It was said before the epidemic that data will replace oil as the primary source of riches. Companies who were impacted particularly hard by the COVID-19 epidemic view this as the catalyst that will eventually lead to recovery as we move beyond the pandemic phase and into the new normal.
As the capacity to make the transition to digital became the dividing line between those who would thrive and those who would fail, the significance of data became even more palpable. Leaders and managers who previously dismissed data as an afterthought now see it as a hybrid of a crystal ball that can predict their future and an artificial intelligence that can illuminate the route to success.
Examining the Current Situation
According to Google Cloud’s research, the majority of the 2,000 IT industry executives from across the world who took part in a poll identified the capacity to analyze data as the primary factor that distinguished successful companies from unsuccessful ones during and after COVID-19. Another 32% of businesses confessed that they were accelerating their data analytics projects and adoption specifically to stay competitive and stand out from the other businesses in their industry.
It is no longer debatable that data analytics play an important part in the rehabilitation and even optimization of businesses; rather, this function is now widely acknowledged and actively embraced. Here are three ways in which it accomplishes this goal:
Conducting an analysis of how COVID-19 may affect your company and the supplier chain it relies on. Before a patient can be given a program for full recovery, the doctors need to first give them a full diagnosis of their medical condition, the status of their physiological systems, which aspects of the patient’s health are vulnerable, and which aspects of the patient’s health remain strong and resilient. This information is then used to determine which parts of the patient’s health are vulnerable and which parts of the patient’s health remain strong The same is true when it comes to applying data analytics to the way your organization is currently operating. The information that is gathered, dissected, and analyzed may demonstrate which aspects of your value chain had been damaged by the actions of the general public during the lockdowns, which of your goods and services are losing customers, and which of your revenue expectations are not being met.
There are a number of possible outcomes, and a number of crises that might arise.
On the other hand, data analytics may also reveal you areas in which your company can improve in order to make a comeback. As an example, have you found that certain of your goods and services have become more popular than others as the market for purchasing has shifted toward remote work? The transition of restaurants into companies that distribute meals is a good illustration of this trend. People who were afraid of getting COVID-19 from eating in restaurants began having meals delivered to their homes many times a day, which demonstrates one possible route to recovery from the illness.
The beauty and brilliance of data analytics and AI lies in the fact that it often does not provide just one option to recover, but rather numerous. This allows for the creation of various recovery scenarios. The many target publics that you may reach out to in order to bounce back can be gleaned from your market research, sales evaluations, and consumer reaction feedback by using data analytics. It is able to provide an accurate estimate of the demand, both prospective and growing, that your target publics will have for the things that you are delivering. It is able to forecast potential earnings by comparing its evaluation of your resources and talents to the escalating demands of the market. At the end of the day, data analytics may reveal you more than one income source rather than just one.
Forecasting and planning for future crises: At the time of the explosion of COVID-19 and its subsequent effects, nobody foresaw what would happen. Surprisingly, the one thing that organizations, both public and private, have taken away from this unprecedented global disaster is that they should always be prepared and should never rest on their laurels. More importantly, you need to be aware of the dangers that might affect your company and devise a strategy to eliminate them while also protecting yourself. The danger of complacency cannot be overstated.
Data analytics is a powerful instrument that may be used for this purpose. It is able to identify patterns not only in the behavior of the industry and the market but also in the performance of the firm itself in recent and present periods. It is able to come up with numerous danger scenarios based on historical data and current occurrences, and then it can assist the leaders in coming up with plans on how to counteract these threats. Even if resistance is not completely successful, it can at least still operate as a shield, which may lessen the damage that will be done to businesses and the economy if the assault does succeed in its objective.
As the world learns to deal with COVID-19 and all of its ramifications, companies are beginning to rally behind the concept of recovery as their rallying cry. They can use data analytics to assist them improve their strongholds, strengthen their warriors, and construct watchtowers that can help reinforce them for future wars that have yet to take place.