Bodhtree Consulting Limited, a Hyderabad-based software services provider, expects its new data cleansing solution ‘Midas’ to bring in $10 million (approximately Rs 49 crore) to its global revenues.
Towards achieving this target, the company has signed a strategic software partnership with Philippine-based ECCI Group – a business consulting and advisory services provider serving over 1,000 customers – to broaden its vertical-agnostic Midas market in the ASEAN (Association of Southeast Asian Nation) market.
“We are confident that Midas will emerge as a strong data management solution in the ASEAN market. We hope to achieve 30 per cent of our global Midas revenues from this region,” Sanjiv Gupta, chairman of Bodhtree, said in a press release on Tuesday.
According to the Data Warehousing Institute, a US-based organisation that provides high-quality education and research in the business intelligence and data warehousing industry, businesses lose more than $600 billion every year due to poor quality data, while direct marketers in Europe spend 195 million pounds annually on incorrectly addressed international mails.
A Gartner Inc’s research report has predicted that ‘dirty data’ will cause 50 per cent of the insurers to have compromised decision-making assumptions by 2012. Data cleansing (also called as data scrubbing) is the act of detecting and removing corrupt or inaccurate records from a database.
“One of the key drivers behind the development of Midas is the burgeoning global data cleansing market segment and the unprecedented growth of data generated by individuals that requires constant optimisation attention. The market for data cleansing solutions is pegged at $100 billion in the US alone, of which the healthcare sector accounts for about $20 billion, which holds huge potential for solutions like Midas,” Gupta had earlier told Business Standard.