The Role Of Big Data Analytics In Transforming Indian Business Landscape
Today, a large part of our day is spent connected to the Internet. While data and information on the internet are useful to online users, these same users also end up generating a lot of data while they are online. The type of massive data that gets generated rapidly and is too large and complex to be dealt with by traditional data-processing tools is referred to as big data. The characteristics of big data can be summarised by the three Vs: Volume (the large amount of data being generated and stored), Velocity (the speed at which the data stream gets generated and needs to be processed and analysed) and, Variety (the different sources and formats in which the data gets collected). Big data analytics is the process of extracting patterns, trends and meaningful information from this enormous amount of data.
Tools that have been traditionally used for data analysis work with structured data of low volume. Hence, to deal with big data, a slew of highly specialised software and architecture have been developed to manage the load. Advanced analytics that use state of the art techniques like quantitative statistics, optimisation, forecasting, machine learning and, deep learning are often employed to uncover insights from big datasets.
It is estimated that around 85 per cent of businesses have realised the need for investing in big data analytics to help them make data-informed decisions. Big data analytics can help them get a better hold on the needs and demands of their customers, devise efficient strategies, identify new focus areas and find avenues for growth and development. With cloud computing becoming more affordable, even small companies are venturing into big data analytics to provide quick and effective data driven solutions to their customers.
The most important role that big data analytics plays in business is providing the ability to make data-backed decisions. For any business to prosper, it is imperative that it makes efficient and informed decisions. By analysing both historical and current data using sophisticated tools and techniques, big data analytics makes it possible for businesses to objectively decide on an optimal strategy without any inherent prejudice. From customising their marketing pitches based on analytics done on customer data to decreasing operational redundancy, big data analytics can help businesses saves cost, time and manpower.
The necessity of big data analytics can be felt across industries. In the financial sector, banks and fintechs use it for fraud detection, risk assessments and credit rankings to name a few. Media streaming services use it to provide personalised recommendations. In the agricultural industry, data from varied sources like satellite imagery and soil conditions and artificial intelligence are used to predict crop yields with high accuracy. Meteorological forecasts also rely on big data analytics to correctly predict weather conditions. In healthcare, pharmaceutical companies for example use the vast amount of patient data to build solutions to serious diseases and provide enhanced treatments.
With more and more organisations leveraging big data analytics in their daily operations, the Indian big data sector is seeing an unprecedented boom. India is amongst the top 10 data analytics market in the world. It is estimated that this sector will see an eight-fold growth and be worth USD 16 billion by 2025. Taking note of this, the Indian government has formulated a Big Data Management Policy. The time is thus right for businesses to incorporate big data analytics in their operations and harness the potential that it offers to help them make smart, data-aware decisions and stay ahead of their competitors.
_20240501181242original_image_36.webp)