No matter what business industry you are in, you are always trying to model the future. Who wouldn’t want to future proof their business? This is exactly what organizations such as Tata Consultancy Services (TCS) are providing to their customers.
Most companies do not have skilled, professional statisticians on their team. Many companies have a plethora of data, but no one to analyze it and turn it into a plan of action. This is where outside consulting companies such as TCS come into play.
According to Abid Ali Neemuchwala, a global head at TCS, “Decision makers do not rely on intuition and past knowledge alone. In order to not only understand trends but predict customer and market behavior in the future with certainty, analytics married with expertise and skills to help decision making is critical.” Intuition and using knowledge from the past are important, but a company can sometimes predict commonly unforeseen events by using analytics.
Analytic modeling can be used across the board in the business setting. From determining the number of new hires to increasing production efficiency, there really is no area of business that can not be analyzed from a statistical standpoint. This modeling is what can make or break an organization in the long run. With predictive modeling a company is able to see changes in the market before the trained human eye can. This allows the company to adjust to these changes and possibly reap the benefits from it.
In the future I think we will see more and more companies focusing on long-term big data monitoring and companies will focus on a proactive (instead of reactive) approach to business. They will be able to model by looking at certain trends when the best times are to ramp up production or scale back.
I believe having leaders in the analytics field whether they are in-house or outsourced, will become a necessity to remain competitive in the markets of the future. What ways do you utilize analytics to stay ahead of the game?