In part-1 we had seen the factors pushing the adoption of Analytics in India. Moving further, in this Part-2, you will learn about the domains that adopt BI and the way it is being used by the companies.
Verticals/Domains seeing heightened adoption of BI & Analytics in India
Apart from the big spending sectors on BI like banking, financial services and insurance, telecommunication, the government, there seems to be a huge demand of the BI software from midsize enterprises.
Analysts, market experts and CIO’s of BI companies believe that as the awareness about BI software increases, other verticals such as retail and distribution, fraud detection and hospitality are also expected to invest significantly in the BI software solution in Indian market.
The reason for the same can be attributed to the enormous data available in these industries and the need for informed decision making.
Business processes where increased deployment is being witnessed
This depends on specific verticals. To generalize the needs would revolve around:
- Customer Centric business Intelligence: satisfaction levels, buying patterns, potential, cross selling opportunities
- Product strategy related: growth, trends, correlations to macro-economic parameters
- Process Centric intelligence: efficiencies, cycle times, service levels, productivity
- Human Capital Management: employee satisfaction, Attitude, factor inputs
Has it become increasingly easier for the vendors to convince the CIO’s and the company management to deploy BI applications or does it still need some persuasion and convincing to do, well…
Today almost universally all CIO’s admit there is value to Analytics. But they may differ in their assessment of whether their organization is ready for it. Reasons are:
- suspicion of the quality of the data in the transaction systems
- apprehension whether business users will be able to frame their requirements precisely
- inability to frame a definitive Return on Investment and pass it on with the board
The need statement for BI usually should arise out of business. CIO’s role is in spotting the right solution and helping in the selection of a vendor. When there is a business case for a solution with a clear requirement framework, usually the decision moves ahead smoothly.
Also, this approach differsindustry wise. In the Banking Sector for instance, banks understand the importance of implementing Business Intelligence solution. But in government owned sectors such as power, before one can explain about the product, we need to educate the user about BI first.Persuasion and convincing is definitely required when the product offered by the vendor is new in the market. When it comes to Ramco BI, it requires minimal persuasion as Ramco BI has a strong foot print in the market along with its ERP system ruling the market for decades.
The way it is being used by the companies
Senior management members are in need of reliable data in real-time that is relevant for decision making. Effective dashboards with alerting mechanism are a great help for decision making. For data mining, most organizations depend on people in Analyst kind of roles. Such people need to slice, dice and mine the data in an efficiently constructed warehouse.
Predictive analytics are a holy grail of BI. But this often needs quite a lot of maturity in dealing with organizational data, analyzing patterns, exploring and validating correlations with external patterns to determine the model for prediction.
Blog by : Ms. Jasneet Bagga , Senior Business Analyst, Ramco Systems