Pacing ahead to conquer the next-gen technology & drive business growth
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Business Analytics has been around for a long time. However, the essential aspect of making the data accessible to the end-users has been initiated by Self Service Analytics. By parlaying the key virtues of BI into enterprise reporting, it has taken the data-analytics industry by storm, especially the BFSI sector. Valued at $4.73 billion in 2018, the self-service BI market size is projected to reach $14.19 billion by 2026, growing at a CAGR of 14.8% from 2019 to 2026.
Data - The foundation for business success
Every company currently needs data to validate and justify its business decisions. Be it improving operations, creating personalized marketing campaigns, or optimizing customer service, the performance and profitability of every enterprise are being driven by data. As such, companies are going about accumulating massive amounts of it at an incredible pace. However, making it available to users across the business is one of the biggest challenges for extracting the real value out of the accumulated data.
Leaping ahead from traditional BI
In a traditional BI setup, organizations can have a dedicated team of data scientists and analytical experts to convert the raw data into meaningful information. The data professionals then accept the requests from non-technical users to create various reports based on different analyses. On accepting the request, the data analysts deploy their comprehensive and resource-intensive systems to locate the specific datasets and then run multiple queries to extract the relevant information after validating the results. However, the process has several drawbacks.
Addressing the key BI constraints
The traditional form of BI is lengthy and complex, taking even weeks to create a full-fledged report. More importantly, it does not always address the advanced analytical needs of non-technical decision makers and puts more powers in the hands of data professionals. To solve the critical on-demand needs of large-scale enterprises, you need a more convenient BI platform that can enable non-tech business users to access data directly, and self-service analytics is meant to do just that.
Driving value with Self-service Analytics
Self-service analytics is a simplified form of BI that gives the end-users access to easy-to-use BI tools. The simplistic analytical capabilities help the users to access the underlying data model that is scaled-down and simplified without the support of professional data analysts. The straightforward system makes the data much more accessible and adds value by enabling the users to even design the dashboards, run queries, and create reports much more easily and quickly.
The tech leadership at one of the leading IT Technology & Innovation companies believes that democratization of data is important, which will ensure faster decision making. It’s no surprise then that business users are now expecting more interactivity, self-service, and multi-channel delivery functions within their BI platforms. Going by the trend the business analytics software market in India is estimated to grow at 9.6% year-on-year through 2019 as per IDC, reaching $583 million (roughly Rs 3,442 crore), as compared to 6.8% across the Asia-Pacific region.
Impact on BFSI
In the financial sector, self-service platforms help to overcome the issue of data silos through integration tools. It speeds up analysis as the data is already prepared and doesn’t require any outside assistance. In the end, the customer wins, with accurate and timely advice.
By speeding up the analysis process at the end-user level in sales and business-developments teams, the BFSI organizations can deliver accurate and timely financial advice to their valued customers. As self-service analytics enables users to perform ad hoc analysis, it is potentially redefining the personalization aspect of customer service in the BFSI sector in the following ways:
Bridging the gap : The self-service platform is helping large-scale banks and financial institutions to overcome the issue of data silos through integration tools.
Building end-user confidence : By making the extensive data easy-to-access and intuitive, self-service analytics is adding more confidence to the customer-facing staff by letting them get to the ‘Why’ behind the data.
Discovering critical insights : Leveraging its power, large-scale banks and financial institutions are able to establish a seamless insight-sharing platform among the end-users and identify previously undiscovered insights.
As the domestic BFSI sector faces newer challenges in the wake of the pandemic, the role of BI has become even more crucial. However, as more and more financial institutions look to navigate the current crisis by adopting leading-edge technologies for improving their analytical capability, what they need is the right tools and practices pertaining to changes in observability.
To maneuver the initiatives, they can do well to opt for strategic partnerships with technology experts. For instance, NSEIT has been utilizing Analytics to optimize the BFSI operations in India, which can help the Indian banks to benefit from unified visibility. The clear visualization of past and present data would help banks to quickly identify the evolving behavioral patterns among customers and eradicate potential blockages in the system by analyzing trends powered by self-service analytics. By leveraging its new capabilities, the BFSI industry in India can move towards flexible and transparent self-service BI platforms. Surely, it has the potential to take them beyond the traditional tools and promote a data-driven culture that thrives on simplicity and accessibility.
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