Mankind has greatly accelerated the pace of data generation. Video, audio, written and oral data are being created and kept in every possible way and mostly in a digital format. The data generated in the entire history, the data generated from eternity to 2018, is less than the data generated in 2019!
With the enormous amount of fact that arises every minute, there is a need to extract useful insights to make the business stand out from the crowd. Data engineers set up databases and data storage to facilitate data mining, data management, and other processes. Today there are countless sources and that is why it is very difficult to get accurate data from it.
Every other organization is lagging behind profits, but companies that devise efficient strategies based on fresh and useful insights always win the game in the long run. Risk management is the vital process of identifying, analyzing, and quantifying risks, responding to them with a proper strategy, and then controlling them. Businesses should not ignore the risks identified at the beginning of the project. These risks seem far-fetched and unrealistic in the excitement of starting a new project, but it is frustrating to have to deal with a problem on an emergency basis in the middle of the project. If businesses utilize the data they have along with a messiah called machine learning; they can grow more than they dreamt of.
In this scenario, while the world is at the cusp of the digital revolution, the leader, Mr. Hindol Basu, is on a mission to transform businesses and make them future-ready through his company, actify data labs.
Actify Data Labs is a data platform and Actify Data Labs is an AI (Augmented Intelligence) Company that delivers rapid business impact using data science and data engineering capabilities. For humans to benefit from Machine Learning and Artificial Intelligence, the solutions must address the nuances of how humans will use them in real-life business. Many machine learning and big data initiatives fail because such nuances are not properly addressed while developing solutions. Augmented Intelligence makes machine learning useful and accessible to everyone by making it more human.
No one can ever take away from you what is yours. If you are confident of your expertise then don’t fear the race as you can start again.Mr Hindol Basu
We at The enterprise world feel proud to feature Mr. Hindol Basu as a cover story for our special issue, The 10 Transformational Business Leaders to Look Out 2020.
Actify Data Labs – Taking innovation to the table
The technology providers and consultants have been focusing on the incredible power of ML. But the devil is in the details. And that detail involves getting the data across all systems within the organization integrated into a single place and putting a data quality layer on top. Actify believes that it will be able to solve this problem for all organizations irrespective of size.
Actify Data Labs is a data platform and machine learning company that helps organizations leverage the power of data using its data platform ADAPTify its product suite and its dedicated digital lab.
In India, most technology, analytics, and data science companies specialize in the services business which hinges on rupee-dollar arbitrages – which is a proven business model. As opposed to this well-established model, Actify has been focusing on a product-first strategy, which aims to empower organizations (irrespective of their size) with the technologies that are required to leverage data. Actify believes that data will be a key competitive tool in every industry. And Actify’s platform will ensure that the power of data is made available to a wider set of organizations. Last and not the least Actify dreams of building a true “made in India data platform”, that will put India in the technology product map (as opposed to being providers of cheap services only).
The Early Days
Everyone felt that it is almost impossible to create a “made in India” data platform as founders are not known for building strong products and as a new player, they will not have a place where the company can compete with the established players in this space.
If you shut the door to all errors, the truth will be shut out.’Rabindranath Tagore
The company’s initial clients who trusted the strength of their technology and not the brand and the strength of the company’s technology and its dedication to showing value to clients are the main reason behind its growth. Actify Data Labs had increased its revenue by almost 100% last year, this year despite COVID, they will be increasing their revenue by ~30%
A Constant focus on making its product better made Actify Data Labs what they are today, a trendsetter!
Their Quality Offerings
ADAPTify, The all-data platform:
ADAPTify is an end-to-end data platform that helps an organization to navigate all the steps needed to leverage data. Viz: Integrating data across sources (both structured and unstructured), Creating data lake, Creating data marts, Creating dashboards & reports, Building machine learning models, Exposing data or machine learning models as APIs so that data can be securely provided to other systems.
The company’s machine learning-driven product suite comprises of:
- UCID: master data management and creation of unique identifiers using a combination of hard and fuzzy matching.
