Is India becoming an Analytics hub?
on July 30th, 2009 As more and more business realize the need of optimizing cost rather than reducing cost, the need for analytics grows. Analytics is how organizations gather and interpret data in order to make better business decisions and to optimize business processes.
Indian companies are opening to the use of analytics in their business and are increasingly adopting analytical tools and techniques in their processes to fight competition and increases revenues.
From the usage point of view, analytics can be broadly divided into the following categories:
The highest use of analytics is in the banking sector. From Retail banking to the credit cards, every sector of the banking domain requires sophisticated customer analysis in order to cut down the customer acquisition cost and reduce the risk. Most of the Indian banks like ICICI and HDFC have BI team to cater to this need of theirs. Even the Indian retail chains such as Spencer’s and Nilgiris are adopting analytics to fight their global competitors.
The increase in analytics practice has been made possible because of the availability of rich and organized data. Thanks to the BI tools available in the market, analytics is no longer restricted to the niche players. This has given rise to a number of analytics industries in the last few years. Even with the presence of global leaders in the local grounds, the India Analytics companies have been able to make their presence felt.
The demand for analytics has been so high in the recent years that even traditional IT companies have started to supply analytical services.
Analytics Industries in India
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