Throughout history, information has always been viewed as a massive asset from a business point of view. An intersection of statistical insight and the knowledge of value of information has helped many businesses advance, even as far back as the beginning of 19th century. Presently, when the business market in India is more diverse than ever, the power of data and information have a greater capacity to make an impact and create reverberations in the business world.
Smart-Up with Analytics
India has been successful in creating a healthy start-up ecosystem, however, for most of the start-ups to be successful there is a need to be smart to survive in a market which is highly competitive. Statistics is perhaps the biggest tool which can help these business entities to gain that elusive competitive advantage. However, mere knowledge of statistics or a rough idea of the basics of big data does not help in getting an advantage over the competitors. Success in this case comes from an amalgamation of planning, committing and executing it perfectly. The successful use of statistics and more specifically big data can inherently be linked to organizational structure, careful strategic planning and management commitment. The greatest value of analytics come from proper execution, as it is multi-disciplinary activity.
Execution is by far the most complicated aspect of business analytics. The exponential growth in the sheer volume of data available today, sophisticated algorithms being developed and the ever increasing computational and storage power have made it extremely difficult for many start-up companies to incorporate analytics into their business model. However, those that have managed to successfully converge these trends have fuelled business disruptions.
Need for Trained Professionals
Today most of the Indian companies are only able to capture a fraction of the potential value that can be derived from data and analytics. The challenge in extraction of data is primarily organizational in nature. Most of the business enterprises find it extremely difficult to incorporate data driven insights in the day-today or regular business processes. However, the bigger challenge at this moment in time seems to be attracting the right kind of talent. This not only includes the data scientists but other professionals like business translators who have the capability to combine data savvy with functional and industry expertise.
Although the Indian colleges and universities have finally woken up to the idea of Data Science, the options for the budding talents still seem to be very one dimensional. The focus is primarily on a handful of courses. One of the most popular ones being the training programs for Data Scientists. Even in this field, there is a significant gap in demand and supply. Every year there is proliferation in demand of the companies but due to the lack of industry oriented educational and training programs and the dearth of data science courses, there is a severe shortage of candidates who can actually fill the vacancies. More in-depth training modules coupled with a wider range of courses may enable the Indian youth to take advantage of the rush created by data science. It can to an extent prove to be detrimental in solving the pressing issue of job scarcity in India too.
Data analytics in the business sense is highly dynamic. The changing trends in business and constant update in technology means that this field is constantly evolving. As a result it becomes imperative to keep up with it to make the most of it. Business analytics is already transitioning from merely looking at reports which are generated by the Business Intelligence system to a stage where complex algorithms can help make big business decisions. At present the focus is on collecting data from various sources. In the future one can expect to see the companies using this data to build sophisticated algorithms while using predictive modelling to help make better and safer business decisions. Such experiments have already proved successful in other sectors like healthcare and share market. An amalgamation of data, statistical analysis and predictive modelling can result in accurate, economical and objective decisions which will not only help in development of big business houses but also the micro, small and medium enterprises. These decisions will be based on historical data, while also keeping in mind the future demands of the market. Moreover, with the increase in the collected data, there will also be an insatiable demand for tools that can help various organizations access, share, analyse and govern information. Under such circumstances, combining data warehouses with transactional and non-traditional external data in a source can help develop information for business analytics and sophisticated modelling.
A lot has changed in business of late. From a situation where most business houses suffered due to the paucity of information to the current scenario where the companies are struggling to discover the useful information from a deluge of data. Tackling these challenges associated with the tsunami of data requires effective application of analytics. Those entities who will be able to manage this data deluge will be the future.