The outbreak of COVID-19 has had a global impact, and nothing is left untouched by the aftereffects of the pandemic. Be it healthcare, lifestyle, education, travel, business, or economy, there is unprecedented demand for certain products/services, whereas some businesses are completely shut down. Digitalization is at its peak with high demand for online availability of services. Business strategizing, decision-making, and demand forecasting have become even more difficult considering the volatility in the market and sales. Businesses need data and insights to make the right decisions in these challenging times.
Aided and Abetted by the pandemic, are companies being more data-forward than before?
“By 2024, 30% of organizations will invest in data and analytics governance platforms, thus increasing the business impact of trusted insights and new efficiencies.”
Most large enterprises already have their infrastructure for capturing, analyzing, and utilizing data to get business insights. Many use advanced data science techniques, Artificial Intelligence (AI), and Machine Learning (ML) for data-driven decision-making. Post-pandemic, even more organizations have started investing in high-end technology for data transformation. Small and medium enterprises (SMEs) are also not left behind. They are also leveraging technology and adopting a data-driven culture. Transitioning from gut-feeling-based to fact-based decisions is difficult, but it is the need of the hour.
“By 2023, overall analytics adoption will increase from 35% to 50%, driven by vertical and domain-specific augmented analytics solutions.”
If you are a business owner thinking of incorporating a data-driven culture in your organization, here are five good reasons to start now:
- Fast and efficient decisions – When there is sufficient data to get deep insights about business, making a decision gets more accessible, faster, and more efficient.
- Improved predictions – With the support of accurate data and metrics, demand and sales forecasting go smoothly, and so do business plans. For more reliable forecasts, enterprises need data and analysis to get the current trends and predict future ones.
- Easy troubleshooting – In case of a business problem, root cause analysis and finding a solution needs data. In the absence of data, hit-and-try solutions are used, which take time and effort, thus incurring costs.
- Increased transparency – When an organization is data-driven, its methodologies, strategies, and decisions become transparent. The findings from the top level are fair and are better understood and supported by others. All associates from top to bottom get the advantage of transparent actions.
- Better coordination and collaboration – Business growth needs good coordination between the teams. It requires breaking the silos and boosting data-driven cooperation. Clear definition of data points, collection of data, and Key Performance Indicators(KPIs) improve teamwork.
“Today, although 96% of companies report successful business outcomes from data and AI initiatives, just 24% of companies have fostered truly data-driven cultures.”
Many-a-times, organizations invest in technology and infrastructure and start capturing data but need to use it more efficiently. Just having the technology for the sake of it won’t help unless businesses leverage their full potential. To bring in a data-driven culture, organizations need a paradigm shift from top to bottom in thinking and working. It needs an amalgamation of technology, data science, and mindset. It requires a quick customized technology solution and data transformation consultation to make data an inherent practice and part of the organization.
How EMLY. Labs can help:
EMLY. Labs is a holistic easy-to-use AI platform (soon to be launched) that accelerates data analysis for our business subject matter experts easing AI and ML adoption and seamless integration with enterprise data.
To grab early access or to stay updated, signup at @emly.labs