The value of analytics has never been more apparent than now during the COVID-19 crisis. Business intelligence is proving to be a critical tool for businesses and communities as they attempt to survive during the economic downturn caused by the COVID-19 pandemic.
Data and analytics are at the core of helping governments and health organisations around the world understand the spread of the virus. Predictive modelling is used to establish policies and to slow the spread. This prepares the health industry for the flood of patients who need medical attention.
Don’t let ‘Murphy’s Law’ be your undoing.
When we find ourselves in difficulties, it is when “Murphy’s Law” kicks in. Whatever can go wrong will go wrong. With customers and potential customers suddenly staying home, all businesses need to adjust to a new reality.
Analytics and predictive technologies are critical to companies trying to survive the current economic crisis. It will be difficult if you don’t analyse your customer and employee experiences. Look at their attitudes to moving forward with a positive outlook.
You need to figure out how to remain profitable despite the sudden change, and quality information is the means of making informed decisions and improving your planning practices. You might start by analysing the Gartner analytical chart.
Be careful of making sudden changes because of the COVID-19 pandemic.
What might happen if your business abandons its traditional products and services and ways of doing business? What if it has to introduce a whole new range of products and services to overcome customers problems and frustrations and meet their wants and needs? Sticking doggedly to everything you have been doing may be the undoing of your business.
You must urgently start to clear the way for your business to respond to both the sudden economic downturn and the new business environment caused COVID-19 pandemic. If you don’t, watch out for the competitors who do.
Analytics is always engaging in times of crisis because suddenly, people become hungry for practical knowledge and ways of implementing survival plans before it’s too late.
Don’t be one of those businesses making knee-jerk decisions and laying off staff without having analysed their business first. If in doubt about how to improve the value of your analytics, seek advice. Don’t just rely on your own understanding and risk everything you have achieved over the years.
Beyond planning tools and processes, your use of analytics will improve your problem-solving and decision-making. It will also show you the value of analytics in helping you with capacity building initiatives.
If you are looking for a place to start, contact us with the problem you have, https://faqsupport.com.au/contact-us/
Key Message: Get together with your stakeholders and establish a plan to improve your business analytics to put you in the driver’s seat.
“Use metrics and dashboards to bring you analytics alive and make it easy for everyone to follow”. Peter Sergeant
“Be careful of advisors who generalise too much, over-analyse everything, or are guilty of over-thinking your problems. Seek practical knowledge from experienced entrepreneurs, advisors and mentors”. Peter Sergeant