Page 94 - ICE BUSINESS TIMES January 2020

Organizations are generating In Bangladesh, data analytics
huge storages of data daily, is yet to be utilized to its full
which can be used to establish potential. It is recently being
patterns and predict customer used only in the banking
behavior. The use of big data sector. Although in its
has increased efficiency in the preliminary stages, research
health, education, research has shown that banks and
and financial industry. non-banking financial
Retailers around the world, institutions in Bangladesh are
such as Target and Tesco, are able to provide better online
using big data analytics. financial services, as well as
Walmart, the world’s largest core banking services, when
retailer, used data analytics using big data analytics.
since 2004. It found that after Bangladesh Bank has plans to
Hurricane Sandy, sales of improve its performance with
various items such as data analytics in the near
Data tarts increased. Consequently, future and perhaps witnessing
flashlights and strawberry pop
the efficiency it brings to the
when Hurricane Frances hit,
banking sector, other
Analytics: Walmart ordered larger stocks industries may follow suit. It
of those items from suppliers
would certainly benefit
the next game and they sold perfectly well, customers if retailers like
avoiding any stock shortages.
Agora, Lavender and Meena
changer In this way, retailers are Bazar began to make use of
forecasting their customers’
their big data in the way
needs with data analytics. Walmart has done.

OUTSOURCING
OUTSOURCING
The hope of many young lives

Outsourcing has become a outsourcing, holding 16.8% of the
powerful driver of change. global market share. This arises
Information technology (IT) in from two sources of competitive
particular is outsourced to be advantage. Firstly, Bangladesh
managed cost-effectively in many has a more stable economy
industries, including healthcare compared to other developing
and finance. Retailers are facing nations around the world, for
challenges in managing the instance the inflation rate has
extensive data being generated been consistently within 6-8%
daily, hence for better over the last decade. Secondly,
management and efficient data the average salary of IT the lowest income-group of the country.
analysis, they are opting for personnel in Bangladesh is 50% Abu Kahar, a farmer’s son who failed
third-party IT support. Many lower than other Asian countries, his HSC exams, received digital
world-famous IT-based hence foreign companies gain marketing training from Bangladesh
businesses, such as Skype, was significant cost savings. The Association of Software and Information
built on outsourced materials. workforce of Bangladesh Services (BASIC) under their Learning
Even small IT-based businesses certainly benefits from and Earning Development Project. He
are outsourcing non-core diversifying into this emerging then went on to earn more than 1,000
activities such as Born To Sell, industry. About 40% of the USD per month and has helped his
which hired Eastern European outsourced work is marketing landless father purchase ample
programmers and gained cost and sales support while nearly farmland for their family’s future. If this
savings of up to 600,000 USD. 22% is in software development technological growth is maintained,
Bangladesh is the second most and technology. Also, the benefits then more success stories such as this
popular destination for of outsourcing are spreading to will become the new norm.

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