BUSINESS
BigBasket has created in-house warehouse and supply chain technology; Practo took four years to build strong backend
Four businesses of different moorings got together to talk about “What is next in Tech” on the third day of the BengaluruITE.biz organised by the Karnataka government. The founders of Axiom Research Labs, BigBasket, Capital Float and Practo spoke about how a technology is built around the business problem. They said that machine learning, artificial intelligence, algorithmic decision making and platforms to service consumers will become more commonplace.
The machines will bring about a standardisation in quality and impacting the job scene, forcing jobseekers to work harder to identify business opportunities.
Consider the example of BigBasket, which handles perishables. The company created its own in-house warehouse and supply chain technology to understand how perishables get consumed in the country. “Today, our systems can tell you what is stocked, what is coming in and what is moving out, and where. All 25 cities that we have expanded to work on the same processes; there is no way that the system can fail,” says Hari Menon, co-founder of BigBasket.
Agreeing with Hari is Shashank N D, the founder of Practo. He says, “We spent the first four years building software. It was only in 2013 that we started expanding in the market.”
Shashank adds that it was important to solve the problem of how people connected with their local doctors. “We are in four geographies now. But it all goes back to one thing that we got right, which was understanding how doctors worked with patients, before we started scaling up. The backend technology has to be strong,” he says.
There are about fifteen states in India that have done a good job in creating an ecosystem that supports tech.
The founders of these four companies say that technology allows companies to make intelligent decisions while servicing their customers. “We have an algorithm that decides if the SMB can be sanctioned a loan in under a day. We don’t let people decide the loan sanctioning process. Our technology understands aspects like bank statements and credit cycles of a business before lending to a party,” says Gaurav
Hinduja, co-founder of Capital Float.
The challenge, though, is to use technology to win customers on a consistent basis. Big Basket, for instance, has thousands of trucks across the 25 cities in which it operates, and is also trying to increase the average number of orders per customer from 2.2 to 4 a month. Courtesy: YourStory.com
Tech boom
Universities should work harder to prepare their students for building automated platforms
Machine learning, artificial intelligence, algorithmic decision making and platforms will become more commonplace, thanks to smartphones
Things will be automated, bringing about a standardisation in quality and impacting the job scene, forcing jobseekers to work harder to identify business opportunities
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