Astutrix Technologies Pvt. Ltd., a digital native data sciences services company, has announced the launch of India's first discovery platform for data sciences consulting, Cogniticx.
Cogniticx, conceived as a data science talent marketplace, is aimed at a large scale, value added job creation for the phenomenal number crunching talent that India possesses. It enables an efficient matching of demand and required skills at optimal price points.
"The rising entrepreneurial aspirations of the youngest population on the planet puts Cogniticx in a sweet spot, as it could facilitate a new generation of entrepreneurs, "The DataPreneurs" who typically start as freelancers on the platform, but eventually may branch out as boutique data science firms, fostering innovation at the grass-root level," said co-founder and COO, Rishi Bagga.
For clients who may need these services, Cogniticx aims to play a stellar role in bringing down the cost of adoption of data sciences as well as improve success rates due to its razor sharp focus on delivering outcomes.
Cogniticx aims to deliver this success with its disruptive business model wherein clients could opt for an on demand, outcome-based analytics adoption, one which is agnostic of the analytics application used and the skills required to run it.
It has simplified the approach for enterprises looking to augment their teams temporarily or for first time analytics clients by making it very simplistic; hire data science professionals from Cogniticx's on-demand analytics services platform, ones who may leverage extremely popular open source applications such as R and Python and provide insights for optimized decision making at a desired frequency. In such a case, expensive technology acquisition becomes an option rather than a mandatory condition for clients.
"In most organizations having an analytics requirement, a well-known and addressable business challenge quickly metamorphoses into an IT challenge - which software to procure? One that not too many have a clue of! Add to that the onerous nature of hiring the right skills and continually upgrading them makes matters worse. All this for just testing a hypothesis as one needs to incur the costs even before the organization has realised any ROI from the investments made," added Rishi Bagga.
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On the supply side, a data science service provider benefits by being able to reach their most likely customers, which they would not been able to reach independently. Further, the underlying principle of sharing economy helps unlock what we call at Cogniticx the "Latent Value of Talent". The data scientists could monetize their skills and time better, facilitated by this efficient matching mechanism enabled by Cogniticx.
According to consulting bellwether, IDC, the worldwide data science market size is expected to grow to USD 210 billion by 2020, presenting a huge opportunity for India's talent to leverage.
Further, according to a McKinsey research, by 2025, online talent platforms can increase GDP by up to 2.4 percent in seven focus countries, namely United States, the United Kingdom, Germany, Japan, China, India, and Brazil by 2025. Specifically, in India the impact on GDP is anticipated to be in the region of 1.9%.
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