Data Science is all about extracting, analyzing, visualizing, managing and storing data to create insights. These insights help the companies to make powerful data-driven decisions. Data Science has helped various industries automate tasks which helps save time and reduce cost. Not just that, the incredible insights organizations can gain on their data can help them provide better services, mitigate risks and take better decisions.

In the recent years, although new technologies have been developed to store big data, the volumes of data have been ever increasing each year and many organizations struggle to keep pace with the data and to effectively manage the data and create a better value out of the data.

HEXANIKA is a leader in providing customers with innovative industry specific data products with expertise in the banking, financial services, insurance and healthcare domain.

Hexanika was established in 2014 by Founder & CEO, Yogesh Pandit and Co-founder & CTO Makarand Gadre with the aim to enable organizations to ‘Succeed with Data’. Today, the team has grown to 30+ people based in USA and India.

The management team specializes in enabling institutions to adopt innovative solutions that deliver specific business outcomes by leveraging technologies like Big Data, Artificial Intelligence, Machine Learning, Cloud, etc. The management and advisory team are seasoned executives in the financial services and technology industry with a combined experience of over 300+ years.

HEXANIKA is a B2B company providing data management, analytics and reporting solutions to banks, insurance companies and other financial institutions

 Products and services

 Hexanika provides customers with innovative industry specific data solutions by using out of the box / ready to use patented algorithms based on Artificial Intelligence (AI) and Big Data. Multiple disparate and manual data management (sourcing, ingestion, aggregation, consolidation, etc.) and reporting processes get automated and consolidated. Thus, the business processes become effective and efficient.

On top of the platform, HEXANIKA and, its clients and partners, have built customized industry-specific solutions that provide business outcome. The solutions come with pre-built data model, rules and reports.

HEXANIKA offers solutions for industries primarily in BFSI and healthcare:

Solutions for Banking, Insurance & Financial Services (BFSI):

1. SmartReg for regulatory reporting & compliance
2. SmartDetect for AML / transaction monitoring and fraud

Solutions for Healthcare / Lifesciences:

1. SmartBill for billing analytics and reporting
2. SmartDetect for adverse event reporting to FDA

Data science covers the study of data from analytics, sourcing, storage, extraction and structuring. HEXANIKA through its focus on data science leverages Big Data technology to enable institutions to manage ever growing data challenges. The challenge is not just large amounts of data but the fact that most of this data is unstructured and coming from multiple source systems, making it difficult to get actionable insights and analytics.

Big Data is just the starting point and the means of achieving the end vision of enabling institutions to ‘Succeed with Data’. Leveraging the power of Big Data, institutions can easily adopt innovative technology to fit into their existing architecture. HEXANIKA solutions enable institutions to streamline data from multiple sources and formats to be used for further calculations, analytics, and reporting.

Overcoming the challenges

HEXANIKA management team and founders have experienced various issues related to data lineage, regulatory compliance and reporting, data analytics and other largely due to the lack of structured data and broken data lineage. HEXANIKA’s approach has been to resolve the crux of the issue, as managing data helps not just the related business processes but also provides actionable insights to clients.

Some of the top industry challenges faced by the financial domain in data sciences space are:

1. Disparate data sources
2. Multiple data formats and types
3. Frequent manual processes and interventions
4. Dependency on multiple software and systems for business processes leading to broken data lineage
5. Building complex business rules or data analytics challenging due to technical dependence
6. Unstructured data and lack of segmentation
7. Need to gain insights on data to mitigate risks, frauds and enable smooth regulatory compliance
8. High costs of technology in maintenance and upgrades

Using a data platform and industry-specific solutions built on top of this base platform, data lineage and auditability are made simple, while business processes are smart using the power of AI algorithms and process automation. This enables businesses to work using existing architecture and save on cost, time and resources, thus being more efficient.

Vision to be the leader with innovation and collaboration

Hexanika’s vision is to be a leader in providing customers with innovative industry specific data products and the company’s mission is to empower people to build innovative, simple, smart & efficient data solutions for clients to increase profitability

Banks globally are now spending in excess of $270 billion per year on compliance and regulatory obligations, having 10–15% of their staff dedicated to compliance on average. Despite this, financial institutions in the US alone have paid more than $160 billion in fines for non-compliance. This number is only growing as the dependency on legacy technology and multiple manual processes makes it difficult to get end-to-end data lineage and transparency on reported data.

HEXANIKA’s moto is to effectively and efficiently solve data challenges faced by various industries like banking, insurance, healthcare, etc. With this philosophy, HEXANIKA has built solid relationships with industry leaders and people within the financial institutions who are looking for innovative data solutions for managing their business processes efficiently.

HEXANIKA currently leverages local and global consultancy firms in new geographies for purposes of Go-To-Market (GTM), implementation, language and other specific customizations as required. The partnership model ensures that HEXANIKA’s primary focus is always on innovation and solution development as a product company.

Achievements leading to a path of entering new global markets

 The product has matured to include additional capabilities that are ready to go to market. HEXANIKA platform has evolved to include more features and can now be deployed easily On-premise or on cloud (SaaS-ready soon). In addition, HEXANIKA has built an AML solution along with its partner that leverages its data platform to enable banks to effectively and efficiently generate SAR / AML reports and build rules to mitigate false positives.

HEXANIKA is currently in the process of raising funds and building additional AI features to enhance product functionalities for its clients and partners. HEXANIKA looks forward to achieving the goal of becoming the leader in providing data solutions to industries. In addition to US, HEXANIKA is targeting to expand to Europe, UK, APAC and other regions and has already started communication with potential opportunities in these geographies.

While Data Science gives us an understanding of the inherent characteristics of new-age technology like Big Data, Artificial Intelligence, Cloud, Machine Learning and others, it takes human intelligence to find innovative ways to apply it for enabling business processes to be effective and efficient. That is the culture the company is trying to build at HEXANIKA.