Ivy Apr 18, 2016 No Comments
The influence of data on the process of product development is easily seen in every industry.
Before the “data-ization” of Business, all lot of decisions were based on pure gut feel like- “I think this is a unique concept” or “There seems to be a market gap in the market for this and this product should work”. Now insights into data provide a strong background for taking any decision and this is done without any hesitation or delay with the help of multiple market research and data analytics tools.
“Customers today are evolved, engaged, informed, digitally savvy and seek more value,” says Peter Gartenberg, general manager, enterprise and partner group, Microsoft India. “To keep pace with the growing customer needs, attain the competitive advantage and expand the customer base, businesses are now looking for tools to not just address the market and customer demands, but also to be prepared to lead the way in future. With data being amassed at a rapid rate, it has created the demand for tools that are intuitive and simple for enterprises to be empowered with the ability to derive insights from the data.”
Where did it all begin? Rapid digitisation has led to the availability of huge tracts of consumer data within and outside organisations. That apart, the falling cost of data storage and cloud-based solutions are enabling organisations to invest in data gathering and deployment. So businesses are increasingly leveraging business intelligence (BI) to churn out products faster, offer innovation and, above all, take better decisions. “The kind of intelligence businesses have today offer deeper information about consumer likes and dislikes unlike other traditional tools of gathering information such as focused group studies and one-to-one interactions. It is the robust and holistic consumer view offered by business intelligence that feeds into quality product innovation and marketing,” says Sudarshan R, commercial marketing head, Dell India.
Since managers have access to real-time data on products, sales and marketing campaigns, they are better placed to take quicker decisions and shift focus midway. For instance, at Dell India, about 50 per cent of decisions on products and services are currently driven by BI. The company uses tools such as R and SAAS and undertakes statistical modelling around consumer behaviour. These tools provide management a reasonable view regarding the acceptability and success of a new launch. “Businesses across categories are increasingly adopting business intelligence tools as it helps them discover and analyse metrics and convert data into actionable information that can be shared and acted on,” says Sridhar Iyengar, VP, ManageEngine.
To sum up analytics including Business Intelligence is flexing it’s muscles in a very strong manner in the industry now. Its time we take notice.
Ivy conducts Business Intelligence and Data Visualization Courses as part of its Analytics curriculum. Get in touch with us for more information on our courses.
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