IT cos told to focus on predictive analytics

By agencies   |   Friday, 09 September 2005, 19:30 IST
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CHENNAI: As the Indian IT and ITeS industry has established a name for itself by looking beyond cost factor and focusing on quality and delivery of services on time, the industry should now look into the area of predictive analytics, Nasscom President Kiran Karnik said here. "There is huge opportunity for Indian companies to get into predictive analytics to create new products," he said. A Number of banks and large financial service firms have a huge data bank and would likely use it to understand the customer demands, and come out with new products. Software companies can move from doing just data to predictive analytics, Karnik said. He urged the industry to move to the next layer of pyramid, data warehousing as the business information potential was huge. "If you want to create a product, go deep into data warehousing, build business information and do predictive analytics," he said. For predictive analytics, companies should have people with high-end skills in mathematics, econometric, demography and domain knowledge, he added. Nasscom Chief said that the country was uniquely placed to tap the opportunity in "Predictive Analytics" as it had phenomenal mathematical skills. "High-end mathematical skills had to be combined with domain expertise and we can start now to tap the opportunity and the industry will take off in the next couple of years," he observed. While India had made inroads into the business information and data warehousing segments in some forms, it had to go beyond Knowledge Process Outsourcing, as currently, the scenario was not restricted to outsourcing alone. Combination of intellectual property rights with services being provided outside had to be given thrust, he said.