Ashish Mendiratta, CEO at Advanchainge Pvt Ltd
Great Companies: How did you get your idea or concept for the business?
Ashish Mendiratta: We had been doing consulting and capability development work for various clients in the field of supply chain and logistics. We discovered the lack of sensitivity and visibility of risks at level of the line managers. The are usually dependent of the internal audits or third party audits, done once a year, to know about the gaps, violations and exceptions. Given the increasingly dynamic environment, these audits turn out to be post-mortems, instead of the warning signs available more frequently so that proactive actions could be taken. Therefore, a need was felt for an integrated tool in the hands of the line managers that could easily be used as frequently as needed to identify and close the gaps.
Great Companies: What are the various Services provided by Advanchainge Pvt Ltd
Ashish Mendiratta: Predominantly, we provide the Audit & Assessment tool that can be customized for any type of operations & industry. The tool is SaaS based and hosted on AWS and offered on subscription. Apart from this we also provide the consulting services for helping the clients to develop the checklists as well as implementing the remediation actions post audit and assessment.
Great Companies: What makes Advanchainge Pvt Ltd different from hundreds of other similar service providers?
Most of the players offer solutions to automate the existing manual audit process in the form of an app or tool. These tools offer certain advantages but are not disruptive enough. Some of the tools are very complex to use with features not used extensively. Our solution cuts out all the frills, quick to implement, easy to use and have features developed based on the users’ experience. Our roadmap aims to drive the risks management analytics & continuous monitoring instead of depending on the physical involvement of the auditors.
Great Companies: What are the struggles and challenges you face?
Ashish Mendiratta: One of the challenges faced was finding the right talent for building a competent team for future growth. Another challenge was to find the right technology partner and a CTO. We recently onboarded a CTO that has significantly added to our capabilities to adopt the new age technologies as well as execution of product development.
Great Companies: How do you plan to grow in the future? What does 5 years down the line look like for Advanchainge Pvt Ltd?
Ashish Mendiratta: We would be a leading and global player in providing the smart solutions for operational risks management & productivity improvement. It will be achieved using cutting edge technologies e.g. predictive analytics, AI/ML, IoTs, Augmented Reality. We will be reaching out to the potential investors to fund the growth plan as well as working closely with our clients.
Great Companies: If you had one piece of advice to someone just starting out, what would it be?
Ashish Mendiratta: The aspiring entrepreneurs should take a plunge, as there has never been a better ecosystem for the start-ups. Even big companies are willing to work with start-ups and provide opportunities to fine tune the product and scale up. However, the journey requires patience, perseverance and clarity of vision. One should do the complete homework and get a realistic assessment of the market before jumping into it.
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