Every business maneuvers according to the plans that they implement to grow. Their strategies majorly depend upon the historical data, on the basis of which they take informed decisions for future. But sometimes, all their plans are shagged out when an unprecedented event occurs. In such a scenario, the historical data goes nugatory. Well, a crisis may emerge from anywhere, anytime, due to any reason. The global crises led by both natural disasters and even by man’s selfish lawlessness, need to be steered with what we term as risk management.
Storing enormous amounts of data has been a matter of concern for organizations, but now it is not, owing to the platforms we have, like the public cloud to store the big data. Even the analysis of this data by advanced technologies like Artificial Intelligence (AI) and Machine Learning (ML) renders some really great insights into the critical matters. The deeper you dig into the data, the more informed get your decisions for future, to revive businesses. But this notion cannot be applied in the current scenario, as the uncertainties led by the pandemic cannot be sorted with corollary data or information.
So, can predictive analysis still be an answer to the precarious circumstances?
Of course, yes! You just need to change the way of conducting analysis, you have been following earlier.
No matter, how harsh the reality of consequences is going to be, the faster you get to know it, the better are you able to manage these repercussions. Knowing about how is the calamity going to impact you and your business, calls for the need of taking all the measures to deal with it. The one who understands this ground reality quicker, the maximum grows its probability to survive the calamity. For businesses, it is extremely crucial to understand, that they need to anticipate about the challenges they are going to face, faster than their contenders, only then can they survive or even revive. By doing so, they are able to be prepared, and respond to the upcoming situation in a better way.
The organizations that are able to change their gears to adapt to the expected situation, are the ones to survive surely. For that, they need to predict the situation as fast as they can, and not the way they had been doing already, following traditional methods, as they may use up too much of time.
Referring to the present pandemic situation, ever wondered about how have the hospitals been trying to cope-up with the extreme stress led by the emergency situation?
Well, with absolutely no availability of time in hand to think and act, there are many industries that must have been dropped on the high-risk peak. Imagine the apprehensions and dilemma, the finance companies must have been going through, finding their unassailable loans turning to subprime ones, with most of the people losing their jobs already.
The only means to get to grips with such a situation is laying focus on analyzing the data as soon as it is received. The process of data analysis should be accelerated to a level that it allows constant predictions for daily action plans catering to the rising needs, with very little room for hiccups or shortfalls, or at least, weather the storm by making much informed decisions at a very short notice.
The data-driven actions taken during the onerous period, certainly reduce the intensity of the impact. What can be better than considering the crisis led by economic recession in 2008, when British Airways confessed that the constant analysis of data during this difficult period streamlined their marketing activities and prevented fraudulent bookings, which otherwise would have jeopardized their operational efficiency, and overall business.
Maintaining momentum in the process of data analytics clearly helps businesses to overcome the consequences of the crisis.
Similarly, in the ongoing COVID-19 crisis, maintaining the same momentum is crucial for the businesses, which allows au courant decision-making.
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Data and analytics help businesses in establishing transparency in their management processes, as they help in connecting various systems to provide a clear visibility of complicated processes to the project managers. This allows them to identify the areas where efforts and capital are invested, and how is it getting the returns or playing role in driving business growth.
They can assess the issues encountered, reach to the root cause of the problem areas, and can work towards resolving them.
Predictive data analysis during this time, helps in deriving some crucial information based on data, that opens the gateway to opportunities, such as:
Quick Track of Demand & Supply: The fast-moving alterations in demand and supply may be hard to track, but data analytics helps in determining them.
Surging Revenues: The analysis of data helps in determining the key drivers for increased sales, by assessing the performance of business processes.
Reviving Efficiencies: By analyzing data, the underperforming processes can be identified, which can be further indicative of the sites for reduced expenses.
According to Nick Millman, Senior Director (IMS) at Accenture, “Organizations are building predictive models, reflecting the fact that management teams are becoming less comfortable making decisions on gut feel and want data to back them up.”
Recently, a survey of 300 data analytics professionals was conducted in the US, by Burtch Works and the International Institute for Analytics (IIA). It was reported that 43 % of respondents stated of analytics as their prime focus for helping the organizations in making critical decisions to combat enormous challenges due to the pandemic crisis.
Source: Burtch Works
Thus, taking forward the abilities of data analytics, the businesses can leverage with reduced costs, increased revenue, and better efficiency.
Tarika Technologies offers expert Data Analytics services as one of its pillar specializations. We offer customized analytics solutions to add value to the businesses with increased revenue generation, reduction in operational costs, and faster decision-making ability.
Even during these cataclysmic times, we analyze the data and turn it into insightful solutions for actionable insights through predictive analysis, that can navigate businesses through the critical phases. We enable the businesses to take informed decisions crucial for their growth, even during the crisis.