Scope and Future Trends in Business Analytics in India
- June 7, 2016
- Posted by: iNurture
- Category: Blogs
In the recent times, with the changing technology and the challenging business scenarios organizations are looking for a way to focus their attention in increasing their business revenues while cutting the operational costs. Organizations wants to improve their operational structure by gaining insights to the future. Companies have huge amounts of data in each and every sector like research, marketing, sales, customer service, production and so on. Overlooking these sets of data helps us to identify the potential risks faced by the company, understand the areas which need to be improvised to increase the revenues of the company.
India is a developing country which has an enormous pool of talent sources available in each and every sector. Outsourcing to India have increased to a greater extent in the recent decades. Business analytics is a domain which needs highly skilled people in the areas such as big data, analytics, statistics, probability, management, IT sectors and so on.
India is very popular among the international market which provides offshore services to several companies in business analytics. Since huge amounts of data is pooling in the companies, it is always crucial to take the right decision and overcome the drawbacks in companies.The scope of business analytics in several big companies have been never ending and expanding which helps to earn profitable incomes while managing the resources, analyzing the available data, identify patterns in the hidden data to understand the financial state of the company.
Business analytics in India is booming and there are plenty of opportunities available in the market. Career in business analytics is rewarding and has seen a fast paced growth in the recent times. Skills needed to make it big in analytics usually require statistical methods, quantitative ability, logical thinking, business knowledge, big data, tools to understand the available data, managing ability, maintaining the resources and son on. Understanding the business scenarios and able to tackle them with good knowledge in big data helps to improve the financial status of the companies.
Advancements in India for business analytics has increased to a greater extent which provides huge employment opportunities for the unemployed, increases the pay rolls for the skilled professionals, helps individual to get in touch with the sophisticated technologies. Analytics has the power to change the present business by observing the huge lumps of data present in the past, transform the business scenario of the company, elaborate on new set of business models, encourage the innovative processes, and produce a result which completely enhance the growth for a company to a greater level.
There is an increased need for the business analytics as it is a blend of modern tools, analytics, software, management, IT to make an organization grow in the competitive markets. Business analytics helps us to gain future insights by observing the past data to serve the customer better and in an efficient manner.
Several sectors in India which make use of business analytics are banking, telecommunications, outsourcing companies, e commerce companies. Banks uses data mining techniques to search through the populated data and analyze the available information using several tools to identify the potential risk segments and helps them to overcome the risk issues. Credit card companies uses business analytics in preventing the fraudulent activity from the customers.
Data security has been a major constraint in many companies. The issues with data security can be transformed using data analytics. As the population in India is huge, the mobile and internet options are available everywhere which in turn increase the amount of data produced. In India, the healthcare industries also use business analytic to gain the profits for the hospital, sales representatives, manufacturers from the equipment industry, insurance companies, by analyzing the customer data and providing a good decision to overcome the risk and enhance profits.
Use of innovation in business analytics that the data is accessed from anywhere on different platforms such as cloud computing have shown a way to improve the structure of a company in several ways. In India, the growth of analytics is significant and noticeable in the areas of bank, telecommunication etc. but still has to penetrate the other sectors of the market. There are several startup companies booming in India who focus their attention on the big data to pull out the important and useful information and provide a future insight to the company and also provide huge number of employment opportunities in the analytics domain and increase the income of the company.
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