Data Analytics: Revival of businesses affected during COVID-19

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The present challenging world reminds us of the pace with which data collection, analysis, and decision making need to be done to keep the business running. Asian countries, China, and India facing the worst pandemic and Australia affected by forest fires depends on data analytics for revival.

According to GlobalData, the Data Analytics market of APAC is set to grow at a compound annual growth rate (CAGR) of 25.5% during 2017-2022 to reach US$89.6 billion. Platforms such as Artificial Intelligence and the Internet of Things (IoT) are the major growth factors in the coming years.

Data analytics can be acquired by any organization irrespective of size or industry. A lot of misleading concept of data analytics that can be only acquired by big corporations with large budgets. Data analytics provide tools and platforms to manage data and make decisions based on it. It is possible only due to the convergence of technology with the mindset of surviving in a saturated yet competitive market. 

According to Swati Chaturvedi, a senior marketing analyst at IDC, exponential growth of data and analytical complexity is visible in the Asia Pacific (excluding Japan) followed by businesses of larger economies of scale to invest in big data and analytics. The sectors include banking, telecommunication, retail.

According to the GlobalData report, Countries such as India, China, Indonesia, Australia, and Malaysia are about to witness the highest CAGR when compared to other APAC countries. Moreover, China, Japan, India, Australia, and South Korea together will contribute a major portion in terms of the market size in the region.

Data analytics tools improve businesses through increased agility and better integration with partners and suppliers. Thus, leading to efficient utilization of predictive and prescriptive form of analytics. Data analytics helps in creating a competitive advantage and differentiation in the market. Sadly, many companies are still lagging without using this technology. Many of the clients use excel spreadsheets to store data leading to many errors that can affect while making decisions.

APAC is known to be an emerging region for data science skills globally. Unfortunately, only four countries display competitive skills in data science and they are Hong Kong, Singapore, New Zealand, and Australia. In the APAC region, twelve out of sixteen countries are either lagging or emerging in data science which also includes India and the Philippines.

It is unsure in the present scenario that some operations may fail to return to normal. Any gain in data efficiency is the only possibility to improve future operations. Businesses need to understand if there is any financial leakage and take measures to minimize risk and protect revenue. For which, faster adoption of data analytics is very important to save the businesses.

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