Analytics.... a tool that can bring about radical changes in India.....

Every now and then, we get calls from banks saying that its the time you should be looking for a credit card for a specific use or a health insurance . And most of the times, they guess our requirement right. isnt it? I always used to wonder how they know my requirements and that too can they predict the intesnity of my requirement so accurate......i could answer myself all such questions only after i entered Modelytics.....an analytics and strategic solutions firm.

Its analytics that suggest the banks that i am the right customer having such specific requirement. Analytics.... a mind game where we play with the statistics and business logics to make forecasts and predictions. it is yet to pick up in India. Governments and Corporates in the US and the west give high priority for data analytics to forecast the business parameters for better decision makings and thus for better earnings and development. Right usage of analytics at right times has done wonders most of the times in these countries. In todays corporate world, most of the MNCs either have their own analytics or have tie ups with consulting firms for a continuous analytics of their business.

It is known that companies have been using analytics all through their life cycle and in all spheres of the businesses. Right in from start up of a business, in supply chain management, customer relationship management, risk management, yeild management...companies in retail to pharma, telecom to banking....all the emerging sectors have been using analytics extensively. whereas in India, data availability itself is a problem........probably thats the reason why even most of the reputed companies do not have analytics in India. But its a good sign that recently companies have started seriously thinking about gathering intelligence for better decisions. According to the recent news, even regulatory authorities have been pressing for proper data collection and storage.

Coming to the analytics role in public and the welfare projects......As above discussed, analytics play an important role in decision making by the Govt in US where as availability of proper data itself is a question mark in India. Probably, that is one of the major reasons why these hundreds of welfare projects could not benefit the people who have the requirement. Probably The govt has to focus on collection of proper data and in making it available to take right decisions at right times...

With the abundant human resources that we have in India, with the skills that the students from top Universities develop during their graduation and with the BPOs shifting their focus towards analytics to break the rupee rise hazard, analytics industry is expected to grow steeply in coming years. According to an article last week in Economic times, its known that a guy in analytics industry on an average earns double the one in software industry with the same number of years experience. So, its a good sign to know that India is going to become the knowledge hub of analytics for better decisions both for MNCs and for the Government and ultimately for the public. Its a good opportunity for graduates too to capitalise on such boom with a good expertise in statistics and mathematics!