Crisis calls for businesses to be data-driven
• A recent report by businesses analytics software company, Sisense, shows the use of data analytics and businesses intelligence tools has risen since the COVID-19 pandemic.
· A commonly cited challenge is that, despite heavy investment, businesses do not make use of these tools to their full capacity.
· As budgets run tighter, businesses have an opportunity to review the resources and skills they have in place and identify gaps that need strengthening.
· Having access to the right data and digital talent is no longer the mark of an industry leader but a crucial component to businesses success and even survival.
The need to harness data has been a prominent factor in recent years.
Today’s businesses generate vast amounts of data by the minute which holds valuable insight for those who can apply it properly. In a time of market uncertainty, evidence-based decision making is vital and there is little excuse for businesses not to be data-driven.
However, combining vast amounts of data collected across different areas of the business is a key challenge. The rise of technology reliance in response to the COVID-19 crisis will have a lasting impact on the acceleration of online systems. Solutions for data compression in response to new data sources have matured – as have systems for managing unstructured data such as documents, video and voice recordings.
Having the right skill set and data science, analytics, technology and digital talent in place to harness, integrate, interpret and communicate complex raw data has never been more important. It has become crucial to the survival of businesses, whilst driving a competitive advantage and long-term success.
The report by Sisense, which surveyed 500 data professionals, showed that 31% felt they did not have the resources required to deliver data-driven insights, and 65% said they intend to increase their budget or maintain spend on data analytics.
In our current environment, choices will have a lasting impact. Businesses must respond to the challenges involved in high volumes and evolving varieties of data sources to understand the changes and opportunities around them, offering increased clarity in a time of tremendous uncertainty. Now, more than ever, it's your data team’s time to shine!
You can read the Sisense 'State of BI & Analytics Report 2020' here.