The on-demand industry has taken giant leaps in the last few years and why shouldn’t it? Who doesn’t like an on-demand service according to their needs and wishes? Every sector from healthcare to transportation, from food to electricals to entertainment & media (online streaming services) has gone into on-demand services owing to greater use of mobile applications.

Let’s look at some of the statistics of on-demand services over the past few years.

According to Statista.com, U.S. consumers are spending $57.6 billion in the on-demand economy to cater to 22.4 million users annually.

What in the world has taken a bigger boom than the online video streaming service? Just have a look at those statistics and you’ll know.

What is an On-demand business model?

Pretty much everything in the name. Providing customers with services according to their terms. In the age when people want immediate access to everything, the on-demand service comes to the fore. It aims to provide services in the shortest possible time and is entirely focused on the speed with which it can provide solutions.

You might want to have a look at some of the different models of on-demand services that are currently available and have taken the on-demand industry by storm.

1. FOOD-ON-DEMAND

Arguably one of the most significant and booming on-demand services, the food on-demand platform has raged the mobile app industry as well. People have started putting just delivery services and have made the most of the time lost due to crises and other factors. People want everything at the comfort of their homes and they are getting it!

2. SERVICE ON-DEMAND

Again, a model that has taken this industry by storm is the service on-demand model. What is there that’s not possible at the comfort of your homes? You have professional cleaning services to electricians to plumbers to getting your hair cut, you name it and you have it at your home.

The boom has even more come into place since the pandemic began and changed the way lives are lived. The on-demand service model has given individuals an opportunity to save time and money (spent on travelling to the place of service) and that’s a good enough reason for this model to be where it is now.

3. TRANSPORTATION ON-DEMAND

A lot of people still don’t have access to their own cars and personal vehicles but need to travel to airports or stations for work purposes. The on-demand transportation services have made the task utmost easy and super reliable with the growing structure of ride-hailing platforms such OLA & Uber.

People are just a click away to booking transportation and making their way to their destinations.

Why has the On-Demand industry grown so rapidly?

Many factors contribute to the success of on-demand models including UI, accessibility, reliability, promotions, up-to-date trends and more. We might look at some of those here:-

1. USER-INTERFACE

A simple to use UI is what everyone looks at and wants. The on-demand service models have done just that and made life easier for people. You have all the options in front of you to choose from and a mere click of a button makes the task done & dusted!

2. RELIABILITY

Building a trust value always comes in handy and that is exactly what customers look for. Booking on-demand services need the reliability factor and the trust factor which most of the sectors have been able to provide thus making this a very successful model.

3. UP-TO-DATE TRENDS

Another fantastic feature which most of the customers love is the updating trends and promotions it keeps on rolling out. Everyone wants to know the latest availability of different services and how they can use it to their advantage.

CONCLUSION

The on-demand service model has certainly made the life of customers way too easy. People have made the most of what they have got and have loved every minute of using these on-demand services. The above statistics show how this market is bound to grow even more with years to come. The factors that have given this industry so much boom are also something that customers most look forward to.

Also read : The future of Digital Marketing

Digital Marketing, a word that we have come across so so many times in the last few years and are bound to come across even more in the coming years! That’s how big a scope it has in the future market.

These fast evolving marketing trends have been so fast, that the traditional marketing techniques and principles now hold almost negligible value. We will try to look and put across some marketing trends that will shape out the future of digital marketing by 2025.

Some key Digital Marketing trends :-

Artificial intelligence

Another term you might have heard of a lot more in the past couple of years than you have in the preceding 15-20 years! According to a survey by Forbes, 50% of the enterprises are willing to spend more on AI & ML this year. With another separate survey suggesting that AI & ML increase the customer satisfaction by 10%, we know where this part is going when it comes to trends.

         The customer satisfaction is increased by some of the following experiences:

Enabling real-time analytics, improving the customer support experience and optimizing a host of other things, artificial intelligence & machine learning have had a fair share of the benefits in the area of advertising.

AI-based chatbots, is there any service that ain’t using them in today’s world? These chatbots have made the customer experience so so easy that almost 50% of the customers are using them.

      2. Virtual Reality

What marketing and the people involved in it do or are required to do is find out and give the best possible tools available to make the marketing efforts personalized, engaging and more interactive. VR is one such solution that has been making huge strides and will come up as a very competent solution come the years

Through its interactive and super engaging storytelling process, users or businesses can associate themselves with a real world experience which is certainly not possible through other means of promotions. It has come into focus already with a very large chunk of entertainment companies engaging themselves with 360 degree content.

