Flourishing in the product development market since 2011 is Formcept Technologies and Solutions, a product development company that is into Cognitive Intelligence, Big Data Analytics, AI/IoT space. It provides near real-time actionable insights to enterprises based on the data provided (be it unstructured/ Semi-structured / poly-structured) and delivers end-to-end analytics-driven solutions. Over the last few years, it has served several Fortune 1000 clients across sectors like Sports, BFSI, and Retail etc.
The company is a joint venture by Suresh Srinivas, CEO and Co-Founder and Anuj Kumar, an intelligence enthusiast and analytics expert. Suresh is an IIT Madras & IIM Bangalore alumnus and was Director, Product Development – Data Integration Products at Oracle Corp, among his other technology leadership roles at nationally and internationally. He has over twenty three years of product development experience and an excellent track record of developing and implementing high-quality products.
MECBOT, a Unified Data Analytics platform that helps Enterprises to get actionable, is Formcept’s flagship product. MECBOT– built on powerful algorithms like Machine Learning, AI and Deep Learning uses a combination of diverse techniques to learn the flow of data, process it and deliver rich insights to the right people at the right time.
Another cutting-edge innovative product riding the wave of Industrial IoT is its ‘INTELLIDEVICE’ that activates industrial machines and equipment to send high-velocity data on resource performance and usage to the cloud. Here, MECBOT analyzes it to generate quick actionable alerts and event-triggers. With INTELLIDEVICE, the dream is to enable industries of tomorrow through interactive, intelligent machines.
These powerful products from Formcept have helped many businesses, including a handful of Fortune 1000 companies, achieve impactful business results with result-oriented analytics and automated pipeline of actionable business insights. Its big data analytics solution helps drive better business results as a result of features like consumer need mapping , loyalty analytics and predictive modeling, customer profiling and clear positioning strategy, creating a seamless feedback loop for continuous improvement, streamlined customer relationship across digital and physical networks, superior channel management strategy and better distribution management through analytics on industry-wise performance.
Finding its Place in the Sun
Formcept is counted among the pioneers of integrated data analysis solution in the Indian market developing products and features that are way ahead of time. And this is what adds to its competitive advantage. Developing unique and ahead-of-times products, the best possible after- service for clients and their continuing association cement its position as a leading provider.
Under the joint leadership of Suresh and Anuj, FORMCEPT has crossed several milestones in a very short period of time and has been applauded for its achievements at various platforms. It won the prestigious “Frost & Sullivan’s 2014 New Product Innovation Leadership Award at GIL 2014”, received” NASSCOM Emerge 50 Award, 2013” and secured position as a finalist of “TiE50 Awards Program, Silicon Valley Chapter, 2013” and “Next Big Idea, NSRCEL, IIM Bangalore, 2012”. Its promising work helped it receive seed fund from CIIE-IIM Ahmedabad by winning “ET Power of Ideas, 2012 “organized by CIIE-IIM Ahmedabad and it recently received Series A funding from GVFL.
A Competitive Workforce that is Cared for
The company strongly believes that product innovation and the right people are the key essentials that drive a company ahead. It also believes in maintaining a healthy work environment and that both physical and mental health is crucial to employee performance. It motivates the employees to follow a healthy lifestyle and ensures that healthy snacks/ juices are available at the workplace. The temperature level, ventilation, light, office furniture is being aligned to provide optimum comfort to employees. It also provides employees with health insurances. To lighten the mood during the work on challenging projects, employees can play games, have briefing sessions or go out for lunch during office hours. Increasing awareness of the importance of mental health through healthcare practices is also taken into account. The company takes a 1-1 session with employees to understand if they are facing any stress related issues or any physical issues. It also provides assistance in the form of compassionate leaves in the event of someone needing it for stress/physical-related issues. Formcept promotes an open culture where everyone can express their feelings openly to anyone, be it founder or be it a freshly joined engineer.
Solutions for the Future
As entrepreneurs, the founders advise fellow dreamers that “Nothing is Impossible”. Challenges shouldn’t be viewed as hurdles and staying positive always is the key to realizing the dreams. It is also equally important to “Be up to date with the latest technologies, new features developed by competitors, industry trends etc.”
As for Formcept, the ambition is to turn it into a $25Mn Revenue Generation company by the end of 2019. To cater to the latest trends in analytics, it is coming up with innovative solutions where the real needs of the customers can be solved. The company will also focus on emerging trends like Augmented analytics with its product- MecbotPlus. It will enable users to automatically discover, visualize and extract relevant findings without writing algorithms. Other activities that are possible include data profiling and data quality, harmonization, modelling, manipulation, enrichment, metadata development and cataloguing. Ultimately, MecbotPlus will enable collaboration between expert data scientists and citizen data scientists. To make this product innovation happen, the need is to develop a strong technology base & the right people support and that is what the company is trying to build.