Cloud to speed up adoption of data analytics by India Inc

Tags: News

Trend will bring efficiency in businesses & reduce costs

Indian industry is still far behind global businesses in adoption of data analytics for better decision-making. However, fast adoption by even mid-tier companies is expected with analytics increasingly getting into cloud, bringing in efficiency and bringing down the cost.

“On the supply side, more than half of the talent in the analytics space would be in India, providing almost 90 per cent of their service to overseas companies. But at consumer level the adoption of data analytics by Indian businesses is still low. Apart from the large organisations in banking and manufacturing and the e-commerce companies not many are into capturing and using data for managerial decisions,’ said Satyakam Mohanty, director and CEO, Ma Foi Analytics.

Even in these sectors the adoption has not happened at all levels. Financial services are using more of marketing analytics and credit risk analytics. In manufacturing many companies use it for inventory management and forecasting. The adoption is, however, higher in the e-commerce sector across large to medium and small companies. Though the usage of analytics in different levels of decision-making has significant impact in terms of increasing profits and lowering costs, the industry has been worried about the cost of adoption.

“Moreover, many companies are conservative in their decision-making process,” said T N Swaminathan, director — branding, Great Lakes Institute of Management. Many think their domain expertise and knowledge is enough in decision-making. “However, the traditional firms and even those in the mid-tier will have to open up and this could happen in next two years. They will be forced to adopt analytics to remain competitive in the market,” he added.

“With cloud, democratisation of analytics has happened. Earlier, firms had an internal team for analytics. Now the cloud-based solutions are almost ready for consumption. Better usage of the captured data too is expected with the ready-made solutions. Cost on infrastructure and that on additional manpower can be reduced. In some of cases the cost can be brought down up to 80 per cent,” said Mohanty.

sangeethag@mydigitalfc.com

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