In the era of Internet, mobile, IoT and Artifical Intelligence, companies are actively employing new tools to stay competitive, besides stimulating adoption of its resources (datasets, data analytics and technologies) and transfer knowledge to key stakeholders in different domains.
Mostly, these are separate activities which require quite a deal of effort for their preparation and financial resources. And that’s where Datathon is gaining popularity to identify best practices and path-breaking solutions at the early stage.
When Yes Bank organised its first Datathon in the second half of 2018, little did they knew that the months-long activity is going to end with identifying implementable solutions in the financial sector that are ready to change the equations of the Banking industry once and for all. The whole objective behind the Yes Bank Datathon was to fuel new thinking in the holistic analysis of financial data and give wings to the thoughts resulting in promising tools that could eventually help companies in BSFI segment to deal with fast-changing clients’ demands and requirements.
The Yes Bank Datathon mainly focused on developing innovative ideas and applications using the data formats, services and products offered by Yes Bank and by other related initiatives.
However, the objective behind Datathon by Yes Bank is not limited to identifying path-breaking ideas and bring them to reality. The company is committed to creating a Data Science community for professionals and freelancers as well. Indeed, it makes sense.
In the growing economic scenario identifying and retaining the skill is quite challenging. As the world is moving towards gig economy – as the freelancers’ industry is largely being referred to – companies are leaving no stone unturned to keep skilful resources engaged and satisfied. However, as the various reports indicate, more one in three workers are indulged in freelancing. To put things in perspective, it is estimated that over half of the workforce in the US would freelancers by 2020. No way emerging markets, including India, can stay untouched with the fast-changing equations. The Yes Bank has peeped into the future and has started making moves to stay ahead of the curve in the future when companies may be struggling to identify skillsets. And, in the current scenario, nothing but Datathon could be the strategy to identify the future leaders of the industry.
Data Science Community could be the other proven strategy that Yes Bank has employed to play its part in building the complete ecosystem, largely driven by AI and ML professionals. Emerged as a popular buzz word, Data Science is attracting the eyeballs of professionals who are willing to solve the complex problems by a close screening of data with the help of Artificial Intelligence (AI) and Machine Learning (ML). Unfortunately, the technology is at the nascent stage. Due to the absence of any uniformed community on Data Science, aspiring and budding entrepreneurs and professionals are finding tough to deep dive into it.
Undoubtedly, the Data Science Community by Yes Bank could be proven as a gold mine for such professional, as well as for college students who are willing to expose themselves to these new-age technologies for a better future.
At the time when AI and ML are ready to take over the world, academic education system and traditional skill sets are not enough for Gen Y and Gen X who want to settle with nothing but the very best. The initiatives like Datathon, Data Science Community are much needed to fuel new thinking and develop new skill sets that could make the companies ready for the next wave of change.