When it comes to technology, Data Analytics has been on the priority list for most of the CIO’s in recent years. It is no longer a hypothetical term with undefined ROIs, organizations which have been harnessing the power of advanced data analytics for better decision making, have outperformed their competitors in terms of revenues and profitability. Moreover, people across the non-technical functions of business too want to play around with data to drive insights. According to a report released jointly by NASSCOM and Blue Ocean Market Intelligence, the data analytics market in India itself is predicted to reach $2.3 billion by the end of 2018.
Why has the need for Data Analytics grown exponentially?
With increased digitalization, social media, and cheaper tariffs for cellular data, the world is producing data at an astonishing rate. Apart from the business data, machine data is also captured through RFID and sensors. And, businesses do not want to miss the hidden trends that these data possess for their growth. Also, data analytics is still a newer concept that can help businesses to gain a competitive advantage over their competitors.Functional areas where Data Analytics can be beneficial:
Irrespective of the sectors and the subject areas, implementation of data analytics can be beneficial for any function. However, some of the most proven value propositions of data analytics can be risk management in finance, location-based analytics in telecom, preventive analytics in healthcare to geospatial analytics in the logistics sector, and the list can go on. Many Indian large MNCs have been the frontrunners in the early adoption of data analytics, these include organizations like ICICI, HDFC, Bharti Airtel, Idea Cellular, Tata Motors, Mahindra and Mahindra, and established start-ups like Flipkart, Snapdeal, etc.Hurdles in the adoption of Data Analytics:
The general sentiment in the Indian Market has been positive from the corporate fraternity and organizations are looking forward to data analytics implementation in their environments. But, certain assumptions like the cost and skills for data analytics are hampering the intention of decision-makers. A general notion is that data analytics is a costly affair and can be afforded by only the big corporate giants. Similarly, hiring data scientists or developing these skills internally in the organization, appears to be a time-consuming and tiring process for some organizations.
While some of the assumptions are true to a certain extent, a host of new-age affordable tools and start-ups are making it possible for organizations of all levels to harness the power of data analytics. With quick projects spanning 2-3 months on these analytics tools and then training the business users to efficiently utilize them for regular monitoring and insights, any organization can develop an in-house data analytics capability. Also, post the implementation, the regular support work (if required) can be outsourced to the specialized vendors for efficient management at a minimal cost.
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