In India, we see a huge diversity in the adoption of technology and business practices. COVID-19 has increased the pace of Digitisation and forced everyone to move online and off the roads. Data generation, storage, seamless integration of technologies, data governance, Big Data, IoT – these words are everywhere.
Research VP Rita Sallam, during a recent Gartner Symposium, presented the top ten data and analytics trends for 2021. I am interpreting the trend for India’s business.
1. Smarter, faster, more responsible AI. Gartner is forecasting that 75% of enterprises will shift from piloting to operationalizing AI by the end of 2024:
In India, SAMARTH Udyog Bharat 4.0 is an Industry 4.0 initiative of the Department of Heavy Industry, Ministry of Heavy Industry & Public Enterprises, Government of India under its scheme on Enhancement of Competitiveness in Indian Capital Goods Sector. Five CEFC (Common Engineering Facility Center) Projects, these centers would have resource sharing, common platform of industry 4.0 and network each other’s resources, are:
· Center for Industry 4.0 (C4i4) Lab Pune
· IITD-AIA Foundation for Smart Manufacturing
· I4.0 India at IISc Factory R & D Platform
· Smart Manufacturing Demo & Development Cell at CMTI
· Industry 4.0 projects at DHI CoE in Advanced Manufacturing Technology, IIT Kharagpur
Do check out the Indian Government publication on National Strategy for AI : https://niti.gov.in/writereaddata/files/document_publication/NationalStrategy-for-AI-Discussion-Paper.pdf
We are seeing a huge push for AI inclusive automation, which will being the Manufacturing and Supply chain related Analytics based products and services to the forefront.
2. Decline of the dashboard. Data stories, (not dashboards) will become the most widespread way of consuming analytics by 2025, and 75% of these stories will be automatically generated using augmented analytics techniques. These data stories provide insights without requiring the user to perform their own analysis:
In India, a significant ratio of companies is now showing interest and maturity in their Data and Data Science practices. An estimated 60% of companies within Indian grown enterprise section have yet to take their first step to create a Diagnostic Dashboard, which gives one view to the business on a periodic basis, allows for multi-level drill through, and is not dependent on the experience of the Management for interpretation and understanding.
COVID-19 has enabled a giant leap in Digitisation and its acceptance as a part of Business. In most businesses, Operational Reporting (through ERP system reports) is an acceptable practice but there is often a lack of Data Interpretation skills. The movement for higher Insight generation will see a surge in India this year.
3. Decision intelligence. More than 33% of large organizations will have analysts practicing decision intelligence including decision modeling by 2023. Gartner defines decision intelligence as a practical domain that includes a wide range of decision-making techniques:
India has the benefit of a large population of technology educated, enthusiastic youth. The private telecom companies and the government will create Internet access in the remotest corners of the country will see the deployment of indigenous and local language enabled IoT devices and mobile responsive decision enablement systems (“All villages to be connected with optical fiber in 1,000 days”: PM Modi on 15 August 2020). From farmers who can check on water requirements to easy meeting of buyers and sellers online, we will see a surge in Intelligence Amplification. Our system of Pexitics Assessments and Surveys enables the mobile-based talent assessment backed with Industry benchmark scores and easy hiring as well as promotion decisions for business managers.
4. X analytics. The “X” here is a stand-in for any number of words that go before analytics. Gartner said that AI for video, audio, vibration, text, emotion, and other content analytics will trigger major innovations and transformations in 75% of Fortune 500 companies by 2025.:
A take away from the 3rd point above, each business will be able to identify what type of Analytics gives the highest ROI and we will see a surge in multi-vendor applications and services in the areas identified by business as ‘critical to success’.
5. Augmented data management: metadata is “the new black. “Organizations utilizing active metadata, machine learning, and data fabrics to dynamically connect, optimize, and automate data management processes will reduce time to data delivery by 30% by the year 2023:
In India, the concept of an Analytics Datamart where the basics ETL processes are periodically run to create Data ready to execute Data Science, Analytics, ML models is still a prerogative of large enterprises and banks. The data warehouse often is good for Management Reporting but not fine-tuned for the quick turn-around of Analytics projects.
Thus, the first step will be the emergence of a centralized Analytics Database – perhaps updated on a monthly or weekly basis – for speedy decisions using Statistical models.
6. Cloud is a given. Public cloud services will be essential for 90% of data and analytics innovation by 2022.:
A direct outcome of the Internet penetration, multiple device usage per person, and the reduction on Cloud costs, this trend is underway in India too.
7. Data and analytics worlds collide. Non-analytics applications will evolve to incorporate analytics over the next few years, according to Gartner. By 2023, 95% of Fortune 500 companies will have converged analytics governance into broader data and analytics governance initiatives:
In India, the lack of Data and Analytics as a Decision making culture means that the adoption rates will need to pick up before data and analytics governance initiatives become the norm.
8. Data marketplaces and exchanges. Gartner forecasts that 35% of large organizations will be either sellers or buyers of data via formal online data marketplaces by 2022:
India will see the same trend with the rapid increase in Digitisation in Frontline Sales and Lead generation. The email has started showing up a service to enable the user to search for relevant messages rather than a service that induces and prompt look. WhatsApp is the ‘new email’ where each message can be assured of a look and merit a response. The use of web-scraping tools and paid APIs will increase as people will spend to buy relevant target audience data from LinkedIn, Facebook, and other Social media websites.
9. Practical blockchain (for data and analytics). Gartner believes that within the data and analytics realm, blockchain will be used for vertically specific, business-driven initiatives such as smart contracts. It won’t be used to replace existing data management technologies, according to Sallam. Blockchains are not inherently more secure than alternative data sources. Gartner forecasts that by 2023, organizations using blockchain smart contracts will increase overall data quality by 50%, but reduce data availability by 30%, conversely creating positive data and analytics ROI:
In India, blockchain implementation is at a nascent stage and the emphasis is on the understanding of the same. We will need to wait and see how the practical applicability will unfold in the Indian context, where digital infrastructures vary.
10. Relationships form the foundation of data and analytics value. Graph technologies will facilitate rapid contextualization for decision-making in 30% of organizations worldwide by 2023, according to Gartner :
This is a relevant trend and the adoption in India will be slower as currently, the adoption and maturity of decisions made using Data and Analytics are still firming up as an organizational practice. Even some smaller banks and financial institutions have yet to move from unit-level Analytics to centralized Analytics and Data Science units, showcasing the long journey to be traversed before strategic Analytics becomes a common practice.
It is therefore fair to conclude that India will see a surge in jobs and projects around Analytics and Data Science, as businesses look at the success of Western companies to gain strategic advantage through Data and Analytics. Amazon holding the patent for shipping goods based on predictions before a sale is made, Netflix creating multiple series on the basis of audience engagement and Shell using Analytics to predict maintenance and manage inventory is out for the world to see.
We at Pexitics are looking forward to engaging with organizations and data science enthusiasts to enable smart decisions based on Data and Analytics in 2021. Intelligence amplification is here to stay and digitization, faster decision requirements, multiple devices, and impatient customers are the new normal.
The above article can be seen on LinkedIn :https://www.linkedin.com/pulse/top-10-trends-data-analytics-2021-india-perspective-sharma-tripathi/