As the world contends with the Covid -2019 pandemic and its profound impact across the regions and industries, companies are not only looking for ways to safeguard their people and customers and also their Business long term future. Dip into the blog to see how data and data Analytics can help your business deal with the crisis.
Right now in such trying times, the ability to make good, timely decisions will be critical to know how well business can survive this crisis. It will also impact how well they can position themselves on a trajectory phase of future profitable growth when thing’s begin to turn a new normal.
Cloud based data platforms and data and analytics have a huge role to play in this from stabilising the business to laying down the foundation of new processes and predicting what’s next. Therefore it’s critical that you have short, medium and long term data driven plans in place as quickly as possible to help make informed decisions.
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Here are three key data driven pathways – resilience,realignment and recovery to maximise your chances of emerging with prosperity from Covid -19 crisis.
Power of data on the pathways to prosperity : Decision making becomes challenging during periods of stress, especially when there is uncertainty about the future. To remain successful,data must underlie every aspect of the business, providing critical input to readjust their plans and predictions as well as guide and automate decision making.
Data has already played a significant role in response to the crisis. Healthcare providers are leveraging their data from countries that were affected earlier by the pandemic to forecast their needs for hospital beds,masks and ventilators.
Grocery retailers are utilizing point of sale data to help distributors identify and ship the items most important to their customers. Telcos are using network traffic data to monitor and manage their capacity, build predictive capacity models, identify bottlenecks and prioritise and plan networks expansion decisions. It’s a no wonder that 75% of business intelligence, data and analytics professionals are working harder and longer hours before the pandemic.
Applying data and analytics to every phase of your crisis strategy, It’s positive that now more than ever, many organisations are striving to make data and analytics a centerpiece of their culture and way of doing business.
Here are some of the top tips on how you can develop a data-driven response to a crisis.
- Phase # 1: Resilience : fine tune your data platform and leverage the cloud – During the immediate response,data and analytics professionals will need to revisit their resilience plans for their data platform to ensure it stands up in the current operating environment. Ensuring that performance doesn’t suffer is paramount, especially when the workloads and data volumes have increased.Maintenance is essential to ensure data is robust automating key tasks such as database tuning,automated indexes, data distribution and compression.
The ability to rapidly onboard new data and provide access to real time insights will also grow in importance.As will the ability to maintain the security and integrity of data during the periods of remote working. This too is where the flexibility of cloud Will play its part if you are looking to scale up infrastructure.
A cloud is a powerful tool when it comes to allowing large numbers of people to access large volumes of data in real time. Not only does it improve the ease of access and shareability of data and it also increases agility and flexibility. This means that you can not only turn data into value faster than ever before but also quickly adapt as the market and wider economic landscape evolve.
- Phase #2 : Realignment : Optimise and modernise your data and infrastructures
The use of data and analytics during this phase is critically important if you are to navigate the rocky waters of a recession. Data and analytics enable companies to objectively evaluate the multiple business situations, such as how to manage the uncertain supply and demand, assess and mitigate the supplier risk, adjust to their sharp changes in consumer confidence and priorities.
Understanding the changing pattern of consumers is top of mind for many of the industries most impacted by the pandemic as multiple changes in behaviour are already evident. For example Amazon has dramatically ramped up its fulfillment capacity while online grocery marketplaces have had to adapt to huge increases in deliveries of fresh vegetables to meet demand.
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- Phase 3# Recovery : invest in tools that focus on speed,performance, scale,future growth When business shifts toward recovery, more companies will need to start their ramp up their deployment of AI enabled solutions to boost the revenue and renew the top line growth. AI And Ml provide the ability to analyse the data from vast numbers of sources that can discover emerging trends and anticipate the potential future shocks.
Analyzing immense volumes of data to learn patterns which enables you to make decisions and predict human behaviour. AI enabled system that continuously learns and adapts which means they can optimise insights and predictions they produce over time.
As we spend more time online ,workers as well as consumers, we expect ML and advanced data and analytics to put to use new detection new consumption patterns and deliver hyper personalised products and services.This should be approach of long term by companies.
Get the most out of your data and analytics –
Embracing the flexibility of the cloud is a must. Analysing data from various sources into a centralised cloud based data platform will allow the numbers to be talking.
The foundation will enable businesses to solve complex challenges and run smarter – driving change with actionable insights at fast speeds. This speed to value is critical in such a fast moving uncertain economic outlook to harness prosperity. Now it is the time to push the boundaries of what’s possible with data at every step of your covid -19 crisis strategy to ensure you emerge positioned for future profitable growth.
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