- Customer identity management: Extract information from various scanned (or photograph) of identity documents (passport, driving license, certificates, etc.), creation of identifying vault, and masking key information in the images.
- BMI meter: Identification of age, gender, and BMI from the facial image of a person. This could also be used for face matching across multiple images of the same person.
- Actify Document Manager: An AI-based document management utility that helps organizations in identifying misclassification of document types.
- Actify Share: A secure file share utility that allows organizations to securely transfer files within its boundary and with partners. Each file is deleted after the user-specified retention period and all downloads are monitored. The process is secured with end-to-end encryption.
- Actify Short link and QR code utility: Create secured short link for distribution using mail/SMS/WhatsApp. Create QR codes. Track usage of links and codes.
- Insight bot: Chat and voice bot that uses natural language processing to create insights, micro dashboards, and reports.
- Disease code mapper: Maps ICD 9 and ICD 10 disease and procedure codes and enables crosswalk between coding systems. Further, the solution also provides an average length of stay for various disease types.
While the sci-fi-sounding AI scenarios highlight the technology’s incredible computational power, the practical, effective applications begin with data.Willem Sundblad (Forbes)
Develop and implement machine learning models to leverage the power of image, text, and IoT data. Actify data labs not only focus on developing ML solutions but also focus on implementing the same as automated pipelines, APIs, Mobile Apps, and Web Apps
The company is adding an image, video, and voice analytics layer on top of its product. They also plan to add a chatbot on their product to provide insight on request instead of traditional reports and dashboards.
Mr. Hindol Basu – A leader accelerating the digital Transformation
Hindol is the CEO of Actify Data Labs. He brings in about 19 years of machine learning experience spanning across multiple industry verticals and markets. He had led multiple analytics initiatives in the Indian, Asia Pacific, and North American markets across a wide variety of industries including financial services, manufacturing, and retail. He has pioneered the development of innovative solution frameworks in IoT, leveraging macro-economic data for risk estimation, and building grey-box machine learning frameworks. Over his career in risk modeling, he has conceptualized, developed, and implemented over 20 credit risk solutions for consumers and SMEs across India, the US, Thailand, Malaysia, UAE, Philippines, Australia, New Zealand, and Sri Lanka.
In India, he had been the pioneer in establishing credit bureau analytics for the Indian market; he had developed the first set of credit bureau scores for CIBIL, the Indian credit bureau. He was nominated as the top-10 data scientists in India in 2015, by the Analytics India Magazine.
Machine learning has incredible power and you need to learn to tap that power. Poor data quality can cause that power to be delayed, denied, or misused.Thomas C. Redman (Harvard Business Review)
Hindol is very passionate about teaching analytics and data science to young students and professional managers and teaches at institutions like IIM, IIT, HBS, IIITB, etc. Hindol holds a bachelor in engineering from IIT Kharagpur and an MBA from IIM Bangalore. He is also the co-author of the book titled “Business Analytics – Applications to Consumer Marketing – Sandhya Kuruganti and Hindol Basu” published by McGraw Hill India; which has sold more than 3,000 copies. He is also an avid contributor to several analytics and machine learning publications.
Getting 8 product implementations within 18 months of launching the platform shows his and the company’s achievement. Albert Einstein has been a true source of motivation for Hindol since long and he says he got inspired a lot from Steve Jobs’ journey at the apple.
A business can’t dream of climbing ladders of success without the efforts of its team which makes team a true asset for a business. The team of passionate experts at Actify Data Labs always make hard and smart efforts to make their client happy. The technology skill, Humility, Honesty, and Extreme keenness to learn are the main qualities of people at Actify that make the team unique.
What their client says:
Nimilita Chatterjee, Senior VP – Data & Analytics at EQUIFAX says, “Actify Data Labs played a key role in helping Equifax leverage the power of unstructured data and significantly reduce fraud-related risks across our financial services customers.”
Manoj Viswanathan CEO, HFFC says, “The Actify Data Labs team have extensive knowledge of the credit underwriting area and were able to provide valuable inputs throughout the engagement period.”