As the data we generate every micro-second grows and accelerates at a rapid velocity, the requirement for making a business decision is shifting from hindsight-based decision making to a foresight-based approach. Companies are banking upon Big Data and analytics. According to an industry report by NASSCOM - in partnership with BlueOcean Market Intelligence, the analytics market in India could more than double from the current $1 billion to $2.3 billion by the end of 2017-18.
In a nut shell here are three things that Big Data can do for your business:
1. Improve your top line through unprecedented personalization at scale. It can do this by helping you acquire new customers, retaining and up-selling to your existing customers and through customer support services.
2. Improve your bottom line through unprecedented efficiency at scale. The ability to timely tell how long a SKU has been out of stock matters. If suppliers can find out the SKU level they can quickly take decisions to restock.
3. Improve governance through unprecedented monitoring at scale. At US President Obama’s recent visit to India, the government installed 15,000 CCTV cameras. When there is not enough man power to watch all the streams the government can use Big Data to take unstructured data of video streams and run pattern matching algorithms to identify happenings based on certain set-parameters. You can read YourStory’s deep dive post here.
Bangalore-based Mu Sigma, started by Dhiraj Rajaram in 2004, has been the category creator in this space and is already estimated to be a billion-dollar-worth entity. And there are several more in the space from India.
Here are 15 Indian Big Data companies to watch out for:
In addition, there are more companies we have not listed that are doing impressive things in the market. DataWeave gives access to curated datasets through APIs. Guavus offers Data analytics solutions. Valiance uses data science for businesses. LatentView and Vcubec are Big Data consultancy companies. Please share the names of your favorite Big Data and analytics company in the comment section.
15 Big Data trends to watch out for in 2015 (Infographics courtesy: Aureus Analytics)