The COVID-19 pandemic has upended business as we know it. Across the world, IT leaders are faced with unprecedented disruption from consumer behaviour, all the way to the supply chain. Now it is their job (challenge) to navigate emerging technologies and allocate scarce resources to make the best decisions for the future.
There are very few businesses at the moment that are experiencing business as they knew it – rather, they are operating with a new normal. You might be thinking, we are in a cost-cutting climate, or we only have scarce resources at the moment. The question is how do we make the biggest impact in the shortest possible time..
One thing is for sure, innovation will look very different, as smart technology leads the way to try to predict the future, in uncertain times. Businesses that have shown resilience and strength amidst the chaos, are the teams that have used data analytics and machine learning, as a pivotal tool for business continuity. We’ve seen even the most conservative businesses, becoming more agile in order to adapt to stay relevant and maintain profitability.
Emerging technologies will shed light on the data intelligence needed to future-proof your business, based on decisions you start making today. First things first, you need to understand where you are currently in terms of your customer data journey. It is vital to identify the right technology to understand the data sitting in your business. And then you need to find a trusted partner, who can leverage your data for insights and automation.
Data analytics can quickly make a BIG impact on the decisions you are making in your business. And over time this proven smart technology will provide confidence and access to tools needed to make these decisions on auto-pilot, saving you time, money, and scarce resources.
Data analytics needs to be aligned with business priorities to be optimal for business growth. You want a solution that can seamlessly be embedded into your current application, which understands the needs of your business and customers to make informed decisions and formulate ways to proactively add value to their lives. This also enables you to alleviate strain on scarce resources, resulting in a major impact on your bottom line.
Like a puzzle with a missing piece, businesses are currently being encouraged to explore external data sources to make sense of what is going on with consumer behaviour and demand. Very often our business data tends to be geared towards an internal business focus, but what COVID-19 has heightened is the need to unpack what people are thinking and what’s happening to supply chains across the world. Not only that but there is a drive towards future-proofing technology and this trend sees most turning to the cloud to maximise data intelligence and insights for your business.
Now is the time for leaders to seamlessly navigate the future by unpacking past data and insights to learn and predict anticipated trends. This could easily be the difference between a mistake and a calculated risk. Leaders also need to be making decisions with confidence and have the data intelligence to be proactively monitoring and re-evaluating decisions to ensure it is still the best decision for the business.
Speaking of COVID – If you want to see our real-time analytics in action, check out our COVID-19 tracker.