Lessons Businesses are Learning about Business Intelligence During a Pandemic
Updated: Sep 28, 2020
In the era of COVID-19, business analytics and data science initiatives are proving to be advancing many businesses. It’s allowing them to anticipate and accommodate supply chain disruptions, create new solutions to keep products coming, and most importantly, it’s helping businesses remain solvent by providing paychecks to workers. What’s also happening is that the remaining flaws preventing businesses from achieving maximum benefits from their Business Intelligent (BI) initiatives are coming to light.
One thing that’s become clear as businesses have sought to use data to tackle the business challenges associated with the pandemic is how important it is to develop centralized and efficient data standardization procedures. Data standardization is a key part of ensuring data quality. Lacking standardization results in bad data, which has numerous negative effects such as sending bad emails, mailing to bad addresses, or losing customers altogether. Unfortunately, data standardization is often left out of discussions when planning the input and organization of company data, especially when implementing a CRM system. The pandemic is shining a light on this critical phase of the BI workflow. The lesson that many businesses are learning is that their processes, previously believed adequate, can’t handle the pace now required of them.
Another thing that businesses are learning about BI in the pandemic is that it will have a little effect within organizations still insisting on top-down decision making. Instead, the organizations using BI to the greatest effect are those that have a culture of the delegation of authority, where employees have the power to make data-driven decisions without the need to wait for their superiors to approve it. Operating in this way uses BI insights in the most effective fashion. Businesses are also learning that their employees don’t need to be experts in how BI works to make effective decisions based on it. It’s enough to have a core team of high-skilled BI experts, such as those at Network ESC, that support the broader workforce by working collaboratively with them to develop whatever data solutions are required.
Reach out to Network ESC professionals today to learn how we can help your team with Data Science & Business Analytics!