Today when all progressive organizations are working towards industry 4.0 and Industrial IoT, data is the next oil and data analytics is new to the industry. Prizma Digitech entails offering cloud-based SaaS modules in the HR analytics (which is the Prizma bouquet) and Operational Analytics (which is branded as KonjoSmart) space. Prizma Digitech is one of a handful of organizations that covers both the key areas HR Excellence as well as Operational Excellence.
Training and development are key to progressive organizations and they have allocated budget for the same. But the question to answer is that is it utilized in the targeted direction. Prizma Digitech’s Skill Analytics module is aimed at raising employee and employer confidence by skill enhancement, improving productivity and giving direction through correct and objective skill analysis
In a talk with Prizma Digitech’s Founding Members and Directors Mr Aakash M Borse, Mr Vishal V Kulkarni and Mr Jalay V Pandya let’s get motivated by their success story and discover more about Prizma Digitech.
- What were the initial challenges you faced?
Considering these concept tools are new, not only to the markets but the development team as well. Our team had to work tough to make it multi-dimensional & to offer a 360-degree cloud-based solution that can be customized to the last mile (and yet be standard), to make it possible to adapt to Industry 4.0 and IIOT. So the challenges have been on the time to market front, however, it also indicates what you have on hand is an extremely robust and effective solution!
- Which was that point that triggered the inception of the company?
Crafting better ways to address current challenges, has always been key for the core team of Prizma Digitech. Currently, the way subjects like skill analysis or learning plan development and employee performance management are handled – it has several execution challenges and efficiency issues.
Also, as we all know, the world is heading towards digitalization at a pace – which was never seen before. Organizations are constantly looking to digitalize their functions and make the processes possible on fingertips. Both factors excited us to plunge into this and work on some mechanism that is needed for the moment and can improve the HR management function. Hence, to address these challenges, various cloud-based analytics modules were devised, which triggered the journey called Prizma Digitech – to rejuvenate organizations.
- What differentiates your company from other companies of the market?
Prizma Digitech is not only solving the HR challenges but also tapping into the human element by improving the overall people skills and effectiveness. It very seamlessly leverages the technology bit for sustenance as well, which is an essential element for any organization’s success.
The skill analysis module not only assesses skills but assesses the real functional skills to arrive at skill index for the skills required today and tomorrow, learning plans to bridge the skill gaps. Similarly, designing customized performance management system is not mere appraisal system like any other ordinary PMS, but much more than that – where it is such simple that it provides 12X results than traditional methods, yet powerful which adds phenomenal value to the business.
- What are the products/services the company focuses on?
Prizma Digitech, offers Prizma HR suite for HR challenges like arriving at accurate skills index by means of skills assessment and assuring high training efficacy by means of rolling out an effective training plan. As per research by Faber Infinite Consulting, both these areas are marked as major challenges by the HR fraternity. Also, yet another study suggested that 66% of the leaders from various organizations, consider it as one of the major threats to overall organizational performance. In several cases, the training plans are not often prepared and even if it is prepared, then it is done with a lot of wasted efforts and subjective judgments. These challenges are typically addressed by path-breaking skill analysis platform by Prizma.
“Typically, progressive organizations invest 1-3% of the payroll costs on training. But the big glaring question still remains unanswered, are you making the best out of this investment? Prizma will assist to invest in the right direction and automate the process of learning and development.” Says Mr. Aakash M Borse.
Mr. Vishal V Kulkarni adds, “Objective holistic skill analysis is inevitable for correct utilization of resources and right skill analysis helps in three ways:
1. •Determining differences between the current and required skill levels
2. •Recommending strategies for reducing the differences or closing the gap
3. •Furnishing the company with the skilled workforce to get the work done”
Talking about the key features, Mr. Jalay V Pandya details that, “You can not only customize the Prizma skill analysis module to suit to your organization but it can be customized as per the industry, roles (department) and responsibilities (hierarchy). Also, it covers all types of skill sets like functional skills, operational excellence skills, behavioural and soft skills, unlike traditional options.”
