The acceleration of digital transformation projects over the last year has not only resulted in a greater emphasis on data and analytics to deliver much-needed insight, but it has also revealed another potentially detrimental outcome – inefficient data usage.
It is no secret that this year has been difficult for businesses around the world as they strive to implement new models that will allow them to flourish and continue operations throughout and after the pandemic. With the pandemic accentuating the flaws of many companies, it has also served as a wake-up call for many executives to recognize the need for proactive rather than reactive planning.
Despite the fact that companies are becoming more ‘data-aware’ and reforming processes, many wish they had embraced data analytics sooner. According to the IDC CIO Perspective Covid Impact Survey conducted in the second quarter of 2020, 53% of CIOs are accelerating digital transformation efforts even more to meet new customer and operations agility needs, and 23% of CIOs are willing to invest in technologies such as data analytics to help their organizations better understand their customers.
Researchers from the London School of Economics found four crisis-response scenarios adopted by companies during downturns: sweat the assets, underpin today’s company, decelerate the strategy, modify strategy, and develop resilience. In 2020, more firms took emergency measures (sweat the assets) while still purchasing more technology to automate and digitize the existing operational models than during prior economic crises.
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In the post-pandemic era, data is more crucial than ever
In turbulent times, excellent knowledge, excellent data, and the ability to make sound judgments using analytics are more important than ever. Business leaders must embrace data and analytics while also putting in place the proper people, processes, and technologies to improve current processes and, as a result, customer experience.
Companies that aren’t democratizing data, maximizing its value, or training their employees to undertake transformational analysis will struggle to fulfill critical business goals throughout the pandemic and even after it’s over. Without a question, those who use analytics and those who do not will continue to identify with the winners and losers in every industry.
Customers moved online in unprecedented numbers during the last year, driving businesses with little to no virtual presence to adjust rapidly. Customers nowadays, however, expect more than just a functional website. It is critical to provide an unmatched, personalized consumer experience online. Being data-driven is essential.
Challenges that businesses encounter
The challenge is about converting the increasing amounts of information and data accessible to them into meaningful insights in order to maximize performance and control risk. Relying on old spreadsheets never designed for large-scale data analysis, bringing data assets to life in order to give actionable and vital business insights that drive process transformation through better data-driven decisions, is a massive task for humans.
Digital-first enterprises are becoming one of the emerging themes in customer engagements. Many people are baffled as to how it is possible to become truly digital-first without a large workforce of highly qualified data scientists. To accomplish this, everyone in the company must be brought on board by democratizing data, offering access to a centralized platform, and amplifying human intellect through self-service platforms so that anybody can solve complicated data science challenges.
Employees must have access to useful data, be empowered to ask business-relevant questions and receive prompt responses. Highly skilled data experts can be relied upon to decipher all data, delivering them in byte sized insights allowing leaders to make informed decisions that help the bottom line.