Recently, IDC published its 2012 MarketScape report, which evaluated Business Analytics providers resulting in an independent view of the suppliers landscape. In its report, IDC named Genpact as a ‘Leader’ in worldwide business analytics. It is quite astonishing to see the rapid growth in demand for analytic solutions, thanks largely to the technology transformation that is driving unprecedented data creation and transfer across the world.
Just eight years ago there were only 300 million mobile devices worldwide. As of 2013 – there would be one trillion. Internet usage is also growing across the globe – Google has one billion unique visitors in a month. 33% of Facebook traffic and 55% of Twitter traffic is on mobile devices with global 3G subscriber-base growing by 35%. Today, real time information is available all around us – from sensors capturing critical information from airplane engines to ‘smart’ meters measuring every possible parameter in a complex manufacturing process. In fact, more data has been created and captured in the last three years than in all of human history!
Conventionally, it was believed that successful companies had something unique – knew something more and did something better than competition in order to emerge ahead of the pack. But, with data being captured today with ease – this power is now shifting and is within the reach of anyone who is capable of deriving insights from this data. Increased connectivity, mobility and lowered costs of storage and management of data have created a tremendous platform (and opportunity) for data synthesis, analysis and insight generation.
How well an organization structures, interprets and analyzes this large volume of ‘Big Data’ is what will differentiate organizations from its competitors. Changing consumer behavior and economic realities also means that businesses need to be nimble. No longer are credit cards bandied about without a thought. Savings rate in the US has doubled and discretionary spends are going down. Businesses therefore need to make quick changes and decisions that are based on Big Data, often in real time.
Companies such as GE recognized this need very early and implemented analytics as a practice much before it became a trend. Through that legacy Genpact has always been at the forefront on business analytics for many years now. As one of the most experienced and largest (5000+ analysts) analytics organization, we have seen this data evolution very closely. A sudden explosion in the sources and volume of data has fueled increased interest in the usage of analytics amongst industry leaders as well as laggards. With barriers to accessing data steadily diminishing, it is now truly the time of the geeks!
Although the opportunity is well understood, most companies today are challenged since analytics is understood and implemented in a wide variety of ways. From a one size fits all multi-million dollar business intelligence software to high-end consulting services from boutique firms that don’t guarantee implementation and benefits. Hence, businesses are left with tricky choices when it comes to choosing the right partner for analytic solutions.
The IDC 2012 MarketScape report addressed this very challenge by evaluating analytics providers objectively. The report rightly observed that analytics providers with a history in Business Process Management have a true edge in the area. Genpact’s positioning as a leader in this report is a testament to our experience in deeply understanding customer processes (SEP* - Our proprietary framework helps us understand processes from bottom-up). This enables us to weave in analytics at the very core of the enterprise. We give companies the advantage of experiencing enhanced decision making through their entire business value chain by creating true business impact.
For example, we not only manage the credit card processes – customer service, collections, campaigns – we also provide the analytical models that make these processes more scientific and effective from within. Supply chain processes need to add intelligence to optimize performance – so we not only manage the end to end process – we also implement analytics in order to make these processes more efficient. Similarly, we have been able to demonstrate the power of analytics in diverse areas of risk management, sales force effectiveness, demand forecasting, customer experience and loyalty. Recognition by one of the first independent evaluation reports in this space is an honor and a validation of the faith that an increasing number of businesses are placing in us. The need of the hour is to keep investing in domain understanding and innovative techniques to implement Big Data analytics. ‘Smart Decision Lab’ – an incubator of new techniques and technologies is our initiative to stay aligned and ahead of customer requirements. We look forward to continued innovation and many pioneering solutions emerging from our stable. There has never been a more exciting time for the geeks!