Businesses worldwide are headed for a paradigm shift with the evolution of Big Data. Since its inclusion in the field of technology, big data analytics is going strong and poised to make bigger strides in deriving eye-opening business insights and predicting future scenarios. Analyzing the huge amounts of data flowing in from disparate sources, carrying out scientific analysis and then channelizing it to derive smart business insights help in making quicker, well-informed business decisions. Advanced analytical tools and people capable of putting these tools to work are two main table stakes to succeed in this big data game.
Through big data, an enterprise can unleash major impacts on unravelling strategic information, reducing cost, improving existing products and services, enhancing customer experiences and transforming business models. These are precisely the reasons why enterprises (big, small and mid-sized) across the globe are integrating big data analytics into their system. Early adopters of the technology have gained a significant advantage over the rest as those with one of the most advanced data analytics capabilities are outperforming their competitors by huge margins.
The current situation of analytics in India presents a very positive picture and is expected to grow sizably in the future too. According to a study by NASSCOM, the Indian analytics industry is predicted to reach $16 billion mark by 2025. If the prediction is to be believed, India will have 32% of the global market. The industry is expected to grow at a CAGR of 26% up till 2025. These numbers are suggestive of the fact that India is emerging as one of the top destinations for analytics. With several large and small players across various parallels of the industry entering the Big Data and AI ecosystem, it is precisely clear that enterprises are gaining real business value from it. NEC has been playing a significant role in transforming the big data analytics journey of enterprises across industries in every corner of the globe. Quoting an example here-NEC transformed the data strategy of one of the leading telecom players in APAC by implementing a cross-organizational and scalable data lake enabling the customer to store all forms of data in a secure manner and extract true value for informed business decisions.
In India, big data analytics technology is creating a huge impact in a wide number of industries and continues to gain momentum as we speak. Let us dig deeper as to how diversified sectors are investing in the technology to upscale their businesses
Big data initiatives promise to increase efficiency and profitability across the entire value chain of the telecom industry. With an increase in adoption of smartphones and growth in mobile internet, Indian telcos have access to a wealth of data – customers’ behaviours, preferences and movements, apps downloaded and so on. They have realized that big data possesses the capability to give them an edge and to win the battle to increase Average revenue per user, reduce customer churn, create new revenue streams and drive market shares.
BFSI is one of the leading sectors which has broadened its portfolio by pivoting a few key big data, AI and ML related initiatives. The industry relies heavily on this promising technology for risk analytics which includes fraud mitigation, anti-money laundering and risk management amongst others.
The healthcare sector has access to massive amounts of structured and unstructured data than we may imagine including prescriptions, diagnostics and insurance claims. However, until very recently the sector has been distressed by failures of utilizing the data efficiently to curb costs and facilitate faster and improved healthcare benefits. Though India is currently not in a position to provide efficient health support especially in the rural segment, it is gradually deploying big data analytics to enhance the standards of healthcare, improve operational efficiencies, facilitate and predict responses to pandemics and improve the standard of observance of clinical trials. To deal with the current COVID situation, the field of big data is playing a key role in finding solutions to mitigate and contain the spread of the disease.
Transportation & Logistics
Right from traffic control, optimizing route planning, smart transport systems, congestion management to intelligent real-time tracking systems, the industry is capitalizing on big data and prioritizing it as an entry point to growth. As big data is leading its way towards unlocking efficiencies that have remained hidden until now, logistics companies are undoubtedly ready to face the increase in demands for shipping. One of the leading Logistics Tracking Services company of India has adopted NEC’s big data platform and analytics services to better manage the enormous data size related to nearly 95% of India’s EXIM container volume. The integrated analytics platform has helped them collect, store, process and analyse data on a single platform with automated reporting, thus minimizing their infrastructure investment drastically.
Amid India’s aim for rapid digitization, the Digital India and Smart City initiatives are gearing up at a fast pace with a focus on utilizing data to design, implement, manage and govern the programmes effectively. Apart from these, there are several other initiatives which explicitly advocate that the government has recognized the potential of big data and is very much keen to put it to use for the benefit of the society. Last year, Comptroller and Auditor General (CAG) launched Centre for Data Management and Analytics (CDMA) to synthesise and integrate relevant data for the auditing process. Also, many states are collaborating with external partners to collate standardized city data in order to understand their position vis-à-vis other similar cities around the globe.
Many Indian firms have put advanced analytics at the core of their future platforms and applications. Augmented by AI/ML, the analytical tools have now become more user-centric. Having the necessary infrastructure and a pool of highly experienced specialists who are well-versed in applying the science of analytics to find key answers to the most pressing issues faced by businesses, the future of big data surely looks bright in India.
Authored by:- Mr. Deepak Kumar Jha, Deputy General Manager- AIPF (Artificial Intelligence Platform), NEC Technologies India Pvt. Ltd.
(The views expressed in this article are by – Mr. Deepak Kumar Jha, Deputy General Manager- AIPF (Artificial Intelligence Platform), NEC Technologies India Pvt. Ltd. Technuter.com doesn’t own any responsibility for it.)