Data Analytics is central to critical decision-making during and after COVID-19 crisis…
On May 28, 2020, one of the world’s leading analytics platforms, Sisense announced the results from its survey on 500 companies in US and research conducted by Medidata, “State of BI & Analytics Report 2020: Special COVID-19 Edition.”
The findings revealed that there is an increased importance for examining data among organizations, as it could enable them to understand business opportunities and changes awaiting during these unprecedented times of COVID-19 and related economic down-turn. And the report says that the respondents are optimistic in continuing with analytics and data-driven decision-making culture in future also.
Despite the challenging scenario, almost half of the respondents (49 per cent) report on adopting new BI and analytics project, or move forward with the already planned BI projects without any further delay.
“If we’ve learned anything during COVID-19, no matter how tumultuous the economic environment, businesses of all sizes indicate an interest and optimism in their ability to leverage technologies like data analytics to help guide them through critical decision making,” said Howard Dresner, Chief Research Officer of Dresner Advisory Services.
Key findings from the report are:
- 49% of the respondents are to use data analytics and BI, much more than before COVID-19. This reflects the desire and needs to use data analytics to identify options, opportunities and potential solutions to business problems at these uncertain conditions.
- Small businesses with 51 to 200 employees have shifted the most to adopt data and analytics in their departments in response to the crisis. 68% of small businesses are reported to be using analytics during this crisis in their Operations, 56% in Finance, 50% in Sales, and 45% in Product.
- Companies are leveraging data and analytics usage to address the most pressing challenges faced today. 55% of businesses rely on utilizing data to improve efficiency and to predict changes and outcomes. 47% use data to provide better support to their customers, and 45% count on data to predict business outcomes.
“Robust use of data analytics is no longer simply the mark of an industry leader but a crucial quality for the success and even survival of most companies,” said Amir Orad, CEO of Sisense. “Companies who adopt data-driven decision making separate themselves from the pack. With analytics, they find those vital pivot points and thrive versus facing existential danger.”
According to Dresner Advisory Services, almost 67% of businesses have sustained revenue & customer losses, and they recommend investing in BI and Analytics and reinforcing data-driven decision-making.
Read here more about how Data Analytics can lead the business through Covid-19.
