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The essential element for business stability during unpredictable times

The New Normal has driven businesses across the world to re-evaluate their core business practices.

In the past few months, almost every business has faced challenges such as:

  • Inefficiency in adopting or adapting to new business operational models
  • Cybersecurity and privacy risks associated with working from home
  • Lack of effective communication within and outside the organisation
  • Drop in sales due to loss of connection with the target audience

In such difficult times, advanced data analytics has continued to deliver perceptive evaluations of the market. It has evolved as the key to restore business order providing insights for business decisions.

According to a study in May 2020, 55% of businesses have now started utilising data to improve efficiency and predict market changes and outcomes. 47% analyse their data to improve customer experience, and 45% of the enterprises count on data to predict business outcomes.

The proliferation of data analytics use cases shows that many are increasingly using data analytics to direct their efforts and run lean in the New Normal. This is especially true for enterprises that structured their data analytics processes well before the pandemic.

Why can’t enterprises ignore data analytics in the New Normal?

If anything, the recent global crisis has propelled organisations to adopt new data-driven collaborations and methods. Consider some objectives that data analytics helps achieve.

Why is data analytics important?

Data analytics helps:

  • Stabilise and boost businesses during and post the pandemic, as well as prepare them for any unforeseen circumstances.
  • Improve customer service and experience by digging into their specific needs.
  • Increase user retention and revenue generation.
  • Aid leaders to make well-informed decisions, and define realistic goals
  • Optimise costs and improve efficiency
  • Estimate automation needs in business operations
  • Augment supply chain processes
  • Improve digital marketing and advertising

How can data analytics help companies stay resilient?

Here are ways by which implementing data analytics can help businesses gain timely benefits from data and stay on top of things in unprecedented, dynamic conditions.

  • Track and respond using dashboards:

    Incorporating dashboards that employ data analytics prove to be exponentially valuable in analysing voluminous data and information in real-time. This helps businesses track upcoming trends and changes in various market segments, and respond effectively to future opportunities for business growth.
  • Use predictive modelling for sales and revenue:

    The information collected through various sources allows companies to proactively study customer behaviour, choices, and preferences, and predict the company’s ability to meet customer demands. Data collected and analysed helps create fresh marketing strategies and carve out new revenue streams.
  • Analyse competitors thoroughly:

    In an extremely competitive market, it is crucial to be aware of competitors - their profile, updates, financial status, mergers and acquisitions, risks, etc. Data analytics can offer valuable insights on these factors that help businesses make well-informed decisions and navigate the market profitably.
  • Refine your existing data platform:

    Fine-tuning and maintaining current data platforms can give useful insights. The role of cloud also improves ease of adding and accessing new data for real-time knowledge, thereby improving agility, ease of shareability, and efficiency to convert data into value.
  • Build an experienced team:

    A steep rise in demand for data analytics services has increased the demand for data scientists, analysts and experts. Investing in an experienced data team will not just help the business stay competitive in tough market conditions - it will also keep things primed for the upswing when it comes.
  • Improve data infrastructure with data analytics tools:

    Along with an experienced team, investing in data analytics tools such as artificial intelligence (AI) and machine learning (ML) helps discover underlying patterns that assist in complex decision-making, with the aim to boost revenue and renew top-line growth during recovery.

It is crucial for the top management to re-design and architect their data analytics processes because actionable insights from data are going to be paramount to enterprise transformation and growth.

How can Infosys BPM help you?

Which areas of your business are you analysing? With a potent combination of in-house experts, metric-driven methodology, domain knowledge, and advanced technology, Infosys BPM offers a range of business analytics services and solutions such as:

  • Statistics and data science
  • Advisory to model development
  • Support, maintenance and enhancements
  • Spend analytics

Get in touch with our award-winning team for advanced analytics solutions that will help your business thrive in a dynamic marketplace.

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