Data Analysis in Times of Pandemic and Economic Uncertainty

Being able to capture and effectively analyze the data that you generate is always very useful. But when faced with a lot of uncertainty and unpredictable events like the ones we have experienced in the last 12 months it becomes a must!

The companies that are efficient in their data analysis are always able to make informed decisions based on facts and the most relevant information, rather than by following a “hunch or their intuition”! Real-time reporting allows for quick and timely decision-making. The capability to make the right management decisions at the right time is a prerequisite for successful business. It is also a way to minimize losses and a powerful tool to open new horizons for the business.

Over the last year the business world has changed in every aspect forcing many companies to focus on short-term challenges in order to survive. There were however companies able to respond quickly to the changes by finding new opportunities for development, niche markets and potential for growth, well before the others. Those companies managed to take advantage and successfully reposition themselves on the market.

It is still unclear how the pandemic and the economic situation in the world will unfold in 2021 and whether it will challenge the business with the same difficulties as 2020. Therefore, it is of great importance for the companies to build capabilities to foresee the market changes as early as possible! And for that we need data – structured and analyzed data - now!

Much has changed nowadays. Work-life balance has changed, our work habits have radically changed and have been inevitably digitized. And if prior to 2020, companies were speaking of "preparing for digitalization", during the last year we have witnessed them taking massive, unplanned, lightning fast and adamant steps in this direction. From here on the only possible next step would be further innovation and improvement of the digital and data administration capabilities.

Most managers dream to be able to quickly get a feeling of the company’s wellbeing with one peek, to be able to easily identify the cause-effect relationship within problem areas, as well as to track market trends in real-time. However, often the reality is that the information the company generates is stored in different systems that do not talk to each other. And that's exactly the problem!

Maybe you have an ERP system, and you might think you have got everything you need in it. But at the same time, you might have several other IT applications such as MES, CRM, marketing automation, specialized software solutions and more, that automate various processes. And then there are numerous Excel files that you use for manual reporting and that are not integrated in no way with those applications....

All these applications jealously keep the data in their database. And you - well, you only see bits and pieces of the whole picture, but not enough to make an informed business decision. Fortunately, there is a solution - Business Intelligence (BI) software. BI tools are specialized in information gathering and analysis and allow for easy connection between different data sources, whether it is business management software, separate files or a cloud platform.

The power of a BI tool is to consolidate the information from different sources and to perform analysis in one place. Such tool will not automate your core business operations, however it will help you combine all your data, to organize and structure it, and to analyze and process it in a way that will give you a 360° view of your company’s performance.

During these uncertain times having timely and objective information and being aware of your business progress is crucial. Without correct information, there will not be adequate actions!