The digital transformation among Indian businesses has been on the rise. Businesses in India are increasingly adopting innovative data solutions to unlock new business opportunities. It also helps businesses to make effective decisions which ultimately creates new monetization avenues. Hoonartek is one of the fastest growing player in this market, offering cutting-edge solutions. Rajeev Ranjan, Editor, Digital Terminal recently interacted with Peeyoosh Pandey, CEO, Hoonartek. During the conversation, he talked about their business model, challenges, offerings and much more. Read the full conversation below.
Rajeev: Kindly brief us about your business model and service offerings. Which are your primary focused industries?
Peeyoosh: Hoonartek is the world’s leading data solutions company. Founded in 2010, we’ve helped leading enterprises successfully leverage data and insights to drive transformation, create innovative business models, and generate new monetization avenues. Hoonartek’s razor-sharp focus on three offerings – Data Products and Monetisation, Digital Banking and Lending, and Digital Engineering – make Hoonartek a partner of choice for businesses in BFSI, Telecom, ISVs, Healthcare, and Manufacturing to drive their transformation journey. With headquarters in Pune, India, we are present in the US, UK and Europe, APAC, and South Africa. We proudly serve Korn Ferry, abrdn, L&T Financial Services, Experian, NSE, IDFC, and Airtel to name a few.
Rajeev: Briefly share the challenges that you have been facing in the industry.
Peeyoosh: The IT services market is highly competitive and undifferentiated. Like most services companies, we were initially challenged with educating the market about our approach, our capabilities, and winning their trust early on with large mission-critical workloads. Another challenge the industry faces is simply the number of platform choices available today for a particular business problem. For the customer, making an informed decision is ever so difficult.
As a data solutions partner to companies, we’ve focused on creating value for our clients. We build one relationship at a time with a focus on the outcome. If the customer succeeds then we count the project as successful and we offer a commercial option if the customer so desires. A highly personalized approach to listening to, advising on, and solving business challenges. Our vision is to become the go-to thought leader and data solutions partner for companies.
Rajeev: How is Hoonartek benefiting its clients? How do you make their digital transformation journey smooth?
Peeyoosh: We’ve focused on deriving outcomes and generating value through our work. That’s the end goal. We work backward from there to achieve common goals as partners in our client’s transformation journey. The proof of consistently generating value is the average net retention rate of more than 93% in our 13 years of service to our clients.
Over the last 13 years, we’ve built data accelerators, data solutions, and processes using our learnings from real-world experience leading to the delivery of Data Products. This gives our clients an unprecedented advantage and confidence when working on data initiatives for their organizations. Our experienced consultants and strong partner ecosystem with leading data platforms help our clients accelerate implementation, adoption, and go-to-market. We are a true transformation partner.
Rajeev: What is your business model currently? How do you sell your solutions in the Indian market?
Peeyoosh: We’re known for our deep knowledge of building data and analytics solutions in the enterprise space. We are a global company with leading companies as our clients in more than 4 continents. If there’s a data challenge, Hoonartek is your partner for discovering the right solution in your business context. We believe in consultative selling – arriving at the right solution and then selecting the right stack for the problem to be addressed.
Rajeev: What does the future of data & analytics look like? What are the growth opportunities here?
Peeyoosh: The pace of innovation is fast, and clients face too many choices that all sound the same. This has led to confusion and failed implementations. We see the power of AI in data and analytics to predict and prescribe business decisions that have a better potential for expected outcomes. More innovation is yet to come, and platforms are rapidly evolving to beat the competition. Building platforms and the data plumbing work required for AI to produce accurate results will lie with partners like Hoonartek. Companies must think about the data they collect and how they can modernize and monetize to create new revenue streams.