   3. Blockchain

Another buzzword that has come across a lot in recent times and it is surely being looked at as a technology that will bring about a real transformation in the field. It is still at the stage of being explored but it is said that marketing and promotions will be able to solve most of their challenges using Blockchain solutions.

There are a lot of potential privacy issues that customers face, others are verification of robots by several sites, these are some of the issues that are being looked to be solved by blockchain technology. You might be interested in some of the top blockchain trends to be followed in 2021.

  4.  Voice Marketing

Just have a look at this study to be able to understand the massive impact of voice marketing. The use of voice assistants and voice supporters are making a booming impact because of one exceptionally great reason - it enables contextual learning and permits the same with customers and clients. On-point-marketing is something that most businesses like to have a run-in on because of the context it provides. Voice technology is shaping up the marketing landscape in a very very large way and they’re looking forward to taking a personalized marketing strategy to a whole new level.

CONCLUSION

In an era where data is often referred to as the “new oil,” organisations must extract, refine, and utilise it effectively to stay ahead of the curve. Data is everywhere, from the clicks on a website to transactions at a supermarket, and the organisations that can make sense of it thrive. This is why the importance of business analytics has grown exponentially in recent years.

Business analytics is not just a buzzword; the importance of business analytics lies in the fact that it is a critical tool for understanding market trends, solving complex problems, and unlocking new opportunities. Whether you’re a professional aiming to upskill, a manager seeking better decision-making tools, or a business owner looking to optimise operations, the importance of business analytics in your journey cannot be overstated.

What is Business Analytics?

At its core, business analytics involves analysing data to uncover patterns, trends, and insights that drive informed decisions. Unlike traditional approaches to decision-making, which often rely on experience or intuition, business analytics uses facts and data as the foundation for strategy.

It combines statistical methods, data science, and technology to deliver actionable insights that can transform an organisation’s performance. The importance of business analytics lies in its ability to turn raw data into a powerful asset, helping organisations gain a competitive edge in their industries.

The Growing Importance of Business Analytics Across Industries

The rise of business analytics has been driven by the need to adapt to a fast-paced and highly competitive environment. Organisations across industries are now investing heavily in analytics to achieve better outcomes. Here’s how business analytics is making a difference:

Retail and E-commerce

Retailers use analytics to study customer buying behaviours, personalise shopping experiences, and forecast inventory needs. The importance of business analytics in this sector is evident in how it optimises everything from product placement to dynamic pricing strategies.

Healthcare

In healthcare, analytics improves patient outcomes by predicting disease trends, optimising resource allocation, and enhancing treatment plans. The ability to process large amounts of medical data is transforming how care is delivered.

Finance

Financial institutions use analytics for risk management, fraud detection, and investment optimisation. By recognising patterns in transactional data, they can make smarter, faster decisions.

Logistics and Supply Chain

The importance of business analytics in logistics lies in its ability to optimise routes, reduce delivery times, and predict demand fluctuations, ensuring smooth operations.

The Connection Between Business Analytics & Data Science

While business analytics focuses on interpreting data to solve specific business problems, data science goes a step further by building algorithms and models that predict future trends. Together, business analytics & data science form a powerful combination.

For instance, a company might use data science to create a model that predicts customer churn. Business analytics would then determine how to apply this insight to improve retention strategies. The importance of business analytics is in bridging the gap between data science and actionable business outcomes.

By following such a curriculum, learners not only grasp theoretical concepts but also gain hands-on experience in applying analytics to real-world scenarios.

Future Trends in Business Analytics

As technology evolves, so does the importance of business analytics. Here are some emerging trends to watch:

Artificial Intelligence and Automation:AI-powered tools are making analytics faster and more efficient, enabling real-time decision-making.

Self-Service Analytics:Non-technical professionals can now access easy-to-use analytics tools, democratising data insights.

Focus on Data Ethics:As data privacy becomes a concern, organisations will emphasise ethical practices in analytics.

Integration with IoT:Analytics is now being used to process data from Internet of Things (IoT) devices, enhancing industries like smart manufacturing and urban planning.

Career Benefits of Learning Business Analytics

The importance of business analytics also extends to career growth. Here’s why professionals are flocking to this field:

High Demand: Organisations across industries are seeking skilled analysts, making it one of the most in-demand skills today.

Attractive Salaries: Analytics professionals enjoy competitive salaries due to the critical role they play in decision-making.

Diverse Opportunities: From marketing to operations, analytics skills are valuable in nearly every domain.

Strategic Impact: Professionals trained in analytics are not just contributors—they become drivers of business strategy.

