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Srikanth Markonda is the Founder and CEO of Lorgan Pty Ltd, an innovative Australia-based artificial intelligence and IoT organization. Srikanth has a global experience of working in India, the USA, Europe, and is currently based out of Australia. He holds a master's in technology from IIT and also a certification from MIT in artificial intelligence. Srikanth has extensive prior technology executive experience which over the years he gained by working with iconic organizations like Emagine, Infosys, Verizon, Wipro, and TCS.
"Everyone knew that data is a very powerful tool to understand and predict the behaviour of an individual or an entity, however, data stored or streamed on servers may not solely represent 100% of an individual's behaviour. Think of a tool that can integrate the parasympathetic behaviour of an individual and their associate transactional data to analyse the 360 degrees of behavioural patterns. This is exactly what the core of Lorgan'sground-breaking Enigma platform is all about", said Srikanth.
Srikanth has started a revolution by architecting the product named "Enigma", intending to deliver Artificial Intelligence and IoT projects with utmost accuracy and unlimited scalability in a lot less time than it would take most organizations to even deliver a proof of concept.
"To have the power of data at your fingertips is one thing. However, knowing how it should be used is not always straightforward" says Srikanth. He has experienced the fact that most companies are unable to wrap their heads around how data can help them develop a sustainable competitive advantage. To achieve this, Srikanth saw a strong need for an innovative solution, and combined with a different kind of technology he knew it wouldn't be easy and would take a different kind of company to build it.
"Itis for this reason why Lorganwas founded and built its unique Enigma platform. To our knowledge, there is no single behavioural science-driven solution that is industry agnostic, use case agnostic, low-code, and configurable for onboarding any AI and/or IoT use case within a fraction of the time and cost needed to invest and develop a complete AI / IoT solution."
"The primal challenge, as the Founder of Lorgan, was assembling a passionate team with a strong personal vision and specialist skillset in the areas of strategy, innovation, and execution capabilities covering both business and technology," said Srikanth. In addition to this, another most important factor he considered while selecting his team was strong fitment to the company's culture.
This is why Srikanth onboarded specialist technologist Sadiq Maniyar as Lorgan's
Head of Engineering, and value management specialist Dr. Abhishek Singh as Head of Business Value Management.
Both Sadiq Maniyar and Dr. Abhishek Singh lead their functions with their teams that combine real-world expertise in big data processing, fast data processing, data science with a dynamic end-user interface that is embedded with rich exploratory self-service data analysis capabilities. Whatever their role, each Lorganian combines an uncompromising engineering and science mindset with an unwavering focus on execution with excellence.
As an artificial intelligence aficionado, Srikanth believes that one should always keep an eye on innovative ways of finding solutions to most problems faced in the industry. For this reason, it is crucial to keep identifying the problems AI can easily solve and see how products and solutions can be implemented for the same. "Artificial intelligence encompasses machine learning, natural language processing, and robotics. Leaders will need to understand and have conversations to make conformed decisions about the technology choices they make. The ability to understand what tech can offer an organization is crucial, and leaders must continuously embrace new tools and technologies" he further adds.
According to Srikanth, leaders and AI scientists must work together to identify and mitigate the issues associated with "ethical AI" and work on its implementation eliminating bias surrounding this technology and preventing souring outcomes before an enterprise-level adoption. The first step in this direction entails a move towards implementing a robust ethical AI framework while training and validating the machine learning algorithms. If leaders are not enforcing these best practices, organizations will suffer from poorly implemented algorithms.
In his experience, Srikanth has met with many global executives and his common observation was that each one of them tried coming out of their legacy way of running their businesses.
"Artificial intelligence is one of the key areas of focus for the leadership team in various dimensions that include a) increasing revenues, b) reducing risks, c) mitigating fraud, d) preventing potential machinery failures, and e) understanding the end customer's behaviour" says Srikanth.
"Lorgan firmly believes that developments around big data in recent years are only the tip of the iceberg. Leaders must therefore have the courage to face the uncertainties, be ready to fail, and learn, and be ready to make a shift change when a situation demands a new strategy" he claims.
Srikanth strongly believes in innovation that involves a deep level of understanding of both the articulated (explicitly stated) and unarticulated needs of existing and potential consumers/customers.
Enigma platform is created by carefully considering these facts in mind. Lorgan's targeted organizations are those who are looking outside their historical business and start thinking about adjacent worlds of execution models to simplify their day-to-day business. E.g., one of its clients using Lorgan's platform in the energy and utilities industry sees an exorbitant value by onboarding the platform for a fraction of cost when compared to their return on investment. The other set of clients of Lorgan in the Telecommunications, Financial Services, Retail, and Healthcare sector have implemented their solution using the Enigma platform within a few weeks after deciding to start the project. Customers say, "the beauty of the Enigma platform lies in its ease of onboarding, personalized, and time-sensitive machine learning-based decisioning".
AI technologies are extremely useful to optimize operational costs, increase efficiencies, grow revenues, improve customer experience, detect anomalies, prevent machinery failures, etc., however, in Srikanth's experience, AI does not deliver the best results on its own. He stresses that one will always achieve the best results only when humans and machines work together. "Artificial intelligence has seen rapid adoption by businesses in the last few years and is no longer a concept. The extent of use of AI is continuously expanding, and it's changing the way almost every business is operating" remarks Srikanth.
Srikanth's advice to the emerging leaders in the AI space is to set an ambitious vision, strategy, and achievable goals, and make sure you understand and evaluate how the business world will respond to your evolving thought process and try to be disruptive wherever possible.
