HCLTech taps Snowflake to launch AI-based business intelligence solution for enterprise

Indian IT services firm HCLTech, on Friday, launched an artificial intelligence (AI)-based business intelligence (BI) solution by tapping into cloud computing firm Snowflake’s data cloud solution.  

The new service, dubbed HCLTech Advantage Analytics is an AI-based analytics tool that aims to offer enterprises a range of services by integrating AI with BI to offer enhanced customer experiences and business outcomes. 

According to a statement by HCLTech, “As business models evolve and data sets become increasingly complex, enterprises struggle to extract meaningful insights from traditional BI tools.” 

That said, by integrating AI into BI tools, enterprises can quickly view and understand the connections between complex data structures and produce clear, useful insights from the data they analyse.

The company said that HCLTech Advantage Analytics, built on a technology-agnostic platform, seamlessly integrates with Snowflake’s Data Cloud to provide clients with AI-infused analytics which can help “enterprises unlock actionable data-driven insights in real time”, said Shyam Enjeti, Executive Vice President, Digital Business Services, HCLTech. 

He added that it can therefore “significantly improve customer experiences while ensuring solution agility and lower cost of ownership”. 

“The innovative analytics approach combined with Snowflake's Data Cloud can help our joint customers revolutionise data consumption to drive data-driven innovation and growth,” said Sreedhar Bolneni, SI Sales Engineering Leader at Snowflake. 

Snowflake's security features ensure data protection, while its nuanced access controls facilitate efficient data access and usage management.  

The company acquired search startup Neeva to accelerate search in the Data Cloud through generative AI. Neeva, co-founded by Sridhar Ramaswamy and Vivek Raghunathan has created a unique and transformative search experience that leverages generative AI and other innovations to allow users to query and discover data in new ways. 

Meanwhile, HCLTech, the third largest IT services firm in the country, released its June quarter results on Wednesday. In Q1FY24, the company reported a revenue of ₹26,296 crore, up by 12.1% year-on-year (YoY), but declined 1.2% sequentially. The company’s net profit grew 7.6% YoY at ₹3,534 crore.

The company said that it is heavily focusing on artificial intelligence (AI), more particularly on generative AI. HCLTech is reported to have more than 70 projects in the pipeline in different stages from proof of concept to implementation across domains such as education, applications, system and product engineering, infrastructure and operations, and software products. The company is also training more than 20,000 employees on generative AI capabilities.