-Dr. Krishna Kishore
Analytics in various sectors has prompted companies to be proactive than being reactive to market changes. Gone are the days when data collection with dusty survey questionnaires were being stacked on racks followed by conducting a selective analysis that depends on the nature of data collection. Data collection and analysis were separate quadrants of activity. Now technologies enable us to judge and conclude about a behavior or a trend as we observe. Analytics is armed with real time data (RTD) where collection and subsequently analysis happens. In a big galaxy of business knowledge, business analytics is a new star that can shine and provide ground breaking competitive advantages to corporates and promote economic growth.
Analytics deals with an ocean of data stored systematically or sourced from third party. The computing power of system and analyst’s instinct to pick datasets, analyze by digging deep into facts makes of analytics very interesting. The word ‘Discover’ was meant for scientists not for management researchers no it is much relevant. In analytics actually we discover! Unravelling a mystery or hidden truth gives a thrill. So does analytics. Analytics is a quest to dig the fact and factors that are affecting it (cause and effect). Studying effects would give top managements in many conglomerates a great wisdom of present market situation.
A productive employee is being absent regularly
Ceding more market share to the competitor
Wrong Pricing moves
An increase in NPA of the banks
Wrong Clustering Strategy
A veil of clutter is being completely pierced through by data that represents facts in getting access to important details by comparing, classifying and subjecting data through different statistical algorithms. Japan and US are two spectacular examples of studying workforce behavior. US companies had to always work on retaining/firing and developing the talent pool inside their companies but Japanese were a very loyal workforce to retire in the same company they had serves. But now even Japanese companies have also changed HR policies with gratuity and retirement benefits in attempt to retain workforce and send unproductive workforce. The reading is that markets change with time. Change may be an opportunity or challenge. Companies need to brace up.
Talent acquisition, retention and management are three different tasks with different set of skills. Being human we tend to see three tasks. In analytical world they are three process with different ecosystems and every individual will be carefully mapped by time lines by personnel’s individual projects. Outcome! Reliable information is one hand to make a strategic decision. People may lie but data will never lie if perfectly captured through apt methods. There were uncertain areas where decisions on outcomes regarding appraising workforce, analyzing consumers taste and preferences, forecasting stocks were cumbersome and backfiring. Analytics presence cannot accurately predict the business trends but it can help companies to
- Foresee important market trends
- Watch over product portfolios and their performance
- Exit a segment that may no longer provide profits.
Apart from predicting market trends, analyzing consumer/employee behavior was the most challenging task for companies. These dangerous curves can now be negotiated by company in its journey to success with less risk. The best outcome analytics promises is mitigation of damages against total failure.