Powering the Last Mile with Industry-Specific AI Solutions
The company strongly believes the AI and data science revolution should happen at the grassroots level, helping front-line decision makers execute informed decisions with data to drive efficiency
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Data is growing exponentially and has been integral to the functioning and success of many industries across the globe. Data allows organisations to establish baselines and benchmarks and set strategic goals. Furthermore, data equips leaders to uncover meaningful patterns and make better-informed decisions. With this in mind, Shub Bhowmick, Shashank Dubey, and Sumit Mehra founded Tredence in 2013. The company was formed out of the realization that Fortune 500 companies were examining their business models to untap the value of data, build non-linear revenue growth models and compete with digital-first organizations.
"The last mile problem in AI refers to the gap between determining insights and unlocking value from these insights. The last mile is a crucial step in operationalizing AI models and can be challenging to get it right," said Shub Bhowmick, co-founder and CEO, Tredence.
Analytics was a core piece of the multi-layered transformation puzzle enterprises were trying to solve. The transformation required partners who could scale data initiatives within existing and new initiatives and design a value system in alignment with corporate objectives and goals. The founders saw an opportunity to meet the pertinent need and started Tredence. The company offers AI consulting, data science, data engineering, sustainability, supply chain, and customer experience solutions.
The company strongly believes the AI and data science revolution should happen at the grassroots level, helping front-line decision makers execute informed decisions with data to drive efficiency. Data science solutions enable shop floor executives to maximize capacity utilization and production, help store managers build optimum inventory management, allow supply chain executives to forecast demand with precision and empower health workers with prescriptive patient recommendations.
"In our quest to improve the value and impact of our offerings for customers, we have put innovation at the heart of all of our solutions, making it the backbone of our business model. Tredence invests ten percent of its revenue in R&D. The company's AI solutions are adopted by leading enterprises in retail, CPG, telecom and manufacturing, solving some pertinent problems in supply chain, personalization, marketing, revenue growth management and trade promotions," said Sumit Mehra, co-founder and CTO, Tredence.
"AI is an indispensable value stream that equips enterprises to monetize data and build new revenue channels. By making data transformations easier and faster, we want our customers to traverse and conquer the full potential of AI and its ability to bridge functional silos within enterprises. The journey to gain value from data is not a sprint but a marathon. The only way to thrive is to have a long-term mindset, invest in your capabilities and people and let the power of value realization take over," said Shashank Dubey, co-founder and CRO, Tredence.
In the past, Tredence's business consisted primarily of analytics services. In the last two to three years, the focus has shifted to AI products and data science solutions. The company has witnessed a compound annual growth rate of 50 percent since its inception. In 2021, Tredence grew by 65 percent, and in 2022, the company expects to grow by 90-100 percent.
In a bid to bolster enterprise adoption of AI, Tredence is doubling down on ATOM.AI, an intelligently engineered platform for AI that navigates enterprises from Design to Experience to Value. The company is a strong proponent of the AI Exchange model that aims at delivering shared values and outcomes working closely with customers, partners, researchers and academia.