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Using Your Data to Meet the Business Challenges of COVID-19

 “The post-COVID-19 world is a data-driven world…. Capturing all the data, in all its forms and formats, whether enterprises know they need it or not, is the new normal to survive.”
– Michele Goetz, VP & Principal Analyst, Forrester

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 “The post-COVID-19 world is a data-driven world…. Capturing all the data, in all its forms and formats, whether enterprises know they need it or not, is the new normal to survive.”
– Michele Goetz, VP & Principal Analyst, Forrester

We are living in unprecedented times. As a result of the COVID-19 pandemic, companies are faced with challenges impacting their business operations, liquidity, and capital resources like never before.

The move from a centralized to a remote workforce is forcing many employers to adopt new procedures around their technology needs, exposing their businesses to heightened cyber, fraud and privacy risks. As businesses begin to rationalize their current business models and consider restructuring in response to these changes, they need a solid understanding of their business’s key value drivers now more than ever.

How can your business most effectively deal with these new challenges and prepare for this new business landscape? The answer lies in your business’s data and leveraging information your company is already capturing. Armed with this advantage, your organization will be able to make more informed, data-driven decisions to support operations as you evolve and adapt to the new business norm.

New doors open once a business’s key decision makers realize the value that can be extracted from their company’s data and information.

Common ways your organization can leverage its data to create value include:

  • Identifying your most profitable products and service lines
  • Recognizing who your customers are, alongside the lifetime value of your customers
  • Leveraging opportunities in the market, both customers and suppliers
  • Pinpointing demographics of your customers, and how that affects sales and profitability
  • More effectively marketing to your target client base
  • Employing business KPIs to manage your operations

For example, with the onslaught of the COVID-19 pandemic, many businesses are forced to maintain current operations with less staffing. Using data to better understand key performance indicators, such as daily transactional volumes and customer traffic patterns, can better help organizations focus resources most effectively.

Similarly, reductions in cash flow resulting from limited operations due to the pandemic may lead to a reduction in spending. Leveraging customer demographic data to profile your most valuable customers can provide the insights needed to more efficiently target market your most lucrative customer base.

Now is the time to view data as an asset – not a liability. When data is treated as a liability, it manifests itself in the business culture, because the insights it generates are not trustworthy. No data culture can thrive in such an environment, and a data culture is an enabler of Digital Transformation. When these challenges are left unanswered, data becomes a burden, not a boon. Analytics perpetuate deep business insights and are the foundation of sound data-driven decision-making practices. Adopting a clear vision for how your business data can be leveraged for success will place you at the forefront of the new digital economy.

As you move forward into the unchartered post-COVID business landscape, think about what metrics and insights you could gain from your business’s underlying data. If you’re looking for a partner to help you find actionable insights from your data, contact blumshapiro to learn more about our Enterprise Data Assessment and how we can help your organization step forward onto the path of a data-driven future.


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