Businesses across the world are working around enormous set of complexities and market volatilities these days. They are ready to experiment with any and everything to be able to master this game of ambiguity where it has become important to ‘not-just-guess’ but to ‘know’ what the customer will be wanting and where will they find their next new customer. In such times, data – the new currency of industrial landscape, is providing meaningful and actionable insights with the help of analytics application onto it – thereby transforming decisions into informed decisions.
With so much data available today, we have gradually stepped into an era where everything is data-driven, right from what will click in the market, when should one launch the product, when should one plan a next version, which region is must be targeted, how much of revenue impact can be expected—and the list is endless. It will be apt to say that Analytics has emerged as transformational tool which is here to rejig the entire dynamics of the game.
Varied forms of analytics – which one suits your needs?
To ensure seamless functioning in the organisation, based on the business requirement, one may need a specific analytical capability or even a holistic program which is a hybrid mix of the various analytical capabilities.
As per an industry source, 90% of the organisations use Descriptive analytics today, which is meant to describe what has happened. This often allows businesses to condense big data into smaller and valuable chunks of information deciphering the past results. According to a survey conducted by PwC, almost 18% of Indian business leaders would prefer to use diagnostic analytics to determine the actual causes of outcomes in today’s time.
Predictive analytics being the next follow-up in data consolidation, tries to predict the outcomes of future events by using several techniques such as data mining and machine learning. With AI coming into picture and the amount of data that organisations are churning out, Chatbot analytics is expected to revamp industrial scenario, especially for the customer service industry.
Incorporating data analytics into business operations
Analytics-as-a-Service – When you provide analytics software and operations via web-delivered technologies, it is Analytics-as-a-Service. With this, businesses can develop their internal hardware setups for performing business analytics. For instance, a provider might offer access to its remote analytics platform for a certain monthly fee. Analytics-as-a-Platform refers to an integrated solution formulated in order to address the demands of users, especially for large data-driven incumbents, Analytics-as-a-Platform provides contextual and analysed data out of all the stored information.
As the amount of data, analytical complexity and number of end users rises, analytics platforms offer an assortment of diverse options that can not only help reducing the costs but also help in achieving a state of informed decision making.
Impact of data analytics across the industries
The major chunk of the analytics usage comprises the BFSI, Telecom Services, IT/ITES, FMCG and Retail.
Armed with the big data insights, organisations can increase customer loyalty and satisfaction based on the suggestions indicated by the data intelligence reports.
Oil and gas
Big data can be used in determining the best drill sites. After the optimisation of exploration, analytics can also be used for pipeline risk assessment, storage optimisation, market analysis along with pricing optimisation – ultimately addressing multiple facets of the industry.
Data analytics can help telecom companies to segment the market more accurately and help with the root-cause analysis of failures and glitches on a real-time basis, thus allowing for a quick course-correction.
Retail and e-commerce
With analytics, retailers can now know their customers’ preferences, requirements and spending capacity better and accordingly, design their marketing campaigns better promote to build loyalty.
The way forward
As we enter a world of self-driving cars, intelligent robots and personalised medicines etc., the opportunity pool is just going to expand for industry players.
The writer is Global CEO & Co-founder, Denave