Craig Beringer, President & CEOBuilding high-value prediction algorithms using machine learning is easy; however, the key challenge for businesses today is to build the prediction model that suits their business objectives. With static prediction models that are adverse to manipulation, businesses usually rely on guesswork to make decisions. With Innodatatics, gut feeling in business decision making is a thing of the past. In the burgeoning big data analytics market, Innodatatics stands out with their ability to deliver a unique combination of analytics and subject matter expertise in diverse industries to provide well-rounded solutions to clients. “We have domain experts who are also statisticians and have great acumen toward IT that makes us a go-to partner for data analytics,” says Bharani Kumar, Director of Innodatatics.
Bharani informs that businesses today are looking for solutions that allow them to forecast market conditions accurately and complete mundane operations automatically. Catering to these requirements, Innodatatics continuously monitors market developments—that the client operates in—and ensures their prediction model is aligned with the market dynamics. Backed by the domain knowledge, the Innodatatics continuously monitors the market developments and alerts clients to update their prediction model by taking into consideration the most recent data.
Innodatatics doesn’t just stop at just understanding the challenges faced by the client but also fully comprehends the impediments experienced by the industry and the geography that the client belongs to. Conducting a thorough market research, including regulatory developments, Innodatatics records those business problems. They have a sophisticated research lab where a team of researchers—Ph.Ds—leverage various open source tools to extract deep insights on the prevalent challenges and provides clients leading-edge technology solutions to address those challenges. In case a client doesn’t have relevant data, Innodatatics takes the initiative of capturing the data on their behalf. To illustrate, if a client is suspecting fraudulent transactions but doesn’t have enough data to prove it, Innodatatics leverages their analytics expertise to build prediction model by taking into account the location and timing of the suspicious transactions. By comparing the distance between locations of transactions vs. the time lag between those transactions, they allow clients to quickly identify whether a given transaction is fraudulent or not.
We have domain experts who are also statisticians and have great acumen toward IT that makes us a go-to partner for data analytics
In an instance, one of their clients from the financial services industry had the challenge of predicting loan defaulter. The financial services company offers loans for two wheelers, four wheeler, as well as construction equipment. Initially, Innodatatics setup a pilot for construction equipment loan where they built a prediction model to identify the probable loan defaulter. The model predicted with 96 percent accuracy, the loan subscribers who would default on repayment, portending greater business challenges for the client. This will minimize the risk but it will also minimize the profits because the company might end up rejecting many loans. However, Innodatatics, as always, was resolute to help the client manage business risk and revenue opportunities by offering deep insights into customer behavior. They categorized the loan applicants into divisions by predicting their probability to pay the loan amount in time, ahead of time, with the delay or willfully default. Those applicants who had high score were offered bigger loans at low interest, while those with a low score were offered smaller loans at high interest. Additionally, Innodatatics also helped them fine tune the tenure of the loan according to a customer’s probability to default over a period of time.
With proven skills and several client success stories, Innodatatics has won many laurels not only in data analytics but also in machine learning and artificial intelligence. The company continues to expand the impact of their solutions across the globe, helping more companies with cost-effective solutions driven by domain knowledge.