In today’s fiercely competitive market, the key to survival is taking intelligent data-driven decisions quickly by processing large volumes of data. Whether large or small, enterprises are therefore turning towards data analytics to improve their business decisions and deliver superior customer experience. However, with enormous amounts of data emanating from various external sources like social media and customer feedback platforms, businesses face the challenge of unifying this unstructured external data with their internal databases to understand their customers better and adapt quickly to their ever changing tastes and preferences.
Traditional, analytics platforms do not unify external data with the internal database of the enterprise which leads to poor business decisions. This is where we come in. Incepted in 2011, FORMCEPT is a frontrunner in delivering technology solution to this pressing problem by providing a unified data analysis platform MECBOT. It aids enterprises in deriving actionable insights from enormous volumes of external and internal data on a near real-time basis, thereby significantly reducing the data-to-decisions conversion time. FORMCEPT has taken enterprise analytics to the next level with up to 60% cost savings, 80% less effort in unifying diverse data forms, drastically reduced infrastructure burden and radically improved business RoI.
An Exceptional Leadership
The CEO and Co-Founder of FORMCEPT, Suresh Srinivasan, is an IIT Madras and IIM Bangalore alumnus. He is a data enthusiast and has 22 years of product development experience. He co-founded FORMCEPT six years ago, with Anuj Kumar, a business intelligence fanatic and analytics expert. Together, their ambition is to make FORMCEPT a $25Mn revenue generating company by the end of 2019.
Suresh has previously worked with companies like IBM, HP and Oracle. An entrepreneur at heart, he encourages qualities like managing innovations, product strategy and building strong technical teams while solving business problems. He has a track record of providing high quality products on time.
Offering a Broad Spectrum of Solutions
FORMCEPT not only provides a unified analysis platform for storage and powerful analysis of datasets, but also provides batch processing, stream processing and interactive analysis. Their open cognitive platform, MECBOT, helps enterprises get actionable insights from their data faster, thereby, significantly decreasing the time taken to convert data into decisions.
MECBOT is built on powerful algorithms like Machine Learning, AI and Deep Learning and uses a combination of varied technologies to learn the flow of data, process it and deliver insights to the right people at the right time.
Moreover, FORMCEPT’s cutting-edge innovation INTELLIDEVICE activates industrial machines to send high-velocity data on resource performance and usage to cloud. Here, MECBOT analyzes it to generate quick actionable alerts and event-triggers. With INTELLIDEVICE, they dream to enable industries of tomorrow through interactive and intelligent machines.
The Secret to their Success
FORMCEPT follows an open culture where everyone can express themselves freely and openly which results in creating a huge knowledgebase within the team. They are committed to transparency and work ethics with their customers as well as employees. The various departments such as R&D, UI, Sales and Marketing, etc. work closely with each other to cater to customer demands and SLAs. FORMCEPT provides the best infrastructure and facilities to their employees and conduct recreational activities to celebrate each individual’s talents and interests.
Suresh believes that even if one person in the team in not in sync, meeting the timeline or desired quality would be impossible. Also at FORMCEPT, they try to inculcate important characteristics of goodwill and support into the team so that they enjoy each other’s success and also cherish the new heights the company achieves.
Rewards and Accolades
FORMCEPT has recently received ‘Series A’ funding from GVFL and this implies that investors expect to see the company grow exponentially across markets. Under the expert leadership of the founders, they have served several Fortune 1000 clients in India as well as overseas. Furthermore, they have won the prestigious Frost & Sullivan’s ‘New Product Innovation Leadership Award’ in 2014. They have been featured at TechCrunch International City Event, received the NASSCOM Emerge 50 Award and were finalist for the TiE50 Awards Program, all in 2013. FORMCEPT has been recognized by YourStory.in and have raised seed funding from CIIE-IIM Ahmedabad by winning the ET power of Ideas in 2012.
FORMCEPT is among the pioneers of integrated data analysis solution in the Indian market. They are developing unique products and provide the best possible service for their clients. Their R&D team is working on the Audio/Video analytics part where based on speech or video, insights can be found. They are also working on interesting new use-cases of industries like agriculture, telecom, petroleum, IT etc. and are coming up with innovative solutions to cater to them. Presently, they are trying to make a few market-driven changes to their products and also expand their clientele.