'Adopting analytics is a purely biz decision'

With the growing data and the increasing reliance by organizations on accurate information to understand the impact of their decisions, analytics solutions are becoming more mainstream and a core component of businesses, analysts from International Data Corporation (IDC) have said.

“Not all of the companies are there in terms of adopting analytics to enhance value, but those who see value in it in terms of enhancing their service or take critical business decisions are adopting it,” said  IDC’s research director Venu Reddy at an event organized  by IBM on Smart Analytics in Bangalore on Monday.

“The immense data created by customers and various departments allow managers to gain insights into the way procurement is done or how customers use the service. These in turn help them avert crises in their inventory, or find new ways of retaining customers.”

Analysts estimate the Indian analytics market at $300 million, and expected to grow at a 16 per cent peg to more than double by 2016. Adoption seems to be taking place across verticals and size.

“There’s a good deal of growth, especially when businesses come to see the importance of seeing pattern or habits within the data when analysed,” Venu said.

Vanitha Narayanan, managing partner of IBM Global Business Services division, said that  advanced tools make it possible to analyse structured and unstructured data from social media and other sources.