Organizations are seeing Analytics and BI as the underpins needed to pivot, plan, and execute their strategies, essential for COVID-19 survival.
Analytics and BI project budgets are staying stable across enterprises today, despite economic downturns created by COVID-19. Almost 68% of new enterprises have started adopting cloud computing between February to April of this year alone and 97% enterprises need cloud-based self-service BI for smooth conduct of their work from home operations.
A survey conducted by Dresner Advisory Services’ on 2020 COVID-19 Impact Survey, pointed that many of the respondents believe that data-driven decision making is the key for a business to survive this pandemic crisis. Their latest update on ‘New Findings on How COVID-19 Impacts Businesses, Budgets, and Projects’ projected how analytics and BI project spending might change in the future. The interim results further highlighted that:
- 49% of the businesses are either investing on new analytics or BI projects or proceeding with the previously planned analytics and BI projects without any further delay.
- Almost 68% increase in enterprises needing cloud computing technologies for their virtual operations over the past few months alone, which will continue to grow.
- Though budget cuts are happening across organizations globally, BI budgets are stabilized for over the last three months.
- Enterprises require enhanced capabilities to do reporting and analytics, hence the employment of Self-service BI has gained momentum from 25% in February to 34% in April. 62% of the enterprises agree that self-service BI is a key to their business’s survival in the year 2020.
- With the distributed team owing to shelter-in-place restrictions, enterprises require two most collaborative feature in self-service BI systems. Searching and navigating for content, to share the content and commentary with other users in the team are the immediate features required by almost 30% of the enterprises.
To provide realistic, viable options for reducing costs, serving customers, and to increase revenue, Analytics and BI have proved their way. For enterprises to navigate through this crisis created by COVID-19, data-driven approach backed by Analytics and BI can help find the potential alternative strategies and solutions.
