Data analytics bring the business data with visual models. The trusted data collection sources, key metrics, model data, and assessment of the predictive and descriptive analytics are the avenues of data analytics. Visual models and actions help for making the operations of the business efficient. Technology brings data from the different phases of business. This network helps in planning business actions and decision-making. Data stores with large networks will become more valuable in future. Personalised and timely services tap the unknown market and enhance profitability. Interconnectivity between the demand and customer buying behaviour leads the road to success for the companies. After researching the demand for data analytics, ICMAI had recently added data analytics to the CMA course. The blog engages the readers with insights about data analytics.
Analytics market In India:
Digital India was an efficient programme by the government. It brings a digital environment. The data analytics market in India is about to touch 118.7 billion by the year 2026. There is a demand for data analytics in various sectors. This technology is expected to create more than 11 million jobs in 2026. The analytics market will help industry 4.0 to operate efficiently. Industries starting from IT to agriculture use data analytics for efficient decision-making. The pandemic has paused the growth of data analytics in the years 2020 and 2021. Swift decisions help in managing the dynamic market with high competition. The world economic forum 2018 says that around 85 per cent of companies will use big data and analytics. LinkedIn states that the data scientist jobs are increasing since 2019. Indian Institute of Management offers courses on data analytics. This course is suitable for executives with operational knowledge of different industries. Mr AnishSrikrishna, CEO of Times professional learning, mentioned that India will become a global hub for data scientists as many institutes are providing courses in this domain.
Artificial intelligence market in India:
The research conducted by IDC states that India invests more than forty-six per cent in artificial investment. AI software is much needed for backing Indian enterprises. The share of artificial intelligence is expected to rise by 59 per cent in 2025. Marketing companies use CRM, and manufacturing companies use ERP. This software uses artificial intelligence. Artificial intelligence-enabled CRM understands the buyer’s behaviour and closes the sales lead with an understanding of the buyer. If the preference of the customer is quality or money, the software provides the interested customer’s priority list. Organisations use artificial intelligence to understand the behaviour of the customer. With the help of artificial intelligence technology, the cost accountants understand the sales process. The pricing decisions depend upon the demand, sales and competition. This software educates the cost accountants about production and sales.
Major industries using Data analytics:
Predominantly data analytics was used by the following sectors: Financial services, banking sector, the insurance industry, IT sector, e-commerce and retail industry. In 2021, the major share of analytics is from the IT sector. It takes 43 per cent of the business. In the second part of 2022, the major IT companies like Infosys, Accenture, TCS, Wipro, Cognizant, and Cap Gemini have plans to increase the employees with analytics knowledge. The market share of the financial services, and banking sector is 13.9 per cent. The top companies PhonePe, Paytm, policy bazaar, and Mobikwik use data analytics. Data analytics help in understanding the digital transaction and buyer behaviour toward different financial schemes. As per the data of the NASSCOM e-commerce industry processes 1.2 million transactions every day. E-commerce use data analytics to attract customers with recommendations and reviews from old customers. This improves the sales revenue.
Data analytics help agriculture with predictions about crop selection, market conditions, yields, customer behaviour, and inflation and distribution channels. The different steps in agriculture require relevant information and efficient operation. Data analytics help for managing the cost and upgrading the best farming practices. The agriculture sector uses data analytics to understand the commercial aspects.
CMA group two newly added data analytics as a new subject:
Paper eleven in the CMA group two, new syllabus is financial management and business data analytics. Artificial intelligence will ask questions about buyer behaviour. The accounting managers need to know the problem statement, measurement priorities, sources of data, and analysis. The modern business world makes use of data for financial risk analysis, predictive analysis, fraud detection, social media analytics, customer segmentation, sentiment analysis, product performance, operations and campaign analysis. The decision-makers need to think about the dissatisfied customer and the satisfied customer. The story behind the customer behaviour help in managing the customer complaints. Production and sales depend upon the evolution of the product with time-tested methods. Cost managers are decision-makers. They think about the cost, price, competition, production, human resource management, material management and budget. Data analytics help the cost managers to know what details are needed. The manufacturing department data and sales data help in understanding the demand, supply, competition and impact of the regulatory changes.
Benefits of data analytics:
Personalisation, informed decision making, delivering products with high demand, understanding of the risk associated with production and sales, and monitoring the security issues are the benefits of data analytics. In a world of high competition, patents and data security help the growth of the company. Cost accountants use analytics to satisfy the customer and manage the competition from the rivals.
The market share and benefits of data analytics show that it improves business operations. Sotheby property consultants from India had invested in data analytics with 55 crores. Andhra commercial tax department uses data analytics to trace the tax evaders list. The private and public sectors use data analytics to understand the end customer and take appropriate business decisions.