vPhrase Analytics is Coming Up With Disruptive Innovation Using Its Platform Phrazor
Going forward, the company is looking to enter the North American market.
A technology based startup vPhrase Analytics Solutions that was launched in April, 2015 by Neerav Parekh are revolutionising the way insights are communicated from data. It helps businesses make their reports more easy to comprehend. vPhrase’s patent-pending platform, Phrazor, analyses data, derives insights and then communicates in words, in multiple languages.
Commenting about the idea generation, Neerav Parekh, Founder & Director of vPhrase Analytics said, “While I was running a digital marketing agency, I found that my clients always wanted my account managers to visit them and personally explain the campaign performance even though we used to send out a nice report with beautiful charts. On digging I found that the clients used to get overwhelmed with the reports and found it difficult to understand them. That is when I started wondering what changes I need to make to the report to ensure anyone reading it is able to understand it. How could I automate this process of interpretation of data and communication of insights in words. That is when the idea of building an AI product was born. vPhrase helps enterprises make their reports easier to understand by summarising the data in words using AI.”
The company's patent pending platform, Phrazor, analyses data, derives insights and then communicates those insights, in words, in multiple languages. Phrazor embodies the expertise of the best people in your team and automates it. It writes reports which not only tell you what happened, but also tell why did it happen and what needs to be done. The insights and nuances that one can explain via words cannot be explained using charts and tables alone.
Phrazor writes personalised narratives for each employee highlighting all the important points which need attention. With vPhrase's narrative based reports, employees spend less time on understanding what has happened and more time on taking actions.
vPhrase has been selected as one of top 50 emerging IT product companies in India. They also were selected as one of top 100 innovators from across the world for the 'Leaders in Innovation' Fellowship by the Royal Academy of Engineering, UK. They have also won the 'Economic Times Power of Ideas' contest where 19000 teams from across the country participated. They are an alumni of Microsoft Accelerator.
There is no competition for the company’s technology in India. Globally, there are 4-5 companies in this space. The prominent ones being Narrative Science, Automated Insights and Arria NLG. The advantages they have over vPhrase competition are:
1. The flexibility of the platform to take up complex use cases
2. Their ability to write in Indian languages and
vPhrase have raised an angel round of funding last year. While speaking about the company’s monetization model, Neerav added, “We are a revenue making company with large enterprise clients who pay us for using our product. Our product takes in any structured data, analyses it and then communicates the insights in words, like human beings do. Our clients use our product to prepare personalised narrative reports for their employees and in some cases for their customers as well. Clients can either pay for the license or per report. Ours is a SAAS platform where we integrate with the client systems via an API but in exceptional cases, we provide an on-premise installation as well. The personalised narratives which we generate can be customised to match the client organisation's style of communication. The tone, diction and style of the narrative are configurable. The analysis which gets done is also configurable. From the same data set, we prepare personalised reports, with the right metrics, for people at all levels in the hierarchy.”
The company has seen terrific response to their products in the market. It is already working with the top players in Banking, FMCG & Consulting space. People appreciate the need for their products and the sales process is not very difficult.
Their clients include HDFC Bank, Kotak Bank, Motilal Oswal Securities, HUL, ITC, Accenture, Sun Life, Shiseido, Dun & Bradstreet and more.
Going forward, the company is looking to enter the North American market. Commenting about the market size & opportunity, Neerav mentioned, “We are operating in a $60B market. The opportunity is huge. Any enterprise, operating anywhere in the world would have multiple use cases for our product.”
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