We talked to Neerav Parekh of vPhrase on how to understand data through stories and here is what he said about it.
First of all, how are you and your family doing in these COVID-19 times?
Neerav Parekh: We are all doing great. By the grace of the almighty, all my family members and colleagues have been healthy and safe during the pandemic.
Tell us about you, your career, how you founded vPhrase.
Neerav Parekh: I founded vPhrase in 2015 with a simple idea- that data should be made easily understandable to everyone to make informed decisions. I have more than a decade of experience in Technology, Marketing, and Finance, and I had already co-founded two startups before incubating vPhrase.
While working with my clients in a digital marketing venture, I was grappling with a common problem every day. My clients always wanted my account managers to visit them personally to explain the campaign performance, despite presenting it to them in the form of detailed reports and charts. On digging deeper, I found that the clients used to get overwhelmed with reports and found them too difficult to understand. They often used to misinterpret the data and failed to get the full picture out of their data. This was when the idea of automating the process of data interpretation and communicating the insights in easy-to-understand language took form.
How does vPhrase innovate?
Neerav Parekh: We at vPhrase believe that every business report or dashboard has a story to tell and insights to share. Phrazor- our augmented analytics tool uses Natural Language Generation – an advanced AI technology in which computers write plain natural language. It digs deeper into complex business data, analyzes it, and then summarizes it into a few bullet points- that business users can read up and immediately arrive at action points, thereby enabling data-driven decision-making. The narrative-based insights can be personalized as per the clients’ requirements and their style of communication. Phrazor is a truly self-service tool that enables business users and data analysts to prepare personalized narrative reports from their data in just a few clicks. Here’s a quick demo video of Phrazor!
How the coronavirus pandemic affects your business, and how are you coping?
Neerav Parekh: Like all startups, we have been striving to adapt to the current situation as flexibly as possible. Thankfully we have been really lucky. The transition of working from the office to working remotely was smooth, all thanks to my wonderful team. We have been leveraging technology in all possible ways to keep our colleagues together and sane during the lockdown period and also have new team members on board. In fact, we had more hiring during this period and have grown into a team of 60+ happy colleagues.
Enterprises have understood the significance of automation and started incorporating AI in their organizational structure in the present times. They are finding new ways to keep their business running while reducing dependencies on manual and time-consuming processes. We have been focusing on helping businesses cope with the change by automating the tedious, time-consuming data analysis tasks and reporting and letting them focus on more valuable tasks.
How do you deal with stress and anxiety?
Neerav Parekh: This pandemic sure has hit everyone – mentally and psychologically. My way of dealing with it is to stay active and spend quality time with my family and dear ones. I go for walks and listen to music to keep my mind calm. At vPhrase, we have made it a practice to have casual online meetups to stay connected and have some fun time off work every week. This has helped a lot of us cope with stress and anxiety.
Who are your competitors? And how do you plan to stay in the game?
Neerav Parekh: Companies offering Business Intelligence and Analytics tools and services, and those in the NLG domain are our key competitors. But unlike our competitors, Phrazor is a one-stop-solution for data analysis, reporting, and communication. With our tool, one can auto-generate insights in natural language, ask questions and get answers from their data, and automate report generation- all in a single platform. Our self-service tool uses augmented analytics to empower users to connect their data sources to generate real-time data stories and unparalleled levels of actionable insights. We are continually innovating and releasing new product features with a mission to build a society where you don’t need technical expertise to understand data.
Your final thoughts?
Neerav Parekh: With businesses relying heavily on technology and automation to get things done in the new normal, Phrazor accelerates decision-making for businesses by saving a lot of time and effort that is wasted in analyzing complex business data. Businesses can focus on other tasks that require creativity and attention to detail, while Phrazor does the analysis and reporting for them. We aim to benefit businesses in their data analysis journey while leaving monotonous and tedious tasks to technology. To know more about how we can help your business, visit our website, or follow us on social media.
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