Data is key to today’s digital world, whether it’s for tweeting, transactions, or telecommunications services. But how do you make sense of the numbers? Can you see the inherent value of data only when you look beyond the metrics?
At TechSparks 2022:your history flagship Tech Startup Conference, Ramgopal SubramaniCOO at SaaS startup perfiostalks about the value of data and how numbers affect everyday life.
“Data is a collection of zeros and ones, but insights are much more contextual,” says Ramgopal.
He cites the example of a restaurant bill and how it can be analyzed in different contexts.
“Your bill is reflected on your bank statement. Suppose a bank like HDFC looks at it, they will give you a Regalia credit card for your dining experience. When an insurance company sees the same bank statement, the company will look at it and assume the person may be obese, alcoholic, or have a health risk, so they will increase the premium. The bill itself may be an indicator of your outgoing nature on a marriage site,” explains Ramgopal.
Is India data rich?
Ramgopal throws out a few data sets to show how data can affect every aspect of our lives, from a gas connection verifying our address to a passport verifying our existence.
“India today has an amazing amount of data, and data is part of every decision that is made,” explains Ramgopal.
However, much remains to be done to use this rich data to create social impact.
Can we trust the data?
‘Data overload’ has become part of everyday language. Sifting through large data sets to find accurate data can be overwhelming. However, the COO of Perfios assures that despite the looming fear of using unverified data, such an exercise should not be carried out.
“Can we trust the data? Yes. There are so many data sources that are public and verified. And this data can be verified in real time,” he says.
Perfios was founded in 2008 by VR Govindarajan Y Debasish Chakroborty as a personal finance management company. It changed in 2012 to a software as a solution (SaaS) service provider for financial institutions for credit underwriting. Perfios’ digital solution helps financial institutions reduce response time and improve their credit decisions.
In March 2022, the company raised $68 million from investors Bessemer Venture Partners and Warburg Pincus as part of the Series C round, entering the coveted unicorn club.