Scale of opportunity in conjunction with data analytics is immense in India. With a population of 140 crores and a growing economy, country is generating large amount of data across sectors. Leveraging this data will present enormous opportunities for businesses, government, and individuals alike. By integrating and consolidation large complex datasets, businesses will be able to generate valuable insights. This will result in improved efficiency, profitability and enhance customer experience, and will foster innovation and growth.

Indian government is actively promoting the use of data analytics in policy formulation. Analysing various trends, patterns and anomalies will enable data-driven policy making, public delivery service and enhanced governance. Data analytics will be leveraged to drive a positive societal impact in areas including healthcare, agriculture, transportation, urban planning, etc. India has a big talent pool of young STEM graduates and skilled professionals that can cater to the increasing demand of data engineers, data analysts and data scientists. India is becoming global analytics hub as corporations across the globe are setting up global capability centres (GCCs) for analytics in India.

India has a vibrant start-up ecosystem. With favourable policies, access to funding and a growing market, more start-ups will leverage data analytics to disrupt traditional businesses, create innovative solutions and address societal issues. Data analytics will also contribute to social good of the country. Data-driven insights will be used to design targeted interventions and programs to address social issues including poverty, health, education, crime. Data analytics will drive business growth and improved governance. It has potential to transform all aspects of society and economy in a good way. It is an exciting field that offers opportunities for individuals, businesses, government.

Identifying the Key Areas Where Data Analytics Impact in India

Overall data analytics will play a significant role in all spheres. Individuals, government, and corporates will leverage analytics to take data driven decisions resulting in growth, innovative solutions, and better governance. Healthcare will benefit as analytics will be leveraged to identify disease patterns, predict disease outbreaks, reduce healthcare plans, and personalize patient care. Additionally, it can be used for telemedicine, remote health assessment, monitoring and patient care specially in rural areas with minimal or no access to healthcare facilities. Healthcare-for-all may not be utopia anymore. 58% of Indian population is dependent primarily on agriculture.

By analysing weather patterns, soil quality, crop health, cattle health, and market demand farmers can make data-driven decisions on planting, irrigation, fertilization, and harvesting resulting in higher yield, reduced costs and better financial outcome. Both farmers and consumers will benefit from supply chain optimization, market forecasting and price optimization. In financial services, data analytics will allow institutions to better serve their customers by understanding their needs and provide them customized offerings in an omni-channel ecosystem while effectively managing the risk. Advanced analytics can facilitate better techniques to assess creditworthiness of underbanked and underserved segments, thereby enabling financial inclusion.

India has witnessed a rapid urbanization and with that emerged a growing need for smart cities. Data analytics can be leveraged to improve traffic congestion and waste management, optimize energy consumption, enable predictive maintenance, and improve public safety. Indians, traditionally, are savers however recently have been able to balance saving versus spending. E-commerce and retail sector has benefitted from the change in behaviour. This sector can leverage analytics to personalize offers, optimize pricing, improve supply chain and enhance customer experience. Data analytics can and will improve the overall quality of life. What remains critical is to consider the ethical and legal aspects of data analytics and build guardrails to avoid misuse of analytics and ensure alignment with societal values.

Size Doesn't Matter When Using Insights for Business Success

Absolutely! Data, analytics and insights play a significant role in the growth story of an enterprise, be it a start-up or a large conglomerate. Data and analytics enable actionable insights into various aspects of business, including sales, finance, marketing, manufacturing, HR. Businesses are able to understand the market trends, brand effectiveness, competitive landscape, and chart out a better strategic roadmap. Customer insights allow companies to finetune their marketing strategies, product development and CRM efforts. Such ecosystem fuels innovation and thereby business growth.

Business can identify and manage risks effectively. By understanding operational, financial and market risks, businesses are able to develop better risk mitigation strategies and very quickly implement preventive measures. Data and analytics facilitate building a strong foundation for making informed decisions, in an enterprise, by unravelling cross-functional insights and providing visibility into various trends, correlation, and causality. Many times, the speed in availability of information and decision making can be crucial in gaining advantage over competitors. Regardless of size, data and analytics are invaluable assets of every enterprise that strives to improve business performance and stay competitive.

Challenges Faced by Indian Companies in Advanced Data Analytics

Indian companies face challenges primarily in three dimension data, analytics and people. Most companies are data rich however data is fragmented, and timelines and availability of accurate data can be cumbersome. Such companies are not able to generate meaningful analysis by integrating structured and unstructured data across various data sources. Under-investment in right technology stacks can result in non-compliance with new data privacy laws and company may not equipped to deal with security threats including data breach, fraud, etc.

Analytics maturity can be low because insights are seldom actionable or may not be available at all. Business users spend a lot of time in data mining, cleaning, and processing, and there is no time left to generate insights and connect the dots; manual exchange of information worsens the situation. Manual interventions often result in avoidable errors, subjectivity in business logic and inefficient knowledge transfers. Change management and adoption is another roadblock as it requires a change in culture, processes, and workflows; often, getting buy-ins from various stakeholders and leaders can be challenging as well.

Further, the availability and retention of skilled workforce can delay and slow down the AI initiatives. Lastly lack of proper governance and inability to align analytics with business priorities result in sub-optimal impact of analytics. This discourages leaders in further investments in data analytics and such companies find it difficult to improve data and analytics maturity. Even if companies are able to address such challenges there is a general anxiety of AI, be it mass unemployment or loss of privacy or lack of understanding how AI operates. Most fears and risks are understandable, possibly valid and need to be addressed. However just like any technology, it is prudent to evaluate the benefits and downsides objectively and thereafter chalk out a data analytics roadmap that retains benefits and mitigates risks. LatentView has helped multiple clients in solving challenges above and continue to be a trusted analytics partner for many years now.

Advantage for Businesses by Transforming Data Analytics with Advanced AI

Advanced AI trends provide competitive edge to data analytics in various ways. Foremost is the improved accuracy by use of sophisticated algorithms. Secondly it enables hyper-personalization which allows companies to better position their products and services at right time, channel and price. Additionally, automation of tasks generates increased bandwidth for business users to focus on insights generation. Higher storage and computation power enables real-time data processing and availability of insights thereby leading to faster and better decision making. Last, not the least, advanced AI facilitates adoption and democratization of analytics as it allows users with no code low code background to equally benefit from data, analytics and insights.

Businesses can hugely benefit due to these ameliorations. Leveraging data analytics results in improved productivity, revenue, profitability and advanced AI further accentuates these benefits. Decision making is mostly objective and data driven. Advanced AI provides enhanced security measures thus protecting against data breaches, and fraud. It enables innovation and faster turnaround in bringing new refined offerings to the market. Enterprises are able to better understand their customers, employees and vendors thereby uplifting the satisfaction of all.

To conclude advanced AI improves efficiency, enhances decision making, personalizes customer experience, enables innovation and provides a competitive edge. Caution should be taken while leveraging data analytics by considering the ethical implications, data privacy and security concerns