Organizations in India, like in most industrialized nations, are moving fast in recognizing the potential of big data and are transforming themselves from being merely data collectors to data centers where valuable analysis can follow. As each aspect of a customer journey is now being monitored and analyzed in real time, the role of data analytics in India has evolved from being a by-product of multi-national firms to the necessary norm of most businesses.
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Transformation of digital analytics services from predictive analytics to optimization analytics will be the way forward for business analytics in 2015. Predictive modeling and statistical analytics will be aimed at reducing wastage, reducing customer attrition, and enabling organizations to achieve more with the resources available to them. A challenge for the analytics sector in the coming years will be to use this broken information with regards to all functions and departments to produce insights to help companies achieve optimum performance at levels for all tasks.
Reporting and visualization services are expected grow throughout the year as more organizations are looking at these technologies as a means of simplifying strategic decision making. As all the relevant data is available through easy to interpret dashboards, and decisions can be made with greater depth, and spend more time devising ways to address the problems and opportunities than spend time on understanding the issue.
With increasing real time monitoring of customers, there will be a greater emphasis on real time data, as it has become the start point to achieve optimum results.
At the same time, companies must realize that the vast amount of data collected through big data from various sources online for predicting future consumer behavior and discovering hidden insights related to customer queries and ongoing sentiments and are therefore subject to change.
Source: Grand View Research