- June 30, 2021
- Posted by: Aanchal Iyer
- Category: Big Data Analytics
Covid-19 and its Effect on Data Analytics
The speed and level of disruption caused in recent months due to Covid-19 Pandemic have put many organizations in a state of uncertainty. Companies were forced to make important business decisions without the data they required. Furthermore, businesses also realized that traditional business reporting did not provide insights into how the operations functioned.
With employees working from home and customers changing their purchasing patterns, the requirement for better digital intelligence has become urgent. Data and process analytics that offer rich information have turned into essential tools for an organization. This renewed interest in analytics is not only limited to a traditional business intelligence approach but is also based on new approaches that offer real-time insights into operational processes and the underlying structured and unstructured content that supports them. In fact, analytics capabilities that once may have taken these organizations months or years to set up came to life in a matter of weeks due to the pandemic-induced pressure.
Get ‘Proactive:’ The Requirement for Enhanced Business Continuity Planning
The whole world has never been impacted at the same time and in the same way that has mandated a near 100% Business Continuity Planning (BCP) to be set up across organizations. Also, there is no prior experience with this regard that organizations could lean towards for help. The only asset that organizations had was data. To keep up, companies have had to modernize infrastructure, information flows, and applications. As many organizations began using data to make real-time operational and tactical decisions around the supply chain of people, assets and material, business leaders have realized the need to set up a sustainable platform for the long term. This platform will serve to address the ongoing uncertainty and help organizations settle into a more proactive than responsive mode.
Doing Business with Data Analytics
Analytics platforms and data can provide businesses with a ton of information. Filtering that data is important, ensuring quality data is important, metrics are important, knowing where to access data from is important. The platforms, especially during a time when everything is online, can provide businesses with more insights and assist in updating or developing systems and processes, products and features that both employees and customers find beneficial.
The pandemic is accelerating technology adoption as governments and health care systems work to slow its spread. Health care providers want to care for patients safely, researchers are working to keep clinical trials on track, and pharmaceutical manufacturers need to maintain the global supply of life-saving therapies and bring treatments and vaccines for the virus to the patients.
Advanced analytics and AI play a crucial role in capitalizing on investments in new technology and pulling out the most insights from data.
Augmenting Human Capabilities with AI and Analytics
Now, more than ever, the capability of business users across an organization to discover helpful information within data is every organization’s secret weapon. It is not only about setting up AI but augmenting human intelligence with the processing power and visualization abilities that computational analysis tools can provide. Decision-making is a combination of science and art. If organizations let AI handle the legwork, it makes space for more decision-driven, creative, and mission-critical jobs and enables humans to find solutions to pressing issues.