The pandemic is proving overwhelming – the response demands proper use of data
The pandemic is forcing businesses to rapidly act to preserve their operations, revenues, workforces, and wider society. According to the World Bank, the global economy is predicted to decline by 5.2% in 2020, with advanced economies shrinking by 7%. Companies are now facing the worst recession in a generation.
Data is key to finding answers to overcoming the crisis. Ideally, by being able to accurately quantify and analyze the effects of COVID-19, businesses will be provided with plentiful, dependable guidance and actions that can rapidly steer their strategies, even as the circumstances of the pandemic evolve. However, in practice, businesses are unprepared, overwhelmed and therefore unable to use data effectively.
Crisis-hit businesses are paying a high price for not investing in data and analytics sooner
The transition to data-centric decision-making must be well-orchestrated and strategized, but many initiatives were implemented too late, and thus were hastily, chaotically, and ineffectually executed. This has meant businesses are still exposed to the shifting effects of the pandemic and the data-centric business models that will undoubtably thrive once economies recover.
Many businesses had no immediate need or will to structurally invest or properly target data and analytics before the pandemic struck. With the crisis so severe and showing few signs of subsiding for the next 12 months or more, these companies are now trying to quickly develop data-centric approaches to find the right strategy adaptations. However, this is proving problematic as companies struggle with the pandemic’s countless business impacts.
To quickly overcome these obstacles, navigate the pandemic and ready your company to face future challenges with fact-based decision-making, it is crucial you develop your data and analytics capabilities the right way.