Absolutdata, a leader in delivering scalable business impact through AI-powered solutions, advanced analytics, and data science services, announced that it has won an award for the ‘Most Innovative Use of Emerging Digital Technologies in Various Fields’ at the ASSOCHAM Emerging Digital Technologies Summit & Awards 2019. The platform recognizes corporates and individuals from across the emerging technology space for their excellence and contribution to the field. It focused on both the user’s and developer’s perspectives to demonstrate the best practices for the effective application and adoption of these technologies (AI, IoT, Blockchain, and Robotics) for business and governance transformation through multiple use-cases. This year, the awards saw the participation of over 75 top companies.
Backed by 15 years of experience in advanced analytics Absolutdata delivers ground-breaking AI-enabled solutions and services for businesses across industries. Through its Data Science Center of Excellence, the company develops powerful AI solutions, products and modular components, thereby facilitating clients to create scalable business impact with their AI initiatives.
Absolutdata received the award for its solution for a Fortune 100 global beverage leader wherein its NAVIK AI Platform helped the client identify revenue growth opportunities through multiple AI-based tools for different business cases. Given the unpredictable and volatile nature of the FMCG (fast-moving consumer goods) sector, the client required an AI-enabled platform to optimize their efforts and gather accurate, actionable insights in a highly saturated market. Absolutdata built a custom-made solution in order to effectively tackle the challenge.
The solution was made up of a cutting-edge recommendations engine (an ensemble of deep and wide neural networks, KNN (K-Nearest Neighbors), collaborative filtering and business rules). With this, it recommended an optimized beverage assortment for the foodservice operator, with accurate predictions of the projected increase in volume, revenue, and incidence. Thus, pressing the problem of identifying the optimal product mix in a varied landscape was successfully solved through the self-learning, fully automated and highly scalable solution.
Dr. Anil Kaul, CEO & Co-Founder, Absolutdata said, “At Absolutdata, we make it easy for enterprises to tap into all that AI has to offer, through our seamless implementation processes and delivery of scalable enterprise-class solutions. We are honored to have received this award from a prestigious association such as ASSOCHAM. It is a testament to our dedication and success in the field. We hope this use-case of our NAVIK AI platform will encourage other enterprises to take a step towards unleashing the power of AI. We are now focusing on building its capabilities to build a sustained competitive edge for a wider array of businesses.”