Impact DataSource LLC with the help of Praxent built Economic Impact Engine. They had created one of the layers in an application which can deal with all of this calculations, but it needed to be flexible enough so that we could create new models on the fly. So they come up to this idea. The engine is really the core and heart of the subject, everything else is built upon it. Also, we were very quick in creating new models, depending upon the state, tax year and different industries. We have worked with community leaders to forecast and plan this kind of economic growth since 1993. New business locations are tricky topics and economic developer of cities and communities of countries are always interested in beginning an open area for all business start-ups. But the taxes that are to be paid, benefits they get is important to understand for the new business communities. Well, managing the complexity of tax distinct of countries was error sum and difficult to manage. Clients wanted to make the changes on the spot and see the results immediately. The cloud-based platform Praxent built is called the Impact Dashboard. In addition to access to impact data sources V/S proprietary calculation, the Economist can use the Impact Dashboard which directly allows making changes to the data without any waiting for the next data city counseller. The primary challenge was to take very complex and practical data, get it into the system, the way it was intuited from a sample and make sure that reports can be generated, which are considered by folks who didn’t know anything about Economical Development. They helped us manage users and help them set up the answers for the required questionnaires. Also, we need to set up a project with the right key values. Hence the whole platform was centrally manageable with every type of complex data by unifying all data into a single database.
What is it about the company that you appreciate the most?
Talking through their team about the whole concept was beneficial and kind of step out from spreadsheet level and think at a bigger level. In the 1st year, when launched the Dashboard online, we had a 60% increase in our subscription model. It helped to draw people to us, who haven’t heard of us before that is expanded client network. Also, there was lead by a 42% increase in total revenue. Every time they look at their client, they look forward to fundamentally change their game in the matter of business or even in their industry by giving them the best solutions and services.