Sangeeta Jan 31, 2014 No Comments
What do we predict for the Indian Analytics Industry this year? Here is what we put together at IVY:
#1 Analytics, a mainstream career option
With several B-schools launching Analytics courses and professional training institutes expanding their reach, Data Analytics will become a career of choice, especially among the pervasive private engineering colleges.
#2 Data as revenue
Traditional companies like cell phone providers have already begun monetising their data in the absence of clear-cut privacy laws in the country. This year, we can expect to see more companies seeing their data as potential sources of revenue and acting on the same.
#3 Mobile engagement strategy
As Indian mobile device user-base keeps escalating, mobile usage to check bank accounts, pay bills, and access best offers has also increased. During the coming year, we can expect companies developing and improvising mobile customer engagement strategies, to unlock the potential of anlaytics.
#4 Increased adoption of Analytics by small & mid-size companies (SMEs)
With 5 store pharmacy chains, 4 restaurant chains, 4 hotel chains, 6 boutique retail chains, several equity research firms, and more, already having accumulated decent amount of data in their small and mid size ERP (Enterprise Resource Planning) applications over the years, it was inevitable that Analytics start-ups across major metros begin approaching them. So we predict 2014 to be exciting for Analytics, with widespread Analytics adoption.
#5 More investments in B2B Analytic products
As vendors like IBM, SAS, SAP and Oracle combine databases and streaming data with predictive analytics, businesses will increase investment in B2B (Business to Business) vendor offerings. Products like SAS Analytics Pro and IBM SPSS that customise established software to make prediction easier – will be in popular demand.
#6 DaaS (Data as a Service)
Sharing of analytics insights will be applied across departments and employees for a more holistic business strategy. We can expect to see data eco-systems extending across front-to-back operations for greater IT efficiency. Cross enterprise DaaS strategies will be the trend, integrating real-time enterprise analytics, KPIs, the cloud, mobile and social data.
#7 Big Data maturity
From being a buzzword through 2012-13, Big Data applications will unravel – with companies finally talking about how they have deployed Big Data within their organisation. Big Data will percolate all areas of businesses, so we can see increased investments in Big Data technologies and platforms. At the same time, companies will refocus strategies to derive more actionable insights having derived Big Data deployment maturity.
Big Data is here to stay ‘big time’. Already indispensable in finance and retail environments, will 2014 be the year for wide adoption by the Indian Government in tandem with its datacenter consolidation programmes? We can only wait and watch.
#8 Smarter applications
The need to harness both structured and unstructured data – like analyzing customer preference data and twitter feeds for pricing analysis – will drive new analytic, statistical and computational techniques. At the same time, smarter applications that seamlessly combine reporting, predictive analysis, cognitive capabilities and planning on a single dashboard, will drive B2C (Business to Consumer) processes for increased analytics efficiency.
Technologies in sensors, display and monitoring devices, will also come up to add value to customer analysis.
#9 Increased Cloud adoption
Cloud adoption may not go mainstream as yet, but 2014 will see the adoption of cloud-based business intelligence by Indian Companies, where Big data Analytics require pay-as-you-go data storage.
#10 Step-up in Business Intelligence (BI) adoption
While embedded BI within transactional systems has already emerged, businesses will be further driven to reinvent business models to tap insights directly in the business activities. BI adoption will increase, especially with vendor products providing integrated analytics solutions.
And now the IVY exclusive, that will shake-up the way things work in the Analytics industry!
#11 Analytics as a revenue sharing service
In a highly competitive environment, where analytics companies are already willing to offer their services as a revenue sharing partner, we foresee a ‘analytics as a revenue sharing’ model – where analytics companies are also business partners of their clients. A scenario, where for every dollar saving, an Analytics firm gets a % cut.
At the end of the day, it is not only about cloud adoption, BI, Big data analytics, mobile and socially enabled business processes – but the other incidental trends that will define 2014. And of course, most of the trends of 2013 are likely to continue.
How much do you agree?