August 31, 2022
Nikhil KumarAs organizations continue to grow and transform digitally, data works as a superpower to make informed and strategic decisions. However, data becomes useful when it produces meaningful insights. Here is when Data Analytics comes into the picture.
Data and Analytics has revolutionized the way organizations perceive data.
Post covid, the companies are going digital and more and more digital initiatives are bringing in more data, hence an equal and imposing need is being created for adopting analytics. Moreover, it has been observed that hybrid working is impacting utilization and productivity and hence, there is a market need to employ digital tools for maintaining efficiency and effectiveness.
There is a persistent need for all organization to figure out the best suited digital solution in order to ensure smooth functioning of their remote operations. The latest McKinsey global survey around executives suggests that the organization have realized the need to improve their digitization process across their customers and supply chain interactions and of their internal operation by three to four years. The share of digital or digitally aided products has accelerated by seven years.
New research study published by Insight partners on the global big data analytics market suggests a CAGR of 15.3% from 2022-2028, thereby growing from $239.75 billion in 2021 to $638.66 billion by 2028. Data Analytics enables businesses to transform digitally and make sense of the humungous amount of data available from multiple data sources.
Companies are making a paradigm shift by going beyond data and creating connected actionable insights. This is helping these organizations to build an out-of-the-box customer experience, increase employee productivity and create a digitized data-driven ecosystem.
Analyzing big data helps increase efficiency and improve performance in business, leading to competitive advantage. Today, data can be inspected, transformed, and modeled by using various algorithms and utilizing different databases and warehouses.
Analytics is not restricted to traditional form which meant only utilizing BI as a use case but has transcended to include Advance use cases which are more business centric. Advanced Analytics goes beyond the conventional methods and uses intelligent techniques like prediction, complex algorithms, and machine learning to predict future trends and forecast hidden patterns.
In today’s era, Data and Analytics is not associated with Banking and Telecom sectors alone but has made its way to other industries and sectors. Data and Advanced Analytics is being utilized in multiple industries like Manufacturing, Automotive, Healthcare, Pharmaceutical, Retail, EdTech, etc.
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How Advanced Analytics is benefiting industries?
The impact of advanced analytics in Financial Services is promising. Data mining and analysis helps reduce loan losses and achieve higher revenues.
Logistics companies have embraced advanced analytics in their operations around the world with real-time shipment tracking and enhanced customer satisfaction through Predictive Analytics to balance demand and supply.
In the IT sector, data analytics has helped leaders make pivotal business decisions and lower attrition rates by analyzing patterns that have saved overall voluntary turnover costs.
As per McKinsey reports, advanced analytics has significantly improved EBITDA for Pharma. Analytics has helped turn data into valuable insights, thus improving the way banks market their products.
Telecom companies have also deployed analytics to enhance customer journeys. In the Manufacturing industry, it helps reduce maintenance costs and save total employee costs by reducing downtime.
The Retail sector has also utilized predictive analytics to envisage sales growth, identify consumer behavior, and predict larger trends in the market.
Introducing MOTIF (Motherson Intelligence Framework)
MOTIF (Motherson Intelligence Framework) is a 360 Degree Advanced Analytics Platform that consumes data from multiple sources, stores data in an enterprise data lake, and uses intelligent insights for making real-time decisions across all business functions. MOTIF offers the capability to leverage the power of advanced analytics across all business functions- Operations, Finance, Procurement, HR, Factory, Sales, and Audit functions.
Factory Analytics: A Data and Advanced Analytics powered solution that enables a 360-degree view of key KPIs that drives operational improvements and enhances plant productivity with real-time insights.
Audit Analytics: An analytical audit tool that scrutinizes the company’s operations using Data-driven evaluation against business rules that helps to generate, manage, notify & track audit exceptions through the workflow.
Sales Analytics: Our Sales Analytics solution unlocks the power of Advanced Analytics by detailed sales tracking and planning and improves the return on sales by analyzing the trends and patterns.
Spend Analytics: An intelligent sourcing solution running on a quantifiable model, the Spend Analytics solution leverages Big Data & analytics capabilities for optimizing the procurement cycle, supplier management, and strategic global sourcing.
Finance Analytics: Our web-based solution is powered by Big Data and Analytics that involve multi-dimensional financial consolidation, planning, reporting, collaboration, reviews, and approvals. The solution assists in effective & efficient planning, budgeting, and management reporting.
People Analytics: An end-to-end solution for HR analytics that involves data organization, creating operational reports with Intelligent BI & Role-Based Access for drawing meaningful insights. The solution also helps support strategic decision-making by providing accurate workforce planning, attrition analysis, and effective training & development trends.
Our data platform has helped many key players enhance predictability in business functions, perform efficient operations and strategize their financial processes.
MOTIF Lakehouse is a new generation data management platform that combines the elements of the enterprise data warehouse, data cloud, and data lake. MOTIF Lakehouse enables consumable, efficient, and cost-effective data structure and data storage. PROPHECY is a robust platform based on machine learning algorithms that solves complex business problems.
We support businesses to develop intelligent sourcing solution which runs on quantifiable model and is future ready in terms of scalability and technology.
Our Success Stories
We have helped transform multiple industries with our data platform and solutions. This has made a significant impact on their the cost and efforts.
MOTIF Finance Analytics- Helped a leading pharmaceutical company improve financial business processes for strategic decision-making on a real-time basis through finance analytics leading to around 10% operational cost saving
MOTIF Factory Analytics- GBP 1.1 Million annualized savings delivered for a GBP 2.3 Billion Auto Component Manufacturer through Shop Floor Automation and Operational Analytics using the Factory Analytics Solution
MOTIF People’s Analytics- Enabled 5% overall cost reduction in HR spending and saved 50% HR efforts monthly with People Analytics for Polymer and Elastomer Processing Giant
MOTIF Audit Analytics- GBP 350k gap highlighted due to purchasing of same items at differential rates through Audit Analytics for a Global Manufacturer
MOTIF Spend Analytics- Achieved GBP ~13 Million reduction in spend by optimizing vendor selection process and global contracting for an $11 Billion revenue Company
Recently, we have enabled one of the top luxury car manufacturers to harness the power of data and create better omnichannel customer experiences. Our customer is one of the world’s leading producers of premium cars.
We provided them with a complete view of each business function with a 360 analytical dashboard with deep insights. We have helped them establish a data mindset with effective data generation and sharing by enabling effective data exchange within the departments.
Using Smart Factory Analytics Solution we also helped to build operational efficiency for a Japanese Multinational conglomerate Company by focusing on Insightful & Impactful KPIs & enabling visualization through Smart Factory Dashboard & Report.
Big Data and Analytics is expected to completely transform our lives and businesses in the future. Due to its immense applications and unending virtues, analytics will bring a paradigm shift in future decision-making.
Click here to know more about MOTIF
About the Author:
Having over a decade of experience, Nikhil Kumar is heading MOTIF (Motherson Intelligence Framework), Analytics Solutions Suite in Motherson Technology Services. With specialization in Process / Business Transformation, Risk Management & ERP Consulting for entities engaged in Manufacturing, Hospitality, Real estate, Healthcare, Retail & Financial Services sector; As an SME, Nikhil helps clients convert business problems to solutions.
