- 87% of respondents view obtaining leadership support for data strategy implementation as a significant challenge.
- Active data volumes have increased by 50 to 100%, and warm data by 25 to 50%.
India’s data analytics realm is profoundly transforming, fundamentally reshaping how businesses operate and strategize. This shift is largely attributed to the rapid digitalization across sectors, as detailed in the latest State of Technology Survey by CIO&Leader.
The digital revolution and proliferation of smart devices, social media, e-commerce, and IoT deployment have led to an explosion of data across various sectors in India.
Technological advancements
The survey underscores the advancements in AI, machine learning, and big data technologies that are making data analytics more accessible and impactful. This has enabled fintech, edtech, and e-commerce sectors to leverage analytics for new business models, fraud detection, and operational optimizations.
Massive data storage
Many businesses manage vast quantities of data, with some storing over 50 petabytes of active data. This volume highlights the scale at which Indian businesses are operating and the intensity of their data analytics practices.
Digital transformation and strategy
The surge in data analytics is driven by a quest for digital transformation, innovation, and enhanced customer experiences. Indian businesses are adopting systematic approaches to technology, architecture, data planning, and roadmap, reflecting a mature data strategy.
Data governance and management
– A focus on data governance and management is evident, with businesses embracing best practices to ensure high-quality data, security, and privacy compliance.
– Advanced adopters leverage data management as a differentiator, emphasizing the importance of trust in data-driven initiatives.
Investment priorities
– Indian businesses increasingly favor AI/ML investments, often considering predictive analytics as a subset of these broader technologies.
– Exploring data lakes with data pipelines indicates a growing interest in harnessing unstructured data.
– Strategies like data encryption, audits, deduplication, capture controls, validation, and anonymization are employed to mitigate risks and ensure data integrity and quality.
Challenges and opportunities
– Building a data-driven culture requires leadership support and active employee involvement at all levels.
– Identifying relevant use cases and ensuring high-quality data are crucial for effective decision-making and the success of business initiatives.
Conclusion
The State of Technology insights depict an industry at a pivotal juncture, embracing data analytics while balancing traditional practices. As Indian businesses navigate this transformation, data analytics is emerging as a technological tool and a cornerstone for comprehensive business strategy and evolution.