Business growth

Data analytics: driving India’s exponential business growth

With the ever-increasing business in today’s world, where a lot of data is generated daily, the role of data analytics becomes extremely important. It not only helps in driving exponential business growth but also in effectively formulating data-driven decisions and policies. It makes it possible to effectively assess the markets by analyzing and anticipating volatility factors. From education to health, from banking to finance and from agriculture to energy, data analytics will play a transformative role in changing the landscape of governance and administration in the country.

Shaping governance

Data analytics will gain momentum for the foreseeable future and will be at the heart of countless new technology solutions. The reliance on Business Intelligence (BI) and analytics now trumps strategy as a key requirement of business planning. But what will business analytics look like in the years to come? How will the current version of BI and data analytics evolve over time, and how can you ensure your business stays competitive using the new resources that emerge? These questions will get an automatic answer in the ensuing time.

Data analysis has become the heart of the market. It is a detailed approach that does not leave any organization with a biased idea of ​​customer demand. It simply brings out the perfect prediction and helps organizations make quick and smart decisions accordingly. Latest customer trends, behavior prediction, easy interpretation, business profitability and many other vital insights are brought by the data analysis process.

Data analysis

Businesses around the world generate vast volumes of data on a daily basis, in the form of log files, web servers, transactional data, and various customer-related data. In addition to this, social media websites also generate huge amounts of data. Ideally, businesses should use all of their data to derive value and make impactful decisions. Data analysis is used to achieve this goal. To put it simply, Data Analytics is the process of mining and analyzing large data sets to find hidden patterns, unseen trends, uncover correlations and derive valuable insights to create business protections. It improves the speed and efficiency of business processes.

Actual status

There is no doubt that data analysis and BI tools are evolving at a rapid pace. According to a McKinsey report focused on the healthcare industry, “Data analytics and insights services will experience the fastest growth rate, 16% to 18%, over the next five years, while basic administrative services are not expected to experience significant growth due to automation.”

Data analytics is also changing the fate of the energy sector. Indian DISCOMs have faced huge transmission and distribution losses, but the use of Data Analytics has reduced the loss from 40% to the current rate of 20%.

Abhinav Sood, Business Advisory Industry Consultant, SAS India said, “Digital transformation and analytics in itself are going to play a huge role in transforming the power sector in India. Many investments, policy interventions and regulatory mechanisms made over the years have only improved the hardware side of the electricity sector, but its technological side was missing. Thus, Data Analytics can play a transformational role in verifying revenue leakage and bringing efficiency and transparency to the energy sector. As our honorable Prime Minister insists on making India a $5 trillion economy, the role of the GDP-Electricity-Elasticity concept becomes very crucial, where data analysis is going to prove very instrumental.

Highlighting the importance of artificial intelligence and machine learning (AI/ML), which are used in data mining or data optimization, he believes: “Investing more in the billing system will only generate not revenue for you, but making sense of the data that you collect is going to generate your revenue. And that’s how you can reduce the distribution loss to 10%.”

Integrated offers
Know the customers or potential customers:
The most important virtue of Data Analytics is to help a business identify its potential customers and how they can be attracted.

Innovative approach: You can get a rough idea of ​​future trends through data analysis. So you can update your approach and take advantage of it. Hence, here you can get an idea why data analytics is the future of everything.

Data analysis

Reduced operating cost: Data analytics reduces operating costs and drives business revenue growth. The scope of data analytics in the future is so clearly visible due to its endless list of virtues that can lead to a major change in the growth of a business. You can know exactly the right kind of advertisements advised to you to attract your customers and that too at a much lower price.

Accuracy of information: Companies need to have a clear picture of where they stand to take a leap forward in their careers. Data analysis helps them get a vivid picture of their services and how the market responds to them. It gives a clear idea of ​​how to align plans and see successful results happen.

Properly anchor digital marketing strategies: When your digital marketing strategy is in place, you don’t have to worry about growing your business. Digital marketing strengthens your brand image on the virtual platform. And data analysis brings value to your digital marketing efforts. So, when your digital marketing strategy is flawless, you tend to add value to your brand image successfully.

The path to follow
According to CBRE’s latest report, data center capacity is expected to nearly double by 2024, with more than 400 MW currently under construction in Indian cities. Investment in Data Centers (DC) in India is expected to surpass $20 billion by 2025. Growing digitalization coupled with strong government policy push has led to an increase in demand for DC in India. In addition, OTT, online gaming, increased use of smartphones, e-commerce, online education through EdTech platforms, location-independent work, as well as advanced technologies such as learning automatic, 5G, blockchain and artificial intelligence, have led to a multiplicity leap in data transmission and the need for high-speed servers.

To make the most of these opportunities and lead a paradigm shift in its economy, India needs to optimize its speed of data analytics adoption and more thought should be put into it so that we can reap the results. transformative that data analytics has to offer.

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