Even though data can be utilized as the new oil, Indian financial businesses are facing struggles with ways of drilling and exploiting the latest resource of the world, according to a survey on Wednesday. It was admitted by a majority of 86% Indian executives across insurance and finance poll conducted by AITE, a research company, that they are facing challenges due to the massive data they have.
Those who gave an interview in India, the size of their samples weren’t known straightaway. The findings come at a time when a number of a c-suite executive has been racing towards data collecting possibilities in numerous business aspects and is also keen to sacrifice margins for helping gather the data trove.
Indian firms are moving behind the world by 11% points concerning the use of data, as stated by the data, further saying that the world average for the equivalent is 75%. Even as they are coping with the challenge of being unaware of how-to and what to do with the data, financial services players in India are keen to make an investment, as revealed by the survey.
More than 75 percent of Indian firms have plans of increasing their spending on the latest forms of data like mobile information regarding application usage and web browsing, it stated. It was revealed by the survey that more than 80 percent of marketing executives and 92 percent of risk executives are anticipating their overall budget for data analytics to rise, which is far above the worldwide levels.
The survey further stated that this highlights the considerable investment in advancing the amount of data available in spite of continuing challenges such as cleansing and preparation of data. It added that at present what India needs is access to data science expertise, as well as, leading-edge analytics solutions.
Tags : Indian financial business, Indian firms, investment, edge analytics solutions,