Is Business Analytics the future of India

Although Business Analytics is being accepted rapidly worldwide, the question arises will it boom in the Indian market or not? But As per the report published byAllied Market Research, the global big data and Business Analyticsis estimated to reach $420.98 billion by 2027, registering at a CAGR of 10.9% from 2020 to 2027. So, the big question arises that how much India is going to contribute to this? But before going into this let us first understand what is Business Analytics (BA)?

What is Business Analytics (BA)?

Business Analytics is the process of analyzing a company’s statistical data to gain insights into the past performance, present business operations, and delivering actionable information that helps executives, managers, and workers make informed business decisions for the growth of a company.

It answers the four (W’s) – what, when, why, where for carrying out the business operations with the help of different types of Business Analytics which are:

• Descriptive Analysis: It uses historical data to recognize trends, inconsistencies or patterns used to profit an organization.

• Diagnostic Analysis: It is the analysis of an observed event to understand why it took place. It usually involves in conducting test hypotheses to draw fact-oriented conclusions.

• Predictive Analysis: It is the interpretation of information to forecast the potential outcomes and improves risk assessment and management.

• Prescriptive Analysis: It involves comparing and testing outcomes to determine which has the potential for success.

So, what is the future of BA in India?

Businesses of all sizes are getting into the big data game even the MSMEs, are in favor of adopting Business Analytics, giants like IBM, Cognizant, and KPMG invest in analytical technologies and are coming up with decisions that are valuable and effective. Even the institutes and universities are comping up with courses on Business Analytics program. Besides the regular colleges and universities, many analytics coaching institutes are running their business analytics courses or are in collaboration with famous institutes. This shows that the market demand for Business Analytics is increasing as every sector is adopting Business Analytics to make better decisions. Covid 19 has played a major role in changing the whole scenario of the Businesses and made them realize that the future is very uncertain and they need to be prepared for the worst situations. For this, Business Analytics is the best tool that can be used to come up with a better plan. And this leads to the increase in demand for Data Scientists.

Conclusion

The adaption of companies in India on BI, Machine Learning, Big data to survive and thrive in a competitive environment, so to stay ahead in the race is leading to the rise in demand for business Analytics or Data Scientists in India. and as published byAllied Market Research, that global big data and Business Analyticsis estimated to reach $420.98 billion by 2027, registering at a CAGR of 10.9% from 2020 to 2027. Indian will be playing play a huge role in this.

Mojahid Ahmed Siddiqui

PGDM (final year)