Sachin Sinha, founder and CEO of IQLECT recently joined NewsX for an insightful conversation on data analytics and Artificial Intelligence as part of its special series NewsX India A-List. On a mission to solve data-related problems using AI, his company aims to create a cost-effective AI-enabled data analytics platform. IQLECT’s novel database BankDB performs 2X better than most of the leading big products in the market.
“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,” said Sinha.
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 domain-specific solutions. We have created different applications that cater directly to all kind of domains, where all the user has to do is a sign-up and get ready to receive benefits of the platform.”
Speaking about the range of product lines offered by his company to its clients, Sinha said, “Let’s say if someone is running 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, they can use 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 his company, he replied 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, Sinha 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. If you don’t use it immediately, its value gets decreased by 80% so you need to capture the data to extract the intelligence. BangDBcomes with an inbuilt streaming engine and processing workflow which you can utilise to ingest any kind of data. As long as you have BangDB, it can ingest any kind of data irrespective of its shape, colour, and size.” What makes the product novel is that it has been completely built in India from scratch.
On the incorporation of AI in BangDB, he expressed 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’t offload the responsibility of AI to the user. Hence, what we have done instead is integrate both the AI and the data so 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 in India, 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 available free of cost and allows the user to ingest and extract data and intelligence. As IQLECT looks to take head-on some of the leaders in the global market, he said, “We are the only company from India which has created such a high-core tech platform.”