The data analytics market was estimated to be USD 15.11 billion in 2020, and is expected to grow from 2021 to 20-28 at a CAGR of 25.7% to reach USD 74.99 billion. This tremendous growth is being driven by the need for advanced analytics to identify future trends in trading, energy consumption, and traffic conditions, and even political developments as well as the climatic conditions in an effort to improve operational efficiency and respond accordingly. It can help businesses make informed decisions to improve profitability, customize solutions to improve customer delight and strengthen competitive advantage. To leverage the benefits, not only has data analytics been adopted by the various industry segments such as manufacturing, banking, healthcare, and professional services, even government agencies are turning to analytics to improve their service capabilities.
But, we must also bear in mind that there is many a slip between the cup and the lip. As many studies such as those from Gartner and the Economist show, the failure to convert data analytics projects to achieve significant growth is quite high. That is because, many approach it like a technology project, investing in best-in-breed solutions but failing to create a strategy or a business case to justify those investments.
Even when creating a business case, rather than having broad, comprehensive goals, it is best to prioritize the investment categories. To experience tangible top- and bottom line benefits, the investment decisions should be based on your insights maturity. Forrester recommends pursuing insights-driven business (IDB) transformation, where enterprise data is transformed into insights that can trigger actions and result in desired business outcomes. For this, along with tactical investments, it recommends making strategic investments into people, process, data, and technology.
Indium worked with a top Oil & Gas consulting firm that leverages IoT-driven analytics to help
Oil & Gas companies to enhance and optimize their operations. Indium’s expertise in Big Data analytics enabled it to develop a strategy that involved a three-phase implementation. The client was able to experience:
A clear definition of the goal, a clear roadmap for the project, and various other factors contributed to Indium’s success in helping the firm meet its objectives. In our experience, often data analytics projects do not deliver because of:
Some of the best practices that Indium swears by to overcome these challenges and ensure improvement in bottom line from a well-implemented data analytics strategy include:
Indium Software has more than 20 years of experience in cutting-edge technologies, data science, Big Data, and data analytics. Our process-oriented approach along with technical expertise and cross-domain experience help us in assessing each project we undertake critically to create bespoke solutions that meet the individual needs of the organization. For data analytics projects too, we first study the data, the objectives, and the technology of our clients before we create a strategy that leverages existing capabilities and recommend complementary solutions to protect their existing investments. The roadmap also ensures that the projects can scale as they fulfill goals in the near term and can be leveraged even as the client grows from strength to strength.
To know more about Indium and our capabilities in helping you achieve your data analytics goals, contact us now.
By Uma Raj
By Uma Raj
By Abishek Balakumar
Indium Software is a leading digital engineering company that provides Application Engineering, Cloud Engineering, Data and Analytics, DevOps, Digital Assurance, and Gaming services. We assist companies in their digital transformation journey at every stage of digital adoption, allowing them to become market leaders.