Recent market forecasts and estimates from the National Association of Software and Services Companies (NASSCOM) was treated with much optimism as it points to Data Analytics and Big Data being the second biggest opportunity in the business process management (BPM) industry. India Inc. as a destination for Big Data is being discussed widely within the analytics space, because of its obvious advantages in cost, talent, and the general business environment. As big data continues to grow along the traditional 3V’s of variety, velocity, and volume, in 2014, customer/workforce analytics is driven by the need for targeted marketing, and making services and products as customer/employee centric as possible, so as to address the issue at hand. In the past year successful social media campaigns and analytics initiatives drew headlines. During the last fiscal year there were an increased number of retailers, and banks implementing customer evaluation models and this leads to ensure the right customers are being targeted so as to improve effectiveness of their marketing channels. Tracking of online conversations to identify trends, and ongoing customer perceptions have provided a boost to social media analytics where numerous startups have mushroomed this past year.
Organizations are moving fast in recognizing the potential of big data, and from accumulating customer data, companies have now evolved to becoming data centers, where every aspect of the business is being evaluated by the amount of data and actionable insights that can be generated at every juncture in the business process. While big data and data analytics has been in the forefront of providing insights and predictive power to businesses, digital analytics is now a vital ingredient in the planning process, as it provides ratiocinative abilities about consumer behavior and market dynamics to managers and decision makers. As each aspect of a customer journey is now being monitored and metered real time, the role of data analytics has evolved from a value added exercise within departments and business functions to now being prioritized to enterprise wide implementation.
Transformation of digital analytics services from predictive analytics to optimization analytics will be the way forward for business analytics cometh 2015. Predictive modelling and statistical models will be aimed at reducing wastage, reducing customer attrition, and enabling organizations to achieve more with the resources available to them. Processes along the value chain such as procurement, supply, and distribution are now being targeted with greater enthusiasm to achieve optimum process efficiency at all levels. A challenge for the analytics sector in the coming years will be to use this sparse and spatial information with regards to all functions and departments to produce insights to help companies achieve optimum performance at levels for all tasks.
Data Analytics on the go
Reporting and visualization services are expected grow throughout the year as more organizations are looking at reporting as an enabler for easing the strategic decision making process. As all the relevant data is available through interactive dashboards, and decision cockpits decision makers can making decisions by looking at the problem at hand with greater depth, and spend more time devising ways to address the problems and opportunities than spend time on understanding the issue.
With more sensors and real time monitoring of customer journeys there will be a greater emphasis on real time data, as it has become the start point to achieve optimum results. With the new age of optimization analytics upon us it is time service providers respond with more flexibility as it could be the defining factor in times to come.
Blueocean Market Intelligence believes that big retailers and financial institutions in India have reached a point of maturity with their data collection, and it is time they implement digital analytics to understand the relevance their exhaustive data holds to generating insights, optimizing the business processes, and impacting business results. While structured data in companies must realize that the vast amount of data collected through online forums and websites can be vital in predicting future consumer behavior and discovering hidden insights related to customer queries and ongoing sentiments.
The author is Senior Vice President – Analytics, Blueocean Market Intelligence