Why data analytics is a key requirement to become a cognitive enterprise?
India is among the fastest-growing markets for digital consumers. With the improvement in infrastructure, low-cost, high-speed internet connectivity and aggressive pitch to become a digital economy, India’s internet user base is increasing exponentially.
As per a report by market agency Kantar IMRB, India’s internet users are expected to touch 627 million in 2019. The report, that tracked digital adoption and usage trends in the country, also noted that the number of internet users in India registered an annual growth of 18%, and was estimated at 566 million as of December 2018, a 40% overall internet penetration.
These figures justify the claim that Indians are using the internet at their disposal like never before, and as they use the internet for day-to-day needs, they also leave a trail of data on the internet, which is a goldmine for Indian companies.
This data is rich with information about consumers’ behaviour patterns, purchase journey, pain-points, etc. Businesses are using several tools such as AI-based data analytics to derive insights from it for better engagement, to propel growth, edge out competition and offer innovative solutions.
Through Artificial Intelligence (AI)-based data analytics, companies are applying rationality behind every business decision, thus stepping up to become a Cognitive Enterprise. A fully transformed cognitive enterprise uses AI-enabled data analytics, besides other technology, to reach out, expand and take business decisions.
Basically, AI extracts knowledge from historical data as well as data generated in the moment and presents a number of results, significant for organisations. Through data analytics, companies can make decisions that are more consequential, and algorithmically backed. This trend is catching up across businesses.
For instance, any FMCG company can analyse data and get insights into a consumer’s buying cycle, which city he/she is from, how many people buy the same product, what issues they face, etc. This data can be used by the company for better product placement, increase marketing spends in a particular city, and more.
According to a study by Analytics India Magazine and AnalytixLabs titled-- Analytics India Industry Study in 2017--analytics industry in India was estimated to be $2.03 billion annually in revenues and growing at a healthy 23.8% compounded annual growth rate (CAGR).
The study stated the industry in India is expected to almost double by 2020, with a sizable portion of around 24% being attributed to Big Data.
Meanwhile, companies require skilled professionals, who can comprehend, understand, analyse, rationalise and give meaningful insights from the large pool of unstructured and heterogeneous data.
However, the talent pool available is insufficient to cater to the increasing demands. A 2018 Talent Supply Index by a hiring startup Belong stated that India has seen over 400% rise in demand for data science professionals across varied industry sectors and this demand is in stark contrast with the supply of such professionals as supply grew 19%.
Here, IBM can help in unlocking the value of your data in new ways and accelerate a more insightful journey. Applying methods like the IBM Garage, which work on the principles like co-creation, design thinking, IBM can help companies chart their journey to AI. These services along with IBM’s differentiated stand in stating that the data continues to belong to the client makes a strong case to work with them.
Hence, data analysis is about what you do with what you have. So when are you starting your transition to being a Cognitive Enterprise? Schedule a consultation with an IBM expert to begin!