People in the industry depend much on analytics to understand customer behavior, flab cuts and operational behavior. But what the dimensions analytics will achieve in future is certainly unpredictable. It is also important to know the ways it will grow so as to impact the businesses in various aspects.
The Managing Director of Experian Credit Information Company of India, Mohan Jayaraman, explains the dimensions of growth for analytics. He says there is no such thing called Market Analytics. According to him, marketing is something which depends on output and analytics is something to do with numbers in the marketing output. Analytics also involves proper methodology and process rather than a mere vertical output.
He relates the dimensions of growth associated with analytics as completeness of infrastructure, completeness of approach, complexity of the spectrum and latency progression. There is always a necessity for a place to implement analytics and that is where infrastructure completeness matter. There must be progression in infrastructure and it has to move from Data Mart to Data Warehouse.
It is essential to detail the framework when it comes to analytics. Completeness of approach includes understanding the business problem, locating the analytical problem, translating into a metrics that is easily understandable, tracking of the elements with fixed targets. The best way to bring completeness to approach is to look at the problem as a whole rather than looking at just one aspect of the problem.
The nuances of analytics must vary and change its levels from simple to complex strategy management. Things must be looked upon more as a strategic problem than as an analytical problem. It is also important to implement the right technology to yield desired results.
The time of occurrence of a problem and the time taken to work on the problem must be reduced. It is very important to reduce latency. Reducing latency will increase the chances of predicting an outcome. It is also important to keep a check on the cost v/s return factor. Cost in this context is not only about the money spent on a campaign but also includes retaining of customers.
If all these are in place, then the values expected out of analytics will remain intact and with the right objective it is easy to get optimal results.