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Peeyoosh Pandey CEO, Hoonartek helps organisations implement data monetisation strategies. Here he talks to us.
What are the data product trends rising in demand with large and small enterprises today?
Peeyoosh Pandey - Due to the continued focus on the revenue growth, marketing becomes a key lever to achieve that. For managing and monetizing 1st party data, companies are investing in technologies that help them roll out new business models quickly along with efficient data governance frameworks. Data Clean Room is a core concept for data monetisation initiatives as it helps safeguard personal identifiable information (PII), facilitates the free sharing of data within and outside the business environment, and enables companies to launch innovative products. In our conversations, companies in Banking, Insurance, Financial Services, Law, Retail, and Healthcare are keen to explore how Data Clean Room can help in their product marketing efforts.
What are the challenges in implementing data monetisation initiatives? How do you overcome these challenges?
Peeyoosh Pandey - Privacy concerns are real and people in general are averse to sharing their data. And when incidents like data leaks, data theft, and misuse of data happen, it fuels the apprehension. Companies have started to take notice of cookie-less, privacy-first, consent-driven data collection and dissipation. We’re seeing a push from government organizations for better controls in place to ensure better data hygiene. While any technology plays only a role of an enabler, a cultural change is necessary for companies to think more holistically.
As a starting point, using a consultative approach to problem-solving, companies should work with experienced data solutions partners to realise their goal of being a compliant organization. They should also consider taking a platform approach against just building a purpose built application.
What does the future hold for Hoonartek? Where are you on that journey?
Peeyoosh Pandey - We are the world’s leading data solutions company delivering Data Products and Data Monetisation solutions. Over last 12 years, we’ve helped many Fortune 500 companies building data platfroms and help realise their data-led transformation journeys. The experience we gained is now helping us launch new products and accelerators that speed go-to-market and deliver superior quality engineering for our client organizations. We’ve recently announced DataHaven – an enterprise data clean room solution. It is an important milestone on Hoonartek’s data literacy roadmap. The company is enabling businesses to bring about a data-led transformation. A host of data solutions including DigiTwin – a cashing layer for mass transactions and RapidFrames – a low-code / no-code platform for building data applications make Hoonartek a partner of choice for all data initiatives.
Have you expanded to foreign markets? What are the differences in customer expectations in these markets vis-a-vis India?
Peeyoosh Pandey - Our customers are in India, the US, UK & EU, APAC, and SA. We continue to be a quality engineering partner to them in various phases of their growth journeys. We are a value-creation partner and the testament to that is a net retention rate of 93% across client engagements. The tech world is one giant community. While there are nuances in the way business is done and ROI expectations, technology is agnostic to region and there are a common set of challenges that are getting addressed across continents.