Can Data Analytics be used to Grow Make in India?

Today, the volume of data has expanded by virtue of growing adoption of  Analytics, Artificial Intelligence and other trend setting technologies. Businesses are majorly turning to visualization-based data discovery solutions.

Use of analytics strategies for Make in India requires  careful analysis of structured and unstructured data. The predictive analysis can provide important details to  make better decisions that will help to grow the Make in India scheme.

“The biggest challenge Indian policy makers working manufacturing reform face is how little information there is to base an optimal policy framework on. Involving a wider group of stakeholders in a policy making process that encourages the declassification of Government data for analysis is the possible solution. A conservative estimate would suggest that India holds about 40% of the world’s analytics market and continues to grow at 30% annually; enlisting the industry’s strength in the policy making process as a key stakeholder, will galvanise umbrella programs like Make in India, Made for India and Digital India."

--Koushik Ragavan, Director, Data Science, Micron Technology India.

India is trying to emerge as an alternative Business Continuity Plan (BCP) destination, as multinationals companies are considering options for going to other locales and reinvent the concept of manufacturing. India has its own large domestic market and low cost production capacity. Since 2014, India has progressed significantly in electronics and hardware manufacturing, making it probably the greatest achievement of 'Make in India' venture. The nation was creating $29 billion worth of electronic products in 2014 and imports remained at $38 billion. In 2018-19, production rose to $70 billion and imports expanded to $57 billion.

India will focus to invest in Health Sector, Automotive, Capital Goods, Electrical Machinery, Chemicals and Petrochemical, plastic products and telecom equipments.

The current market is segmented by Applications, Deployment, Services, Solutions, End-User Industry and Geography. Therefore Analytics will Improve the poor infrastructure and efficiency in logistics that will lead to cost efficiency. The predictive analysis can be very useful for competitive market players. It can help the industry players dominate the market, with the advancement in the data analytics.

For new players this analysis is a boon for their market presence, thereby they can expand their business footprint.

There are sectors undoubtedly set to benefit immensely from Data Analytics are manufacturing, health, and finance sector. It is important that these sectors understand how they stand to benefit from and be empowered by data analysis.   The healthcare sector can receive great benefits from data science applications such as Medical Image Analysis, Genetics & Genomics, Drug Development, Virtual assistance for patients and customer support.

Government has been encouraging Indian entrepreneurs to invest in Make in India so that India can become self-sufficient in manufacturing. This requires a careful juxtaposing of Big Data, connectivity and information on top of industrial automation.

Big Data and IoT will support manufacturing companies to run networked production systems via broader connectivity and management of information.