At a time when the world is turning to non-fossil fuels and renewable energy to cut down carbon emissions and help sustain a better environment, an innovative product from India has been in the limelight on the global stage.
Predictive Intelligence At Work
Retina 360, a global product from the Chennai-headquartered Bahwan CyberTek, has won a patent from the United States patent this February. This product employs predictive analysis to enable proactive decision synchronization in real-time. It minimizes operational risk and maximizes process productivity for multiple process industries. Primarily, it has been created for managing oil and natural gas. Now, it is also used for most non-fossil fuel assets.
Winning a patent from the United States Patent and Trademark Office (USPTO) is a milestone for any company, which means it has fulfilled the standards of a patent and has been duly rewarded by the patent-awarding organization. In another positive development, RT360, a predictive analytics fintech global product from Bahwan CyberTek, has bagged the Technoviti Award in February. It helps mitigate risks in banks and other financial institutions.
“We wanted to be a pioneer in the areas we work on. When we entered the market, most of the players were already well-established. That’s when we realized that we need to think differently, build a hybrid product that would address several pain points and help with business efficiency and effectiveness,” opens up S. Durgaprasad, Co-founder, Director and Group Chief Executive Officer of the Bahwan CyberTek Group.
Enhancing Fleet Productivity
Every product created by Bahwan CyberTek has been ‘ahead of the curve’. Take, for instance, CueTrans – IVMS, a logistics and transportations tool. It is another unique offering from the company, designed to offer fleet owners elaborate real-time information about their fleet’s location, status, routes and utilization. This aids the fleet owners to understand the behavioral pattern and derive the data by capturing and extrapolating the points. This has reduced the utilization time and improved asset productivity by 15 per cent for one of its Oman-based clients in the oil and gas sector.
Quality Through Knowledge
With a revenue of over $300 million in 2020-21 and a 3,000-strong workforce, including its subsidiaries, this company has had a unique transition from a traditional to a knowledge-based platform.
“Our biggest business motivation is being quality conscious. We were at Top 38-CMI level 5 when we entered the market. It was possible as we assured the desired outcome to our customers every single time. This is more than a milestone; it is a way of life,” stresses Mr Durgaprasad, adding, “We had to offer more than what was available in the market. Every product we have conceptualized involves large domain knowledge and serves the need to be proactive. Most importantly, they are user-friendly. On a Key Performance Indicator (KPI) analysis, our products ensure additional revenue generation by measuring the gaps, mapping them, and facilitating more work on nullifying a possible loss.”
Stanford University’s case studies on Bahwan CyberTek term the company nimble-footed and trace its journey as once faced with failure, it could then innovate its way to success. The company’s major success points can be attributed to having pride in creating something. This sense enabled each of its products to be ahead of the curve.
Disruption The Key
Mr Durgaprasad mentions how the market leaders are disruption managers or the ones who predicted disruption and prepared for it. For Bahwan, they had to be the ones who created and drove change. Each product under the group had a silent observation period of a minimum of three years before being launched in the market. The Co-founder singles out DropThought, one of the company’s digital experience products, as something that was created it in a limited time with much better mind share and market share than what was available in the market.
“We have several market leaders wishing to collaborate with us. We work across many portfolios in the upper stream and downstream, ensuring the last-mile delivery, disaster management, etc.,” claims Mr. Durgaprasad.
To predict one’s capabilities, to know the customers’ pain points, and implementing the same on a real-time basis is where the future of technologies lies. Modern businesses focus more on being proactive and mitigating the risk well in advance, which is the need of the hour.
The best example for this is the Covid-19 pandemic, which hit businesses at the least anticipated moment, forcing them to act fast for seamless business continuity. “The transition to the cloud is a given; no business would or could run without it. Big data analytics on the cloud has added more value to this. Similarly, Artificial Intelligence (AI) and Machine Learning (ML) are done deals. These technologies may be nascent, but will automate and eliminate menial jobs in the near future. This would aid in using the human innovative knowledge for better usage,” observes Mr Durgaprasad on the future of technology.
The Years Ahead
As technology grows, vulnerability increases. It may be a cyber threat, AI manipulation or something else altogether. According to the CEO, “It is important to build a protective layer before building the product and ensure its safety before reaching the market. Even predictive analytics can be manipulated, which is why the department managing this should be different from that of operations. The best business practice here is to be proactive and adopt protectionism.”
“Technologies like predictive analysis can be used to build a better and more profitable business, which depends on the intuition of the business leader. Technology definitely would make the business grow more rapidly than in the past. The downside would be that a digital divide would happen,” elucidates Mr. Durgaprasad.
With India being a country with a large digital divide, we need more products that could be shared till the last mile. He adds that smart people would aim for this, and a major adoption of technology would happen in healthcare and education.
“The next 10 years would be a landmark period for India in technology. We are well ahead of automation in terms of government projects and even far ahead of the United States in many areas. India is going to have more home-grown unicorns. Many more innovations are coming from India,” predicts Mr Durgaprasad as he signs off.