Feature | Foundr MAGAZINE

Varenya Softech: A Journey Through Innovation and Achievement

Passionate for defence services and entrepreneurship, building a team of people with a passionate mindset having aggressive plans for career growth they love to take the challenges and can dream big and can fulfil the same through hard and smart work. With a passionate team currently the group companies are spread over 4 locations globally with a partner network of 30+ for Information Technology Products and services, Textiles and Restaurant Chains.

Mayank Maitreya | Varenya Softech

The CSR group has formed an Orphanage and old age home and is in the process of opening a primary school at Uttarakhand for internal kids to nurture them as good citizens with the experience of elders of old age homes. Mr. Mayank Maitreya and Nagendra Kuthuru strongly believe in the “Impossible is not a fact, It is an opinion, Impossible is not a declaration, it is a dare”. 

  • Impossible is Potential.
  • Impossible is temporary.
  • Impossible is nothing.

Unveiling the Entrepreneurial Genesis

At Varenya Softech Constantly strive to add value for all our customers, employees and stack holders. Guided by intelligent thought, maturity and integrity, we work together as a family to create wealth and well-being. As good corporate citizens, we always uphold our code of ethics. The company values sincerity, effort and merit, and act as responsive and responsible citizens wherever we are present. The challenging phase of moving forward as a Strong Corporate Entity lies in total metamorphosis with hard-edged business skills. Mayank Maitreya & Nagendra Kuthuru strongly believes that the principles and practices for a thriving business must reflect a commitment to greater responsiveness and accountability on the part of every employee of the organization. It is the people along with their leader that contribute towards the desired goals and image of an organization. Mayank Maitreya & Nagendra Kuthuru feel that the new emerging sectors of Information technology, Textile and Food should be of utmost focus today. 

Insights into the Global Economy and Innovative Trends

Mr. Mayank Maitreya & Nagendra Kuthuru expect real GDP growth to walk the line between a slight expansion and contraction for much of next year, also known as a soft landing. After tracking to a better-than-expected 2.8% real GDP growth in 2023, we forecast a below-trend 0.7% pace of expansion in 2024. Among the major components of GDP, consumer spending is likely to rise at a more muted pace next year, while fiscal spending could swing from a positive contributor in 2023 to a modest drag. 

  1. Product quality
  2. Client retention
  3. Franchisee development
  4. Diversified business portfolio

Confronting and Overcoming a Formidable Challenge

Mr Mayank Maitreya was working on a project to develop a new machine-learning model. The model was designed to predict customer churn, and it was based on a large dataset of customer data. He was making good progress on the project, and he was confident that the model would be successful. However, he ran into a setback when he started testing the model. The model was not performing as well as he had expected, and it was not making accurate predictions. After making the changes, the model started to perform better. It was making more accurate predictions, and he was confident that it would be successful. He learned a lot from this experience and it is important to be persistent when working on a project. Analyse the problem and make changes to your approach. With persistence, you will eventually be successful.

Here are some of the steps he took to work towards a resolution:

  • Analysed the data:  Mr Mayank Maitreya looked at the data that the model was used to make predictions. he looked for patterns in the data that could explain why the model was not performing well.
  • Made changes to the model: Mr. Mayank Maitreya made some changes to the model, such as changing the parameters of the model and the features that the model was using.
  • Retested the model: Mr. Mayank Maitreya retested the model to see if the changes I made had improved its performance.
  • Iterated the process:  Mr. Mayank Maitreya repeated the process of analysing the data, making changes to the model, and retesting the model until the model was performing as expected.

Nurturing Creativity and Growth within the Organization

  • One of the first steps the company has to take when we start to think about innovation is to sketch a picture of the future. The company looked at the developments that could occur in society, in technology and the environment, and they made scenarios of potential future developments. These developments will give an idea of where the problems are. One of the problems we see, at this moment, is a shortage of manpower in aviation, especially on the MRO side. 
  •  start with very incremental things – small steps, small demonstrations of where we are at the moment. start at a low technology readiness level, showing concepts, then moving on to demonstration as well as appropriate prototypes. When they have all the prototypes, the company can assemble them and create an innovation.

According to Mr. Mayank Maitreya, the main way to push innovations through at his organisation all comes down to whether or not they can delight their customers. At Varenya Softech, they ask themselves two questions every time they try to innovate any particular thing: 

  • How can we use technology to standardise the systems that we have and improve efficiency so that we can satisfy the customer at a lower cost?
  • How can we use technology to have a seamless connection between us and the Customer?

Key Challenges and Opportunities Shaping Business Landscape

There are many ways technology in businesses can help organizations achieve success. One only needs to look at the proliferation of companies like Netflix, Amazon, and countless manufacturers who have leveraged manufacturing automation to find examples of how useful different technologies can be.

Some examples of how digital transformations help businesses every day include:

  • Cloud-Based Collaboration Apps: Communication tools such as Zoom and Slack, as well as online document-sharing solutions like Google Docs and Microsoft Teams, allow people to work together easily on important documents and projects despite being miles apart.
  • Inventory Management Solutions: Automated inventory tracking software helps businesses closely monitor their stock of important products or resources so they can maintain “just-in-time” supply chains that minimize costs without undue risk of running out of inventory.
  • Customer-Facing Business Apps: From digital storefronts to automated customer service solutions and other resources, customer-facing business applications—and particularly mobile applications—have helped businesses improve the way they interact with their customers to increase sales and customer retention.
  • Data Storage and Retrieval: One of the biggest ways today’s technologies helps businesses is in how modern companies can store and retrieve massive amounts of information at nearly any time from almost anywhere. Digital data storage has simplified the retrieval and transmission of important documents, reducing common data management tasks to mere seconds when they may have taken significantly longer using purely analogue media.
  • Project Software: Project management software helps businesses track common project tasks and keep their project teams on track.

With solutions such as Jira or Teamwork, project managers can assign specific tasks and monitor whether employees are on track to finish the project on time.

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