Business Intelligence and Analytics play a vital role in the field of Business and Marketing, especially at the time of the lockdown period. People cannot go out to buy things or meet their needs directly, thus the Business field has come up with an option to buy things online, which is convenient and easy.
Even though the lockdown days for COVID 19 pandemic have badly affected the entire field, the business and marketing field overcome the level of disruption wisely with the help of Business Intelligence and Business Analytics. The collection of data would help to understand the demand of customers around the world. A study conducted by the Institute of Supply Chain Management has reported that around 70% of the companies are facing supply chain disruption due to the pandemic and long lockdown days which shut the entire world since March. And it would affect the companies badly if they fail to use those collected data to its full potential.
Certain businesses grow up fastly during this time. As a part of protection and precaution, the demand for personal production equipment (PPE) kit and disinfectant was very high. So there is an economic rise in the companies which sell such things.
The post Pandemic environment also created certain confusions. Each company is finding a new path to overcome this situation with the help of Analytics and Business Intelligence.
Data Integration is the major source of an organization. From the collected data, the company would understand the demand and needs of the customers. In the olden days, businesses have kept the collected data siloed because there was no platform to integrate the data and share it in a consumable way. The businesses that focus on the integration of data will have full visibility of volatility and shifts in demand, so they will have the right information about the customers and the products to best cope with change.
Many have said that the time we are living through is unprecedented, so much so that relying simply on past trends for insights into future demand is pointless. Many of the business decisions are still made on a notion. There are so many uncertainties around COVID 19- the duration of lockdown in many countries is unknown. One thing that businesses can do to make themselves for what is likely the biggest troublesome period they will ever experience, is looking closely at what data is telling them.
