The past few weeks have turned a slow waltz through the economic prosperity of early 2020 to a frenetic, improvised tap dance for many American businesses and other global businesses. Due to the social distancing measures enacted to slow the spread of COVID-19, businesses have struggled to adapt to the ever-shifting economic landscape with new challenges arising on an almost daily basis.
Cue the meteoric rise of organizations fundamental to enabling digital and telework infrastructure. This unique moment in history is truly the heyday for all businesses savvy (or fortunate) enough to support these industries and continue to operate fairly seamlessly.
But where does that leave everyone else? By now we’ve all heard the call for strengthening telework capacities within organizations. Perhaps this adjustment is somewhere down the road in your strategic planning or maybe it simply does not suit your operations. Rather than echoing the virtues of teleworking capabilities that already pack our inboxes or offering stop gap solutions, let’s turn instead to the future.
The global Coronavirus pandemic is unprecedented, but surely this too shall pass. Yet where will your business stand when it does? The new reality will be a world looking to move past this period of uncertainty and risk where most industries will see a drop or fall short of revenue/profit goals. How will you get back on track when things finalize stabilize? Let’s have a look at data-informed strategies to help you catch up with your goals for the rest of the year.
Hunker Down and Strategize
Every Business Leader has a quantifiable problem that needs a solution. This simple truth is why there is so much potential and value in data analytics. Once the storm passes, commercial leaders will be faced with two main quantifiable problems: 1) Where should they cut costs and what is the right size for their spend? 2) How and where do they redeploy personnel resources for the most revenue impact to catch up to their goals for the year?
Operations Optimization is more critical than ever and should be a priority for every business leader. The mission is to harness the abundance of data that is currently available and utilize analytics outputs to inform decisions and actions. In this way, business leaders can begin developing and implementing continuous intelligence hand in hand with data science to steer strategies to meet goals.
Once you start to see the results, you may want to take on an even more sophisticated data strategy that will prepare you to make predictions about future performance, manage big data, or develop helpful real-time visualizations. I invite you to contact us at Data Products LLC (firstname.lastname@example.org) to guide you through the latest developments and possibilities of business intelligence technologies. We invite you to reach out today with an email for a free consultation to learn more about our services.