How Analytics will help Businesses Recover from the Covid-19 crisis!
The Covid-19 crisis has hit the world economy very hard and it seems that things are not going turn bright soon even after the pandemic is over. Never before businesses had to face such a disruption as many countries went under complete lockdown and almost all business activities came to a standstill. The World Trade Organization estimates that world trade will fall by 13% to 32% in 2020 and a recovery in 2021 is dependent on the duration of the pandemic. In such a grim situation world and business leaders are desperately seeking innovative remedies and it seems analytics is the best solution.
How analytics can help?
- Get rid of uncertainty with data driven insights!
One of the problems with the pandemic is that we are staring at an uncertain future. We don’t know when the crisis will end neither are we aware of the emergence of possible hotspots in the near future. While some areas were deemed to be safe, now they are not and there are many companies whose supply chain is hit simply because of an uncertain future. Data analytics is providing data driven insights through which businesses are able to get rid of a lot of uncertainties and customize operations or the supply chain accordingly.
- Take the help of analytics to strategically cut costs!
One of the cool applications of business analytics is to establish a good cost cutting strategy based on deep insights. Business analysts can precisely bring out which operations are of less priority and what a company can afford to lose without harming the business. At the same time analytics help businesses to understand which operations are vital for the business to continue and the areas where cost cutting will actually harm the company.
- Layoffs with the help of HR analytics!
Depending on how much the impact of the crisis is many businesses will have to resort to layoff in order to continue operations. However, layoffs can be very hard and even harmful if the leaders do not have precise information about the workforce. With the help of HR analytics, leaders can get a good grasp on the potential of different employees working at different sections and based on that leaders can efficiently decide on the layoffs.
- Continue to add value to the business!
While on the one hand businesses need to cut costs on the other hand constant generation of revenue is necessary. Here again business analytics can be of great help as it will lead to discovery of potential growth areas and enable continuation of operations on a remote access basis.
Analytics industry will continue to flourish!
While it is true that even the analytics industry will have an impact owing to the ongoing crisis, it is also true that analytics will not lose prominence. On the contrary businesses may even increase analytics capabilities given the number of advantages it has even during the crisis. Thus, analytics aspirants undergoing a business a Business analytics course in Delhi or any other city need not worry much as the analytics industry will continue to flourish!
