‘Enterprises are focused on cost optimisation as a top priority’
Tredence, a global data science solutions provider, is focussing on solving the last-mile problem in artificial intelligence (AI) across Retail, CPG, Hi-Tech, Telecom, Healthcare, Travel, and Industrial sectors. The last mile problem in AI refers to the gap between determining insights and unlocking value from these insights. In 2022, Tredence doubled its revenue while raising $175 million in Series B funding from Advent International making it north of a $500 million company. Lakshmikant Gundavarapu, Chief Innovation Officer at Tredence talks about the importance of data migration and modernisation and Tredence’s role in it, in an interview with Ayushman Baruah.
How do you define innovation? What are your top priorities as the Chief Innovation Officer at Tredence?
Innovation combines imagination and information to create groundbreaking outcomes. AI, machine learning, and advanced analytics serve as key enablers of innovation, equipping businesses to address complex challenges and stay ahead of competitors while maintaining forward movement. As CIO, my top priorities include: Identifying untapped market spaces and embedding innovation across business units; driving cost optimisation and building business resiliency; and developing a culture of innovation.
What’s the urgency for enterprises to migrate their legacy analytics and big data to a cloud-native architecture?
Enterprises today have access to vast amounts of data but extracting its true value can be challenging due to legacy systems and outdated technologies. AI and ML can help, but transitioning to a more advanced data architecture is necessary for organisations to fully harness the potential of their data. By modernising data environments, businesses can improve accessibility, efficiency, and performance. Data becomes a powerful asset for driving knowledge and competitive advantage. Migrating data from legacy on-premises systems to a modern cloud environment can be complex. “Lift and shift” strategies offer a quick way to move data to the cloud, but don’t fully utilize cloud-native capabilities. As a result, many enterprises opt to modernize their data. With careful planning and the right partnerships, businesses can achieve a smooth, cost-effective, and secure data migration process. Data and AI ISVs such as Databricks and Snowflake provide methodologies, tools, and accelerators to support the transition to a hybrid cloud environment.
How does Tredence help enterprises stay relevant in today’s uncertain economic environment?
Warren Buffett famously said, “Economic instability reveals vulnerabilities and underscores the need for proactive measures to strengthen financial systems and promote resilience.” Enterprises are focused on cost optimisation as a top priority. To achieve this, embracing DataOps, Cloud FinOps, and MLOps can effectively manage data, cloud and machine learning resources, ultimately driving significant cost savings, and unlocking new opportunities for growth. Tredence assists enterprises in unlocking the potential of their data and enables them to make data-driven decisions that drive growth and profitability. Tredence helps enterprises drive enhanced scalability and productivity across functions through: Cost optimisation, cross-functional visibility, adaptive and agile analytics, and innovative edge.
Backed with funding from Advent, is Tredence looking at acquisitions this year?
We are actively pursuing a targeted acquisition strategy that aligns with our strategic priorities. Our focus is on identifying strategic opportunities that will enable us to expand geographically, enhance industry capabilities and expertise, and tap into critical skills in data engineering and data science.
How does Tredence help in fulfilling an organisation’s ESG goals?
We help organisations integrate data-driven ESG insights to foster positive change. We provide businesses with the resources to uncover opportunities, evaluate progress, and make informed decisions for a sustainable future. We have a three-pronged strategy. (a) Our unique approach to sustainable client success: We meet clients at their current ESG maturity level, guiding them toward sustainability through holistic data strategies, models, and digital foundations. Our systematic process involves identifying key indicators, collecting relevant data, and translating it into customizable visual formats. (b) Tangible impacts and accelerators: Our end-to-end accelerators, including standard data models, ingestion frameworks, insights, and predictive modeling, reduce implementation timelines by 30-40% with client-specific customizations. (c) Diversified teams and tailored solutions for excellence across industries: Tredence’s ESG experts, data engineers, and scientists deliver unique solutions across sectors. Our clients include Fortune 500 enterprises and global sustainability companies.