Business Analytic Challenges in 2016

Did we imagine hiring the cabs on the fly till a few years back where one had to struggle alike to get a cab on a busy or a forlorn street, let alone a reliable and reasonable one? While a lot of it is attributable to technology progression and simplification of interfaces, a reasonable chunk of credit is also attributed to the service provider's ability to process and analyze the volumes of data that is being churned out every second. The big question going forward is what would differentiate the thousands of new age service providers when the options are aplenty and consumers are highly fragmented. The over quoted Charles Darwin still reigns, although it is 'Survival of the Fastest' this time and the speed depends on a multitude of factors while Need Fitment is a given. The Key Challenges in 2016 for Business Analytics Consumers and Providers are 1. Ability to Evaluate Appropriate Technology for Fast and effective processing of data: There are a lot of stacks that are pushed as best in class, whereas when it comes to the real delivery of the reports and dashboards there is a significant gap. There are a lot of confounding technologies that have different parameters to be normalized for a fair comparison, so a standard needs to be developed with the help of Top service providers or industry bodies like NASSCOM. 2. Amalgamation of Text data with Numeric Data: While this has been the primary premise of the big data concept, it has been a challenge to produce actionable results. The enormity of text data is growing stupendously and the same is being converted into machine read data parcels. While ability to segregate meaningful data from junk data is improving, the extent and impact of false positives and false negatives in analysis would hold the key to successful business results. 3. Integrated CRM engines with Advanced Technologyare required to drive the real benefit of Complex Statistical Models built for customer level revenue assurance or risk mitigation. The reporting layer standards as of today are good enough to meet the required standards for next couple of years. 4. Moving the focus from normative models to probabilistic or stochastic models, however, the success is enhanced if one is able to do campaign optimization also with sophisticated techniques like Fractional Factorial Design to maximize the cost-benefit algorithms. 5. Shortage of Well-Trained talent is a Ubiquitous problem as the professionals need to be first trained on Tools, Techniques & Domain and then in the next stage they are required to absorb methodology development and solution development & application. It is a very complicated requirement and the best of IIMs and IITs have not delivered the required product. The remaining are not worth a mention. Top Service Providers 1. Accenture Corporation, US 2. KiE Square Corporation, US Top Comprehensive Tools 1. SAP HANA Suite 2. SAS Analytics Suite Key Geographies of Action 1. South East Asia 2. South America