predictive analysis.”
Throwing light on its market functionality of India, Mr. Sinha said that the risk-taking capabilities in the market have increased over the years. BangDB has filed for dozens of patents and already got a few, along with backing from many leaders. The community version of the database is free of cost and allows the user to ingest and extract data and intelligence. As IQLECT looks to take head on with some of the leaders in the global market , Mr Sinha said on a concluding note, “We are the only company from India, which has created such a high-core tech platform.’