With the increasing adoption of digital technologies in India, there is a huge amount of data being generated every day. Managing this data effectively is critical as well as challenging for businesses and organizations. To address this need, there is a growing demand for data management solutions providers who can offer their services to help manage, store, process, and analyze large volumes of data. Lumenore is one such data management solutions provider helping organizations effectively manage their enormous database. Rajeev Ranjan, Editor, Digital Terminal recently talked to Naren Vijay, EVP- Growth, Lumenore. Mr. Naren shared details about the growth of the market, their offerings, and etc. Read the excerpts below:
Rajeev: How do you see the growth of the Data management solution market in India?
Naren: With the increasing use of digital technologies and the proliferation of connected devices, the volume of data generated in India is expected to grow exponentially in the coming years. It presents a significant opportunity for data management solution providers to offer their services to businesses and organizations that need to manage, store, process, and analyze large volumes of data.
In addition, the Indian government's Digital India initiative has played a crucial role in driving the growth of the data management solution market. Even during the recent budget announced by the union government, the Finance Minister announced the setting up of three Centres of Excellence for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’. At the same time, the introduction of the National Data Governance Policy is expected to enable access to anonymized data and improve the data management framework in the country. These announcements make India an attractive market for data management solutions.
Since the lockdown, we could see a change in how businesses operate. With most relying on cloud-based solutions, data has taken the front seat.
Rajeev: Where do you see the positioning of Lumenore’s end-to-end data management solutions in India since its inception?
Naren: Lumenore is a robust BI platform for organizational decision-making. The platform can deliver intelligence to every decision using its unique, advanced, end-to-end data solutions.
Lumenore has expertise in building a data universe and utilizing data to the fullest to provide actionable insights. We deliver last-mile data capabilities for optimized decisions while focusing on presenting the data in an easy-to-understand format using our interactive dashboard.
In short, Lumenore serves as a unified platform for all data requirements, from raw data management to reliable business intelligence for businesses of all sizes.
Rajeev: Can you please take us through Lumenore's predictive analytics, which helps improve the CSAT rate of their customers?
Naren: Lumenore offers advanced analytics solutions, including predictive analytics, to help businesses and organizations gain insights into customers' future behavior and preferences. By analyzing customers' historical data, Lumenore's predictive analytics solutions can identify patterns and trends that can be used to make accurate predictions about future customer behavior.
Lumenore's predictive analytics capabilities can help businesses to gain insights into customer behavior and preferences, identify pain points and areas of dissatisfaction, and develop targeted solutions that improve the customer experience and increase CSAT rates.
Lumenore's predictive analytics engine, Do You Know, simplifies user insight discovery by automatically adding contextualized insights to the workflow.
Rajeev: How will Self-service analytics and BI make big waves in 2023?
Naren: With self-service analytics and BI, users can quickly and easily create reports, dashboards, and visualizations, without relying on IT or data analysts. One of the main reasons why self-service analytics and BI are expected to become more prevalent in 2023 is the increasing demand for real-time and actionable insights.
Businesses and organizations are generating vast amounts of data, and they need to be able to quickly and easily analyze this data to make informed decisions. Users can access and analyze data in real time with self-service analytics and BI.
Another factor that can drive the growth of self-service analytics and BI is the increasing availability of cloud-based solutions. With cloud-based self-service analytics and BI tools, users can access data and analytics capabilities from anywhere, anytime, using various devices.
The rise of AI and machine learning can drive the growth of self-service analytics and BI. AI-powered analytics tools can help users quickly identify patterns and trends in data and provide insights that might otherwise go unnoticed. It can help businesses make more informed decisions and improve their performance.
Rajeev: How can Lumenore's partnership with education and healthcare brands help increase business momentum and expansion in the US, EU, and Indian markets?
Naren: An increasing number of brands globally are looking to access near-real-time data analytics. At Lumenore, we have the expertise and have changed how organizations of any size in any industry manage data.
Our partnership with education and healthcare brands helps us to reach out to customers who need our solutions and face challenges that can be solved by business intelligence. ‘We have recently partnered with organizations like Apar Technologies, a Singapore-based software services group, and iQ Innovation, an integrated technology partner specializing in delivering enterprise solutions, in helping us expand our presence in target markets like EMEA, APAC, and North America. These partners are licensed to sell and implement Lumenore’s AI-powered business intelligence platform and its various modules.
With their strong presence in the healthcare and technology sector, we look forward to further accelerating our go-to-market strategy and reaching new organizations in the target markets.
Rajeev: How do you sell your solutions in India? Please brief about your channel/partner strength who are helping you reach a large customer base.
Naren: Companies needing help with a data-driven approach or those who would like to improvise their data landscape are our target customers. Even companies that would like to add conversation and augmented capabilities to their data journey can benefit from our BI platform.
Our platform can be used by any player in the industry, no matter how big or small they are. With the wide range of capabilities of the platform, we target SMBs to large enterprises. Channel growth is critical to Lumenore’s success. We continue to identify GSIs (Global System Integrators) to expand our presence. As mentioned, we are currently working with several partners focusing on reselling and implementing Lumenore.