Hoonartek’s Approach to Data-Driven Innovation Across Regulated Industries

CXOToday has engaged in an exclusive interview with Peeyoosh Pandey, CEO of Hoonartek

1. With the DPDP Act, 2023, now in place, how is India’s financial services sector adapting its approach to data governance, and what challenges exist in balancing compliance with innovation?
    India’s financial services sector is undergoing a paradigm shift in its approach to data governance with the implementation of the DPDP Act, 2023. The act has heightened the emphasis on consumer privacy, secure data handling, and transparency, prompting companies to invest in robust data management frameworks. However, compliance must not come at the expense of innovation. The challenge lies in aligning stringent regulatory requirements with agile, data-driven decision-making. At Hoonartek, we focus on delivering best-in-class Data Governance solutions that deliver outcomes with privacy-first principles integrated into data systems, ensuring compliance while enabling financial institutions to unlock insights and foster customer trust.

2. India’s telecom data usage is forecasted to hit 60 GB per user per month by 2027. What strategies are companies using to manage this surge, and how can analytics help with issues like customer churn and network optimization?
   Telecom companies are embracing advanced network infrastructure upgrades, including 5G rollouts, and leveraging AI-driven analytics to manage the exponential surge in data usage. Predictive analytics plays a critical role in identifying patterns of customer behavior, enabling companies to proactively address churn triggers through personalized offers and enhanced service quality. For network optimization, real-time analytics helps monitor traffic loads and predict capacity needs, ensuring seamless connectivity. Hoonartek’s expertise in delivering holistic Data Solutions with analytics empowers telecom providers to optimize their networks while delivering exceptional customer experiences.

3. The Indian retail market is shifting to digital, expected to reach $300 billion by 2030. What key data challenges do retailers face in integrating customer data, and how might big data advancements aid in achieving better personalization?
   Retailers face challenges such as siloed data systems, Need for streaming Analytics, inconsistent data formats from source systems, and privacy concerns when analysing customer data and finding patterns. Big data platform advancements especially led by the Cloud Platforms driven by AI and machine learning investments, enable the unification of diverse datasets and the creation of 360-degree customer profiles on a near real-time basis. This allows for hyper-personalized experiences, from product recommendations to targeted marketing campaigns. At Hoonartek, we help retailers harness the power of big data to bridge the gap between online and offline customer journeys, ensuring compliance with data privacy norms while driving deeper engagement.

4. Hoonartek operates across highly regulated sectors like banking and healthcare. What are some of the most persistent data challenges you see in these fields, and how does your approach differ from that of other data solutions providers?
   The banking and healthcare sectors face challenges including fragmented data landscapes, strict regulatory compliance, and the need for real-time insights without compromising security. What sets Hoonartek apart is our domain-specific expertise combined with a consultative approach. We design solutions tailored to regulatory environments, enabling secure and efficient data integration and analysis. By leveraging partnerships with best-in-class platforms like Ab Initio, Snowflake, Databricks and Cloudera we deliver scalable, compliant, and innovative solutions that empower clients to achieve both operational efficiency and customer-centric outcomes.

5. You work with cloud giants like AWS, Azure, and Google Cloud. In your experience, what are the most common obstacles businesses face in cloud migration, and how do you address concerns around data security and cost?
   Businesses often grapple with challenges such as legacy system compatibility, skill gaps, and concerns about data governance, Data security and cost escalation when migrating to the cloud. At Hoonartek, we ensure a seamless migration by conducting comprehensive readiness assessments and crafting phased, tailored strategies to select the right components. To address data security concerns, we implement robust encryption, multi-layered access controls, and compliance monitoring. On the cost front, we optimize cloud usage by leveraging tools to track and manage consumption effectively, ensuring clients achieve maximum ROI from their cloud investments.

6. Hoonartek has established partnerships with platforms like Ab Initio, Snowflake and Databricks. How do these partnerships shape your strategy, and do you find clients ever struggle with vendor lock-in as a result?
   Our partnerships with Ab Initio, Snowflake and Databricks enable us to offer cutting-edge solutions that address complex data challenges with agility and scale. These platforms empower our clients to process and analyze data with unparalleled efficiency. While vendor lock-in is a concern for some, we mitigate this by adopting an interoperable approach, designing solutions that integrate seamlessly with other platforms and systems. Additionally, we prioritize client education, equipping them with the tools and knowledge to make informed decisions that best serve their long-term needs.