With its huge and diverse population, India has always been a delight for data scientists. What works in Bangalore for an Ola or Swiggy may not work in Mumbai. Consider Swiggy, which has a decentralised and hyper-local operation in place. The firm relies on analytics to showcase the most relevant restaurants to the customer at the time of ordering and ensure that each delivery touchpoint happens within a promised time. In the case of Ola Cabs, it uses analytics to create accurate models of the estimated travel time and then uses insights from this data to suggest less congested routes. In the case of Myntra, each web page is customised and personalised for every individual.
In the financial services industry, analytics is the bedrock for all decisions. Thanks to analytics, HDFC Bank has a revolutionary product which allows customers to avail a loan within 10 seconds. Federal Bank has used analytics to build a personal loan portfolio of over Rs. 600 crore. SBI has used the power of analytics effectively and successfully on its YONO platform. Fully digital loans of over Rs. 10,000 crore have been disbursed, and SBI has acquired one lakh life insurance policies under Insta Life Secure – all in a span of a little over a year. This has all been done by smart customer segmentation using analytical tools. The NPA in the fully digital loans on YONO is one of the lowest in the industry, reflecting advanced analytics-driven underwriting capabilities to minimise delinquencies.
In the financial services industry, analytics is the bedrock for all decisions. Thanks to analytics, HDFC Bank has a revolutionary product which allows customers to avail a loan within 10 seconds
IT services firm, Persistent Systems, uses analytics extensively to leverage all environmental data in the form of attendance systems, video surveillance, monitoring of air-conditioning systems, monitoring of lighting systems and solar energy systems to drive operational efficiency, reduce risks and enhance safety and compliance.
OYO analyses multiple metrics, from time of day, weather, location to local events, to be able to learn more about what kind of a room a customer prefers. For example, if the guest prefers a certain kind of hotel, relevant hotels matching previous preferences will appear on top of the search results. This is enabling OYO to offer a highly personalised experience, right from customised search results to the way their guests are greeted at the hotel.
Titan uses analytics extensively to build customer insights to build the right product suites. The firm has also built a forecasting model that has been useful in predicting with over 95 percent accuracy on the revenue from a particular retail channel. Titan also uses geospatial analytics to identify the right store and uses insights heavily to understand why certain stores are selling more and why certain stores are not.
If done right, analytics can help organisations in amplifying their revenues. For example, in the case of Titan, for the financial year 2018-19, in the area of marketing, the analytics function brought Rs. 536 crore of incremental revenue. Similarly, HDFC Securities has grown overall revenue by 40 percent using analytics. As the above examples show, Indian organisations are truly betting big on data analytics to significantly improve every aspect of their business.
Editor, Express Computer