Data Analytics

Definition of Data Analytics:

Data Analytics is all about solving complex business problem and gaining useful insights from the data. Analytics is discovery and presentation of meaningful pattern in the data to help in scientific decision making. It is particularly useful in data rich industry like Banking, Insurance, Telecom, Market Research, and Healthcare.

Data Analytics solutions by Industry

Banking and Financial Services : Data Analytics can help banks in customer acquisition, Customer segmentation, Cross-sell strategies, detection of fraud at application level, Recovery campaigns , Early warning for delinquency and Customer Churn and Retention programs.

Insurance : Data analytics is used to create predictive models to calculate claim analytics- propensity that a claim would go to legal dispute, subrogation analysis, severity of the claim, early identification of suspicious claim, Litigation cost and cycle time analysis, CRM Analytics and Consumer analytics like customer response modeling, market mix modeling, cross- sell /up-sell , Loyalty Management and Lifetime value analysis and Risk analytics.

Telecom : Analytics solution is used to increase consumer productivity in almost all part of lifecycle of telecom services like Churn and Retention, Cross-sell/Up-sell, customer Affinity Analysis, Customer segmentation for different marketing campaign, Application Fraud/ Bad-debt predictive models and credit risk Management.

Retail : For retail industries analytics is used in end to end processes from inventory management to sale of the product and brand building. The major area where analytics outsourcing is used are sales analysis, Category trends, Brand dynamics, Out of Stock analysis, Promotional effectiveness, lifetime value analysis, Churn Detection, Market Basket Analysis, RFM and response Modeling

Beside these Analytics is widely used in manufacturing industries, hospitality ,travel & Leisure, BPOs etc.

Why Data Analytics?

Exponential Increase of Data : Due to the advent of internet there is huge increase in the data generation. Adoption of Enterprise resource planning(ERP),Customer Relationship Management(CRM) and Supply_chain_management(SCP) is allowing companies to capture information about their customers, suppliers and operation. This integration and availability of structured data is boosting demand of analytics.

Increase Affordability of Data Storage : The decrease in the data storage cost in the last decade has encouraged the companies to store more and more data. Now with the cloud computing this cost is further expected to go down.

Increase Affordability of Data Storage : The decrease in the data storage cost in the last decade has encouraged the companies to store more and more data. Now with the cloud computing this cost is further expected to go down.

Proliferation of Internet And Smartphones : Due to the tremendous expansion of social media and adaptation of smartphones huge amount of unstructured data is being generated. This provides a huge opportunity of analytics market.

Shortage Of Skilled Analytics Professional : There is acute shortage of analytics professional in analytics market. It is expected that by 2018 US will have shortage of 30% of analytics professional. This provides a huge outsourcing opportunity.

Data Analytics outsourcing in India

Data analytics outsourcing is a new phenomenon but hugely popular. India is well placed to be most desired KPO hub because of its highly skill workforce, proficiency in international languages like English, easy accessibility of telecom, internet and related technologies. The advantages offered by Indian companies in outsourcing arrangements are as follows:

  • Availability of the highly capable and skilled work force along with the vast experience and expertise in businesses across geographies. India has become favored knowledge outsourcing location because of its world class educational institutions like IITs, IIMs and ISI.
  • The success of India in Business process outsourcing enabled them to familiarize with the process and international standard. The success of BPO provides clients the comfort level to work with their Indian vendors.
  • The most important aspect of analytics outsourcing is the cost advantage. Availability of highly skilled data analytics talent in India at a lower cost is a definite plus for any organization. Analytics outsourcing to India can help a company generate savings of at least 30% and get high quality results as well. Further, analytics outsourcing eliminates the need for companies to invest in data analytics technologies and infrastructure.
  • A well develop software industry provides a good support to data analytics companies which often require help in handling huge data and to create very data secure working place.