NASSCOM also released a report on “Risk and Procurement Analytics” in association with CRISIL. The report aims to showcase the industry landscape, key drivers and emerging trends for risk and procurement analytics, potential opportunity and India as the leading analytics’ sourcing hub. The report predicts robust prospects for these services, particularly risk analytics, which is expected to become a USD 50 billion industry globally by 2020. A USD 2.5 billion opportunity for Indian analytics services players, up from USD 700 million in FY2013, growing at a CAGR of 19-20 per cent. Risk analytics is increasingly becoming a core component of risk framework given the complex regulatory environment, market pressures for better risk-adjusted performance, increased market volatility and need to make informed decisions.
Speaking on this occasion, Som Mittal, President, NASSCOM, said, “The need of the hour is the development and nurturing of the ecosystem including leveraging the analytics applications for various sectors of the industry. The primary role of this interest group would be to help increase the visibility and relevance of the analytics in Indian context, to consult and equip analytics providers with requisite capabilities to deliver analytics projects successfully, to address the talent gap for meeting burgeoning demand and to get answers to specific issues plaguing the adoption of analytics in the near short term and long term. ”While talking about the “Risk and Procurement Analytics” report, he added, “Risk analytics is increasingly maturing from being an isolated function within finance or investment unit to being integrated across all business units. It is becoming a core component of risk framework given the complex and volatile environment and is helping companies make informed decisions.”
Talking about CRISIL’s role and contribution to the “Risk and Procurement Analytics” report, Roopa Kudva, MD & CEO, CRISIL said, “Risk analytics is increasingly maturing from being an isolated function within finance or investment unit to being integrated across all business units including portfolio, operations, sourcing & procurement, audit and compliance. Organizations are increasingly focusing on cost cutting and looking for top-line and bottom-line growth.”
India with its strong focus in the field of core science and Mathematics is in a big vantage position when it comes to analytics talent as it has one of the largest pools of analytics and data science talent in the world and has been playing a key role in supporting the analytical needs of the developed markets. Indian Analytics Service providers have already taken a lead in preparing for this journey to be the Analytics hub for the Global economy.
NASSCOM, organized the first-of-its-kind “Big Data and Analytics Summit 2013” on June 27th, 2013 at the Westin Hotel in Hyderabad. The event saw participation from Big Data and Analytics experts all over the globe, analytics buyers ranging across all major industries/domains/sectors, leading Analytics Service Providers and representatives from top tier academic institutions. The sessions included Big Data workshops and several other panel discussions, round tables and special track discussions entailing the topic of Big Data in the current scope of Analytics in the Indian scenario.
About NASSCOM
NASSCOM® is the premier trade body and the chamber of commerce of the IT-BPM industry in India. NASSCOM is a global trade body with more than 1400 members, which include both Indian and multinational companies that have a presence in India. NASSCOM's member and associate member companies are broadly in the business of software development, software services, software products, consulting services, BPM, e-commerce and web services, engineering services and animation and gaming. NASSCOM’s membership base constitutes over 95% of the industry revenues in India and employs about 3 million professionals.
