The risk & procurement analytics sector in India is expected to reach upto USD 3 million in next 6-7 years which is currently USD 1 billion as projected during the Big Data Analytics Summit 2013 organised by Nasscom. The body also expects that the big data industry will grow from present USD 200 million to USD 1 billion by 2015.
Risk analytics is becoming a core component of risk framework due to the complex regulatory environment, market pressures for better risk-adjusted performance, etc. Thus, it is increasingly integrated across all business units including portfolio, operations, sourcing & procurement, audit and compliance. Adoption of analytics within procurement is still at a nascent stage. Procurement analytics helps to shape broader business strategy and play a strategic role in delivering business value across the supply chain.
During the conference it was also highlighted that the analytics market size would grow at a compounded annual growth rate of 25% in the next few years. The real-time analytics helps companies develop deep insights into customer needs and business opportunities.
It also states that there is a growing trend of digitisation where big data can play a big role.
The big data analytics helps companies in better decision making based on substantial, sizable and tangible facts and figures. It Enables them to analyze huge volumes of transaction data as well as other data sources that may be left untapped by conventional business intelligence programs.
According to State of the Indian CIO Survey, 40% of Indian IT leaders plan to implement big data analytics while 16 percent are already in the process of implementing it this year. Companies can achieve personalized customer engagement, better operational efficiencies in telecom & utility networks, mitigating fraud/ risks, smarter city management, etc. through big data analytics.
Even, Gartner had ranked big data on the top in the list of key trends that dominate the technology scene in 2013. It had defined big data as “high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision-making.”
Analytics and business intelligence will play an important role in reinventing business models and thus the influence of analytics is set to increase dramatically. It also predicts that analytics will reach 50 per cent of the total potential users by 2014 and by 2020, it will reach 75 per cent of the users and post it will head towards reaching 100% of the potential users.