Listen to this articleBelow is our recent interview with Rajesh Padinjaremadam, CEO at RapidValue
Solutions:
Q: Could you provide our readers with a brief introduction to RapidValue Solutions?
A: When we founded the firm in 2009, we believed that emerging technologies like mobile and cloud would change the way people and businesses operate and we wanted to create a firm that helps lead that revolution. We are essentially a technology services firm that helps enterprises adopt emerging technologies to be more efficient by reducing costs and increasing revenue. Digital native firms like Amazon and Uber are redefining business models, and disrupting industries and we help traditional enterprises compete with these digital native players by adopting these technologies easily.
When our customers are able to leverage the technology that we implemented to grow fast, they work more with us, and we grow faster. For example, we worked with a large insurer to upgrade their technology for accelerating their partner enablement process. It now takes them days instead of months to onboard new partners, and they are able to grow at a pace of 40%. In terms of technology, we are a full-stack digital technology provider, with a very strong focus on enabling enterprises to adopt cloud platforms like AWS and Azure. While we work across multiple domains, we have built specific domain expertise and solutions in both BFSI and manufacturing domains. We have domain competency teams in Fin-tech and BFSI, focused on building solutions and re-usable components across fin-tech, insurance and mortgage industries. We also have built IOT solutions focused on manufacturing space.
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Q: Tell us more about your cloud service offerings and what are your key differentiators?
A: Cloud platforms like Azure and AWS provide an amazing opportunity for enterprise in different domains to transform and scale their businesses and build systems that will completely change the way they interact with customers and employees. Let me explain this with an example. A large toll management firm was struggling as their systems could not handle the volume of growth in data. In addition, onboarding vehicle fleets like rental car fleets were extremely time-consuming and manual. We helped them build a highly-scalable native cloud-based system on Azure with the ability to scale and handle the huge volume of data that the business is generating. In addition, the new system had completely automated partner on-boarding, which was handled as self-service, which helped the client to scale their business extremely faster.
In a number of cases, we have seen that enterprises build applications on cloud leveraging traditional development practices. This can result in systems that are non-scalable, while they are built on the cloud. We ensure that we build systems leveraging best practices and services provided by cloud-platforms, ensuring complete scalability. We have an internal Center of Excellence (CoE) teams focused on both AWS and Azure and a large number of certified cloud experts. We have built over 200 reusable components that help enterprises develop applications on cloud platforms at a very high pace. We also have a very strong partnership with both AWS and Microsoft, so that we are constantly updated on the new releases, and have access to pre-beta versions which are used by our teams to research and identify the best solutions on the platform.
Recommended: Q: How do you see the IT outsourcing market changing in today’s world?
A: A considerable number of CIOs are focusing more on dynamic and innovative vendors who can help in innovating and accelerating their movement to their ‘systems of differentiation’ rather than the traditional ‘keep lights on’ vendors, moving IT from the traditional “cost center” to a revenue generator. CIOs are also seen working more closely with business, building systems that create high business impact. In order to achieve this, it becomes important to establish digital teams with cross-functional skill-sets, from business/domain consulting, user experience and technologists on digital skills. We are now helping a number of our enterprise clients setup “dedicated digital center (DDC).” DDC is essentially a dedicated digital team of 25-50 members, with multiple skills in the digital domain including cloud development, business consulting and user experience. This would ensure that there is a dedicated focus on building systems of tomorrow, rather than just keeping the lights on.
Q: How do you see the adoption of new age technologies like RPA, Machine Learning and AI across industries?
A: Change of pace in technology has been unprecedented. Robotic Process Automation is creating operational efficiencies, while Machine Learning and AI are creating systems that are cognitive in nature. According to our experience, RPA is certainly mainstream, and we see clients leveraging RPA to create significant improvement in efficiency, and create sustainable cost advantages. For example, we are working with a large financial institution in leveraging RPA to automate a number of business processes, including the verification and payment of fund process replacing the previously employed manual process involving 3 departments and 30 staff. This resulted in an overall saving of over US$1.5mn/year. We believe Machine Learning and AI are still in the early stages, depending on the use cases.
Q: What are your plans for the future?
A: When we founded RapidValue, we believed that some of the new technologies that we were working on would change the way people and businesses would operate. However, the amount of disruption brought about by these technologies in a short time span has been more than what we had anticipated. Our vision is to build a unique blend of technology and domain expertise, helping enterprises in different verticals transform leveraging cutting edge technologies. In the next 5 years, we aspire to be one of the top digital transformation firms, enabling enterprises in specific verticals transform their businesses, enabling disruptive business. We will double-down on our investment in cloud technologies, since we believe cloud will be the largest disruptor for enterprises in the next decade. We will also continue building strengths on other digital skills like RPA and ML.
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