- How do you decide to take the company a step further in terms of your products/services?
We have a motivated team which is constantly working on adding more tools to our bouquet. Both the modules in the Prizma HR Analytics Suite are already delivering phenomenal results. Performance Management System is the second module in the HR suite, which we haven’t discussed much. It provides features like
- Additional Improvement Opportunities for 11 times in a year, unlike one in a traditional setup
- Performance of an entire organization can be managed in one dashboard
- Holistic Approach – Hierarchy driven weight of company performance, departmental performance & individual performance
Whereas, beyond this team is already testing the KonjoSmart – Operational Excellence Analytics Suite, which shall pave the way for Industrial IoT.
- Is there any new addition to the list of products/services? Anything exciting you would like to share?
What excites us now that the traction and feedback for the offerings are extremely encouraging. It is cemented by the fact that clients across geographies like India, Africa, and the Middle East are not only welcoming the solutions with open hands but are wanting for more!
We are also working on adding more and more operations and HR analytics solutions with Industry 4.0 and IIOT in mind.
- What do you think are the responsibilities of an entrepreneur?
An entrepreneur is not confined to run the business smoothly, but also responsible to contribute towards the society by innovating and improving every day, said Jalay Pandya. To make the organizations more productive and thereby profitable and thereby leading the country towards the bigger and better economy, added Vishal Kulkarni. Aakash mentions that the aim of any entrepreneur should be to create and add value for all stakeholders in the system and thereby rejuvenate the ecosystem!
- Can you please brief us about your professional experience?
We are three friends first and then cofounders and directors at Prizma Digitech. All our lives we have been working in the space of People Excellence and Operational Excellence. It is this value of keeping people at the core of anything and ultimately considering the human element as the real asset for any business – led to the idea of Prizma Digitech.
- What are the key achievements of your entrepreneurial journey?
“The entrepreneurial journey for 3 of us started almost a decade back, in different walks of life! Since then building profitable ecosystems with motivated cohesive teams is something which drives all 3 of us!”, said Aakash Borse. “Prizma Digitech is one of such unique expansions, which is focused on the people excellence and operational excellence together, towards improved overall performance,” added Vishal Kulkarni.
“In the past, we have been recognized by the Chief Minister of Gujarat, Shri Vijay Rupani for the work done in the domains of productivity improvement. Several other felicitations by the likes of Asian – African Leadership Forum, and also being recognized as India’s fastest growing 25 consultants and most trusted consulting teams, encourages us to do more!”, further added by Jalay Pandya.
- How do you look after your employees? What makes your team unique?
We have given our team the freedom to innovate and come up with new ideas. Everyone at Prizma Digitech is self-motivated and feel it like home when on work, said Jalay Pandya. We have even arranged the shift times for a few of our team members as per their need which surely boosted their efficiency levels, added Vishal Kulkarni. We have always supported our teams’ beliefs and believe in creating intrapreneurs. We have a specialized team that has the cumulative experience of more than 300+ years and this gives us confidence, further added by Aakash Borse.
In terms of employee motivation and rewards, we have fair and transparent Performance Management mechanisms (courtesy: PMS module by Prizma Digitech). Beyond that, there are rewards like regular brownie points (instant cash prize), employee of the month to annual employee of the year, where he or she wins a full paid trip to select an overseas destination with his/ her spouse!
- Is there any special experience with your clients you would like to highlight?
There are many on the list. We have worked with many organizations that range from select fortune 500 organizations to the public sector as well, said Jalay Pandya. We mostly succeeded in achieving more than targeted, added Aakash Borse. Some of our clients are in touch even today and we are happy with all those fruitful associations, further added Vishal Kulkarni. These concept modules also support the vision of Skill India and Make in India which also set the foundation for a 5 trillion-dollar economy!