Today, increasing interest in Big Data has resulted in the growing need for analytics team. Companies considering big data capabilities not only become efficient but tend to refine their competitiveness. Enterprises accessing paramount data analytics abilities now have an access to different ways to gain long -term benefits. One of the topmost brand, FedEx Corp. for instance has engaged its team of professionals with analytical competencies to build and manage a competitive edge via enhanced revenues and at low price. One of the key factor, that has enabled brand like Wal-Mart Inc. lead the retail sector is the capability of its analytics.
Retailers believe that Big Data has helped them become a game changer and is here to stay. Retailers are now seen collecting and evaluating billions of buyers, purchases made every hour and trends amongst other factors. On the other hand, credit card companies are busy analyzing details about the incoming transactions looking for indicators of fraud. Likewise, social media channels are focused on curating, storing, evaluating as well as selling information that is valuable to the advertisers. Wal -Mart made news when it decided to make a generous investment in big data and analytics technology at its development center located in Bangalore. This bold move shows the rising benefits of cities including Bangalore in backing the delivery networks of key businesses worldwide.
Big Data is also set to transform the face of different business verticals including banking and healthcare. It now plays an eminent role is creating customer engagement and supporting an organization’s overall performance. In addition, by involving big data analytics, enterprises are ready to experiment with latest and innovative strategies to enhance profitability and execute services that are customer centric. The BFSI industry like other business verticals have undergone a dramatic shift in recent times. Backed by big data, many banks or financial institutions acquire and evaluate information from user demographics data and real – time financial transactions. This aids in the development of the precision marketing strategies and provides customized recommendations as well as solutions including but not limiting to personalized banking solutions. Moreover, these BFSI solutions are heavily depending on uncovering the advantages of big data analytics to boost their operational efficacy, lower risk factors and increase customer satisfaction and retention. Data analytics also helps companies in identifying fraud quicker and with precision. Commenting on the role of data analytics the regional director at Expotrade, Brad Hariharan heading the Middle East market said “Big data, once considered as an emerging technology, now is the driving force behind many key offerings. The potential of growth that big data offers is undeniable.”
Eyeing the growing importance of data analytics across industries such as retail and BFSI Allied Market Research has published a market research report titled “World Data Analytics Outsourcing - Market Opportunities and Forecasts, 2014 – 2020.” The study offers and extensive analysis of the data outsourcing market with the major focus on the current as well as future trends to showcase the key investment pockets in the industry. Report outlines some of the major applications of the industry such as sales analytics, marketing analytics, supply chain analytics, risk and financial analytics amongst others. The data analytics market is expected to witness a tremendous growth in regions such as North America, Europe, Asia Pacific and LAMEA. The key market players likely to maintain a competitive edge in the market consists of International Business Machines Corporation, Fractal Analytics Ltd. Tata Consultancy Services Ltd., Mu Sigma, Inc, Wipro Ltd., and Opera Solutions among several others.
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