Sanjeev Thukral, Managing PartnerAlthough prediction solutions have evolved over the years and organizations have become more aware of data science and AI, the growing hunger among businesses to predict the future is still not satisfied. neurIOT was born to quench this desire, through its robust portfolio of prediction solutions that can be utilized by businesses across several industries including retailers, manufacturers, marketers, police departments, recruiters, and just about anyone who wants to know the future and has historical data and perspective to build such a solution.
neurIOT’s differentiator lies in the diversity of its team, which consists of data scientists, experienced retailers, ERP consultants, an ex-Police Official, and a lifetime semi-conductor expert among others. “It’s important to bring business context to a cognitive science problem and connect it with common business issues, and this is where our strength lies,” states Sanjeev Thukral, managing partner at neurIOT. By leveraging their ability to visualize data and find patterns, neurIOT offers several prediction solutions including weather-based supply chain prediction, hiring and retention, and criminal finder. Alongside, they also provide recommendation systems which can capture user and product data to identify the potential items that could be sold to a specific customer.
The company employs a five-step engagement process to fulfill the data science and IOT requirements of its customers, and the approach begins with understanding the clients’ data and their challenges. A detailed analysis is then run where the neurIOT team understands how the data can further be embellished, by pre-processing the information, cleaning it, and also finding additional parameters. On completion of the analysis phase, the solution is built, tested, and implemented in the clients’ environment. The last segment is the warranty and support, where the model would regularly be retrained with data points being added over time.
In a scenario, neurIOT supported a leading beverages company that had bottling plants and distribution networks throughout the country.
The challenge here was the client experienced unexpected demands, which they were unable to fulfill in a timely fashion resulting in lost opportunity and revenue. Predicting the market was hard, owing to the ripple effect of the secondary demand from the retailers on the primary demand from the distributors. To help forecast these future requirements, neurIOT employed its weather-based prediction solution wherein external parameters like temperature, precipitation, and humidity were integrated into the client’s historical demand data. The resulting demand pattern for one year at the SKU-level helped frame the business’s strategic planning and the solution’s 30- days precise demand prediction assisted with their tactical planning. Enabling any company to improve production planning and route optimization, like in the case of the beverages company, where they helped save millions of dollars, is one of neurIOT’s inborn traits.
It’s important to bring business context to a cognitive science problem and connect it with common business issues, and this is where our strength lies
Looking ahead, neurIOT is targeting vertically focused businesses, to solve compelling problems pertaining to the sector, using cognitive science. One such example is their venture, Predictive Police Solutions Inc., which helps overcome critical issues including hiring and retention, confronting U.S. police departments. neurIOT forecasts retail and distribution, life-sciences and semiconductors as other verticals where the technology can be most utilized; the company is already assisting several businesses in these industries to counter challenges. With its current focus on the U.S. and Indian markets, neurIOT intends to conquer geographies including Europe, Australia, and the Middle East, building and delivering SaaS variants of its AI solutions. Employing AI and IoT to build “Human-like Intelligent” solutions, neurIOT is here to stay and evolve with the ever-growing demand for prediction solutions.