The phrase “Data is the new oil” is often used today to depict the rising value of data for businesses across sectors. However, the saying also depicts a key gap – just as crude oil needs to be converted to forms like petroleum for use, data needs to go beyond insights to actually drive action on the ground. “What’s my data worth? – this is a question that leaves company executives in a cold sweat,” says Shub Bhowmick, co-founder and CEO of Tredence. “Forward-looking CFOs in large enterprises often ask their business leaders about the ROI of analytics investments. In reality, most organisations are betting their money on siloed and misleading data.”
Bhowmick, who has an MBA from Northwestern University’s Kellogg School of Management and a B Tech in Chemical Engineering from IIT-BHU, explains that “every day, 2.5 quintillion bytes of data are created. However, most organisations struggle to unlock the value trapped in data due to a lack of strategic focus, domain understanding, and far-reaching innovation.”
The founders of Tredence thus saw a gap between insights delivery and value realisation that needed to be filled. Tredence, a data science and AI engineering company, is focussed on solving this ‘last-mile’ gap in data analytics. The decision to start a new business germinated while Bhowmick was based in the Silicon Valley. “I discovered that Fortune 500 companies were looking for partners that could deliver data analytics services and create value in terms of quality and at scale”.
After he met co-founders Sumit Mehra and Shashank Dubey, the idea took concrete shape and Tredence came into existence in a three-bedroom flat in Bangalore in 2013. “Today, we have a presence in six countries and 10 offices worldwide with over 1,600 employees, who work with some of the world’s leading firms in retail, CPG, hi-tech, telecom, healthcare, travel, and industrial sectors, solving some of the most complex and high-impact problems they face,” he says.
Tredence builds data science solutions with a vertical-first mindset and an outcome-driven attitude that enables large-scale transformation for clients and equips them for accelerated growth. Tredence Studio is its co-innovation platform with 50+ ready-to-deploy accelerators which helps businesses plug gaps in their business value chain through intelligent capabilities in the absence of off-the-shelf solutions. “For example, the healthcare industry is aspiring to transition from fee-for-service (FFS) to value-based care. However, we recognised the challenges that healthcare providers and payers were facing in improving outcomes and optimising the costs of care. Tredence’s HealthEM.AI built by medical science and data science professionals sparks value-driven strategies for the new healthcare ecosystem and delivers enhanced patient experience by turning data into actionable insights,” says Bhowmick. In the industrial manufacturing sector, Rebate.AI, the firm’s B2B rebate management platform, helps trading partners forge meaningful relationships and expedite rebate return on investment.
In December 2020, Tredence secured $30 million in capital from Chicago Pacific Founders (CPF), a premier private equity group. With a CAGR of 50% since its inception, it is one of the fastest-growing data science companies in the world, claims Bhowmick. It grew by 65% in 2021, in the process providing young AI professionals the boost they need for accelerated learning in technology, analytics, and business consulting, he adds.