*IABAC

Take the First Step with IIM Tiruchirappalli

If you’re ready to harness the power and importance of business analytics, the PG Certification Programme in Business Analytics & Applications by IIM Tiruchirappalli, with Jaro Education as the marketing and technology partner, is your gateway to success.

Why Choose This Programme?

Cutting-Edge Curriculum: The syllabus covers the essentials, from data visualisation to predictive modelling.

Practical Learning: Engage in real-world projects to build hands-on expertise.

Expert Faculty: Learn from top academicians and industry veterans.

Modern businesses now rely heavily on cloud-based commercial business apps because of their many advantages, which increase productivity, flexibility, and overall success.

Scalability: Scalability is one of the main benefits of enterprise apps hosted on the cloud. Without being constrained by physical infrastructure, organizations may readily scale their resources up or down in accordance with business needs, guaranteeing optimal performance.

Cost Efficiency: Large upfront investments in hardware and infrastructure are not necessary with cloud-based solutions. Employing a subscription-based business model allows companies to pay only for the services they use, which reduces costs and creates predictable spending.

Accessibility and Flexibility: Applications hosted in the cloud offer anywhere, at any time, access to corporate operations. In today's dynamic work contexts, this flexibility is especially valuable since it supports remote work and fosters cooperation among geographically distributed teams.

Rapid Deployment: Cloud-based enterprise application implementations are usually faster than on-premises alternatives. Businesses can respond more swiftly to shifting business requirements by implementing new features, upgrades, and functionalities through cloud deployment.

Automatic Updates: Automatic updates and fixes are frequently included with cloud-based solutions, guaranteeing that the program is always safe and optimal. By doing this, companies can avoid the hassle of manually maintaining updates and preserve a strong cybersecurity posture.

Enhanced Collaboration: Cloud-based apps help teams work together more effectively. Collaborative tools, consolidated data, and instant access to shared documents enable staff to work together more effectively, increasing productivity and creativity.

Data Security and Compliance: Cloud service providers make significant investments in security measures, frequently going above and beyond what can be done by individual businesses. This guarantees that critical corporate data is secure and complies with industry laws, along with regular security assessments and compliance certifications.

Disaster Recovery and Business Continuity: Applications hosted in the cloud provide strong choices for disaster recovery. Multiple locations for data storage lower the possibility of data loss from unplanned events or hardware malfunctions. By doing this, company continuity is guaranteed even in the event of unforeseen setbacks.

Environmental Impact: The energy efficiency of cloud computing surpasses that of conventional on-premises architecture by nature. Reducing environmental impact in data centers can be achieved by minimizing energy use and consolidating resources.

Business applications have become essential tools for financial reporting and management, helping firms to improve accuracy, obtain important insights, and expedite operations.

The Changing Landscape of Financial Management

Organizations dealing with large volumes of financial data in the digital age need to handle, analyze, and report on the data carefully. As a result, there has been a notable growth in the dependence on business apps for financial administration and reporting.

The Role of Business Applications in Financial Management

Streamlining Financial Processes: Financial management business software are made to automate and simplify a variety of financial tasks. These programs assist decrease human tasks and errors in a variety of areas, including payroll, accounts payable and receivable, and spending management.

Data Accuracy and Integration: The smooth integration of financial data from multiple sources, including point-of-sale systems, banking systems, and accounting software, is made easier by these applications. By ensuring data accuracy, this connection lowers the possibility of mistakes and inconsistencies in financial reporting.

Real-time Insights: Financial data is accessible in real time through modern business applications. This enables financial experts to react quickly to shifting market conditions, see structures or abnormalities as they emerge, and make well-informed decisions.

Customization and Scalability: A lot of financial management apps can be customized to fit the unique requirements of a firm. They can be scaled to meet expansion as well, which makes them appropriate for companies of all kinds.

Financial Reporting Made Easy The following are some ways that financial management-focused business apps streamline the reporting process:

1. Automated Report Generation: By automating the process of creating financial reports, these tools save time and effort compared to manual report development. Users can choose from pre-made templates and alter reports as necessary.

2. Compliance and Regulations: Applications for financial reporting frequently have built-in compliance capabilities that make sure reports follow rules and guidelines in the industry. This is especially crucial for companies operating in highly regulated industries.

3. Accessibility: The utilization of cloud-based business software for financial reporting facilitates safe access from any location with an internet connection, hence improving team and stakeholder communication.

4. Data Visualization: A wide range of programs provide data visualization capabilities that simplify complex financial data into comprehensible graphs and charts. This facilitates the effective presentation of financial data to important stakeholders.

Conclusion: