Organizations and businesses across the world have started revising their strategies due to the pandemic and are going ahead realizing the uncertain environment ahead. Organizations are under great pressure to fasten their operations in this situation. Data-driven analytics, an approach that involves the analysis of data ( big data) to solve problems and arrive at conclusions is assisting the organization to cope up with the current crisis.
But this data-driven analytics cannot solve all the problems of them. This is because not only acquiring the relevant data is a cumbersome process, but getting useful insights is also a tough task. So organizations need artificial intelligence (AI) supported strategy for analytics which would help and guide them in the effective decision-making process.
Wipro, the leading provider of information technology(IT), consulting, and business process services have explained what organizations need to do to implement a robust decision-making system using analytics. According to them, an approach with four parts would help them achieve this. It combines business, analytics, technology, and capabilities.
- Business: For businesses, organizations need to revisit their goals, and find out their current capabilities, recognize areas where business value can be generated. Some would require to restructure their structure a little and set new goals and different criteria for measuring success.
- Analytics: Once the new and revised goals have been set up, the next step would be to ensure the quality of data and increasing its value to support new goals and objectives. It also involves identifying the data that give maximum value to the new objectives and a plan has to be implemented for that analytics.
- Technology: This involves finding the correct business analytics tools that would help achieve our newly set goals and objectives. Based on the requirement for the organization the accurate tools should be selected.
- Capabilities: Organisations need to analyze the depth of the skill set required to reach the newly set objectives. The existing workforce needs to be equipped with the new skill required in the newly implemented analytics process rather than going for new hires which in turn adds cost to the organizations.
Thus all these parts in this approach are essential and critical to ensure strategic decision making in organizations.
Links:
- https://analyticsindiamag.com/how-to-build-a-data-analytics-strategy-for-your-business/
- https://www.passionateinanalytics.com/robust-data-strategies-needed-for-better-analytics-in-future/
- https://www.passionateinfinance.com/surge-in-credit-card-usage-amid-coronavirus-lockdown-a-major-debt-trap-in-the-making/
- https://www.passionateinmarketing.com/google-places-ads-on-sites-amplifying-conspiracies-during-covid-19/
