History of business analytics

In recent years, thanks to the emergence of technology like Big Data and Social Media, "Analytics" became very popular in the business world. SMBs to the business have been all evaluated by companies with the new cloud-based analytical tools, from video players to Twitter.

But did you know that since the age of stone market research existed? The history suggests that the earliest people use sticks and stones to forecast new inventions' sales patterns.

Historically speaking, a simple definition of Analytics is “the study of analysis.” A more useful, more modern description would suggest “Data Analytics” is an important tool for gaining business insights and providing tailored responses to customers. Data Analytics, sometimes abbreviated to “Analytics,” has become increasingly important for organizations of all sizes. The practice of Data Analytics has gradually evolved and broadened over time, providing many benefits.

When Frederick Winslow Taylor introduced time management activities, it is possible to use Analytics for businesses as far back as the 19th century. Another example is the speed of assembly lines measured by Henry Ford. Analytic started to get more coverage in the late 1960s when computers became support systems for decision making. Data analytics has changed dramatically in the production of big files, files warehouses, the cloud and a wide variety of software and hardware.

Business analytics in india

The first computer came in India in 1975 (approx) after that the evolution of technology and data started in india.The growth of data leads to the growth of data science in 2006(approx.)

In June 2006: EXL acquired Inductis, a Analytics firm that had been a pioneer till then in being a pure play analytics company. There were other smaller companies that got similarly acquired ( Adventity by Sutherland Global , Marketics by WNS, marketRX by Cognizant, Symphony by GENPACT)

GENPACT was listed in 2007 (https://en.wikipedia.org/wiki/Genpact) and its revenue from analytics is not known though it is generally considered to be one of the premium priced analytics company. As of 2012 it’s analytics revenue were said to be $250 million.

In February 2013, Mu Sigma received an investment of $45 million from MasterCard, which placed the company over the $1 billion unicorn milestone. It also marked a vindication in the model of treating analytics separately and distinct from offshoring services

In 2014, the people calling in analytics industry in India started calling themselves data scientists. 

Along with data analytics the business analytics came into picture around 2012.

Data Analytics vs. Business Analytics

Data analytics involves analyzing datasets to uncover trends and insights that are subsequently used to make informed organizational decisions. Business analytics is focused on analyzing various types of information to make practical, data-driven business decisions, and implementing changes based on those decisions. Business analytics often uses insights drawn from data analysis to identify problems and find solutions.

Read more :-

https://www.northeastern.edu/graduate/blog/data-analyst-vs-business-analyst/

Even today business analytis is in infantry stage with lot of opportunities.

The Indian Data Analytics market is expected to hit $1.15 billion in 2015, according to Avendus Capital (in 2012), accounting for one fifth of the $5.6 billion of India's outsourcing process (KPO) industry. Furthermore, it is also projected to double by $2.3 billion by 2017-2018, according to the NASSCOM (2014) report. Most of this revenue will be generated by the top companies such as Mu-Sigma, Fractal, AbsolutData, LatentView, etc. The worldwide analytical services range from $2 to 2.5 billion in 2013, according to a research from the Everest Community. This means that India controls 35 – 50% of the world market for analytical services.