To address the growing business opportunities in the Analytics and Big Data space, National Association of Software and Services Companies (NASSCOM) announced the formation of Analytics Special Interest Group with a group of thought leaders comprising of members from Industry, Academia and Government. The announcement was made at the NASSCOM Big Data & Analytics Summit 2013 in Hyderabad. The aim of the group will be to provide thought leadership on structuring the growth strategies for India to emerge as the Analytics hub for the world and help build holistic strategies for Talent and Skill development program for this space.
NASSCOM also released a report on “Risk and Procurement Analytics” in association with CRISIL. The report aims to showcase the industry landscape, key drivers and emerging trends for risk and procurement analytics, potential opportunity and India as the leading analytics’ sourcing hub. The report predicts robust prospects for these services, particularly risk analytics, which is expected to become a USD 50 billion industry globally by 2020. A USD 2.5 billion opportunity for Indian analytics services players, up from USD 700 million in FY2013, growing at a CAGR of 19-20 per cent. Risk analytics is increasingly becoming a core component of risk framework given the complex regulatory environment, market pressures for better risk-adjusted performance, increased market volatility and need to make informed decisions.
Speaking on this occasion, Som Mittal, President, NASSCOM, said, “The need of the hour is the development and nurturing of the ecosystem including leveraging the analytics applications for various sectors of the industry. The primary role of this interest group would be to help increase the visibility and relevance of the analytics in Indian context, to consult and equip analytics providers with requisite capabilities to deliver analytics projects successfully, to address the talent gap for meeting burgeoning demand and to get answers to specific issues plaguing the adoption of analytics in the near short term and long term. ”While talking about the “Risk and Procurement Analytics” report, he added, “Risk analytics is increasingly maturing from being an isolated function within finance or investment unit to being integrated across all business units. It is becoming a core component of risk framework given the complex and volatile environment and is helping companies make informed decisions.”
Talking about CRISIL’s role and contribution to the “Risk and Procurement Analytics” report, Roopa Kudva, MD & CEO, CRISIL said, “Risk analytics is increasingly maturing from being an isolated function within finance or investment unit to being integrated across all business units including portfolio, operations, sourcing & procurement, audit and compliance. Organizations are increasingly focusing on cost cutting and looking for top-line and bottom-line growth.”
India with its strong focus in the field of core science and Mathematics is in a big vantage position when it comes to analytics talent as it has one of the largest pools of analytics and data science talent in the world and has been playing a key role in supporting the analytical needs of the developed markets. Indian Analytics Service providers have already taken a lead in preparing for this journey to be the Analytics hub for the Global economy.