The science of analytics has been available for centuries, however, technological advancements has made it possible for us to tap its true potential. In the last ten years companies have gathered enormous amounts of transactional, consumer behavioral data and technology that supports this at an enterprise level. Analyzing this data is big business and it is rapidly becoming important to an organization’s growth.
Today, 80% of the data gathered is unstructured – acquired from email, documents, notes, presentations, and social media posts rather than the databases that store structured data like excelsheets, customer resource management data etc. Needless to say, web and mobile platforms too have become equally important to the final consumption of analytics. The real opportunity for enterprises lies in being able to understand and convert this data to informed business decisions.
To support it, technological advances are improving the speed at which data can be captured, indexed and assessed. This is necessary as volume of business data worldwide across all companies is doubling every 1.2 years. CTOs are taking notice of these trends and investing in cloud environments to make data easily accessible, investing in In-data base analytics and database designer tools with the ability to work with structured & unstructured data which is changing the game in this connected business environment.
Also, smaller companies with limitations on scalable infrastructure are particularly benefiting from newer technologies that decrease their dependence on high-computing servers. The last mile, and often the most critical one, is the numerous possibilities of visualizing data better as it’s no longer about understanding data but presenting it in a manner business leaders can access it easily. [quote style=”1″]Today, CTOs are appreciating the benefits of analytics within the organizations and more companies are joining the analytics bandwagon.[/quote]
The Indian economy is amongst the largest in the world and experiencing rapid growth. From being a leader in the field of IT services it is now moving towards becoming a leader in high-end knowledge-based services. With its high-quality talent, delivering cutting-edge technology and knowledge services will elevate India’s position and address the growing appetite for the increasing demand for analytics services.
Even though the Indian outsourcing industry is facing competition from Russia, China, Poland, Philippines, and Hungary, the country has competitive advantages in terms of cost effectiveness, skilled ‘data-scientists’ with capabilities, domain expertise and knowledge of regulatory compliances amongst others. Today, the Indian analytics service providers offer a range of solutions to diverse industry segments such as FMCG, engineering, automobile, telecom, R&D, banking, financial services and insurance. In the coming years, the volume and complexity of work being outsourced to the Indian analytics service providers is expected to increase tremendously due to the competitive advantages – Big Data and Predictive Analytics is the future.
[pullquote align=”left”]Analytics and Big-Data is the sunrise sector opening new avenues for India in the analytics services space. The road ahead is exciting and will only get better.[/pullquote]Especially sectors such as banking, insurance, retail, telecom, automotive and consulting are creating an ecosystem of captive analytics CoEs. Some of the captives are moving to the next level of sophistication and are offering analytics as a service to their customers, leading to the rise of third-party service providers and partnerships.
Therefore, India’s robust IT services and outsourcing structure will be able to excel by diversifying into delivering analytics services to their clients. India is also witnessing a growth of boutique analytics solution providers who are putting India on the global map of analytics ecosystem and attracting investments. The ability of organizations to leverage India as their analytics CoE can be one of the key levers to elevate analytics in the maturity curve. There is already a lot of interest among academia and businesses who are introducing a wide range of courses relating to statistics and data analytics to manage the shortage of manpower of data-scientists. These collaborative efforts along with support from government will be highly effective in addressing the existing and future analytical skills gap in India.