Safe to say that these days, virtually every technology collects some form of user data. However, it’s up to the companies to interpret it effectively and store it securely.
Even though companies have started taking data security more seriously by implementing secure VPNs or antivirus software, some still struggle when it comes to gathering valuable insights from vast amounts of business data. That is where machine learning comes into play. With this technology, businesses can get the most out of their data with minimal effort.
To find out more about the usage of ML for analytics, our team contacted Hrvoje Smolic, Founder and CEO of , to find out more about their product – a no-code predictive analytics platform that simplifies the use of ML in analytics.
What has your journey been like? How did the idea of Graphite Note come about?
My journey began 20 years ago when I first stepped into the data analytics space. I was fascinated by the power of data and its potential to transform businesses. As I studied and worked more with data, I eventually found myself in the world of data science and machine learning.
I was enthralled by the possibilities of what could be achieved with ML, but I quickly realized that it was difficult to use and understand.
It seemed like you had to be a genius mathematician or programmer to make sense of ML. I wanted to make ML more accessible and easier to use so that more people could benefit from the amazing insights and predictions it could offer. That's when the idea for Graphite Note was born. I wanted to create a platform that would make it easier for people to use ML without needing to understand all the technical details. Graphite Note is a no-code predictive analytics platform that simplifies the use of ML in analytics.
Can you introduce us to your platform? What are its key features?
Graphite Note provides a single platform to build, visualize and explain ML models for real-world business problems and use cases. With business data as input, decision-makers, strategists, and execution teams can understand key business drivers and take this understanding to the next level by predicting potential scenarios without writing a single line of code.
Graphite Note also provides a unique feature - data storytelling. With data stories, users can transform numbers, graphs, and charts into meaningful presentations that everyone on their team can understand. This feature makes it easier to communicate insights and predictions to the rest of the organization.
There is also a compelling Key Influencers analysis - which helps teams quickly understand business drivers connected to different business outcomes.
In your opinion, which industries would greatly benefit from deploying machine learning?
Any industry can benefit greatly from deploying machine learning. Industries such as Saas, retail, e-commerce, finance, healthcare, insurance, and transportation can all benefit from predictive analytics.
For example, SaaS companies can use it to predict which leads will convert and why or which customers are about to cancel their subscriptions. Retailers can use machine learning to forecast demand more accurately and optimize pricing, while insurance companies can use machine learning to predict claims more accurately and reduce fraud. Additionally, machine learning can optimize logistics and routing and help healthcare providers diagnose and recommend treatments more accurately.
How did the recent global events affect your field of work? Were there any new challenges you had to adapt to?
The global events of the last years have been a challenging time for everyone, including those of us in the data analytics space. We've had to adapt to a new way of working, with many of us now working remotely. It's been challenging to collaborate and make progress on projects when we can't meet in person.
On the other hand, our customers are trying to do more with less now, which is, in fact, an excellent opportunity for us. Our platform and predictive analytics are helping our customers make the right decisions and to succeed, no matter the circumstances.
In your opinion, why do certain companies hesitate to implement new and innovative solutions, despite all the technological advancements available nowadays?
Many companies hesitate to implement new and innovative solutions because they fear the risks associated with them. It's difficult to predict how a new technology or solution will perform, and there is a fear of making the wrong decision and wasting resources.
Additionally, change can be challenging for teams to adjust to, and there may be resistance to new processes that challenge the status quo.
Companies may not be sure of the return on investment or the value of the new solution.
In general, companies are often hesitant to implement new and innovative solutions because of the risks, costs, and unknowns associated with them.
However, those who do embrace new technologies are often rewarded with competitive advantages and long-term success.
Besides data science solutions, what other technologies do you think would greatly enhance business operations?
In addition to data science solutions, businesses can also benefit from other cutting-edge technologies such as artificial intelligence (AI) in general, automation, and the Internet of Things (IoT).
AI can be used to automate mundane tasks and provide predictive insights that can help business teams make better decisions.
Automation can be used to streamline operations and improve efficiency, freeing up resources for more critical projects.
Finally, IoT can be used to track and monitor assets, enabling businesses to gain real-time visibility into their operations.
All of these technologies can be leveraged to enhance business operations, leading to improved efficiency, cost savings, and more accurate decision-making.
What tips would you give to companies looking to get more value out of their data?
The key to getting value out of data is to start building a data-driven culture within your organization. Here are some tips to help you do this:
- Invest in data-driven tools: Investing in data-driven tools such as Graphite Note can help you get more value out of your data. These tools make it easier to use ML and predictive analytics to make better decisions and improve your business performance.
- Create a data-driven mindset: Encourage your team to think critically about data and how it can be used to improve your business.
- Put data at the center of your decision-making process: Make sure data is at the center of all your decisions. Use data-driven insights to inform your decision-making process and help you make better decisions.
- Embrace experimentation: Experimentation is vital to getting the most out of your data. Try different approaches and test hypotheses to see which works best for your business.
- Invest in data literacy: Data literacy can help you get more value out of your data. Please ensure everyone in your organization is familiar with the basics of data and how to use it.
By following these tips, I strongly believe you can get more value from your data and improve your business performance.
In your opinion, what kind of threats should organizations be prepared to tackle in the next few years? What security measures are essential in combating these threats?
Hard question! Organizations should be prepared to tackle multiple threats in the coming years, including cyberattacks, data breaches, malicious software attacks, and unauthorized access.
It seems that cybercrime is a growing phenomenon, and organizations need to be prepared to protect their data and systems from malicious actors. The essential security measures that are not so hard to implement to combat these threats include strong password management, multi-factor authentication, encryption, and regular security updates.
Ideally, companies should also invest in employee training and awareness to help ensure that employees understand the risks associated with their data and how to protect it.
What does the future hold for Graphite Note?
The future of Graphite Note is bright! We believe that no-code predictive analytics will be a must-have for every company in its tech stack in the next two years. We are working hard to ensure that our platform remains ahead of the curve in predictive analytics technology.
We are committed to providing the best possible user experience and making sure that our platform is easy to use and understand.
We are also investing in research and development to improve our product and stay ahead of industry trends continually.
In the future, we envision Graphite Note as the go-to platform for predictive analytics, providing businesses with the insights and predictions they need to make smarter decisions. We are excited to be part of this journey and look forward to seeing what the future holds for us!