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Analytics Have Become Essential for Business Survival
(2 minute read)
One of the many lessons that came out of 2020 was that businesses need new intelligence frameworks to drive better business decisions in times of uncertainty. The pandemic exposed the gaps and shortcomings of models based on historical data, which suddenly became obsolete in their ability to predict the future. It became clear that it would be crucial to revisit model assumptions to achieve future success.
According to an IDC Analyst Brief, enterprise intelligence is already starting to define future winners. Organizations that are able to harness the power of their data-driven culture, the data literacy of their employees, and the processing power of their technology are showing greater resiliency.
Other insights from the analyst brief include:
- During a time of uncertainty, real-time information from all internal and external sources, combined with historical learning and knowledge, enables organizations to rapidly replan and reforecast.
- Recovery does not mean a return to a pre-crisis state, but rather the beginning of a new type of economy – the Next Normal – in which rapid replanning and reforecasting will become routine and the annual planning process a relic of the past.
- Many organizations still have not realized the full value of their previous analytics investments due to challenges with adoption spanning data, technology, and skills that were frequently exacerbated by siloed processes and projects. Success – even survival – in the Next Normal will require a more thoughtful, holistic approach to pivot to the right technology solutions and processes so that the next crisis might be more bearable.
- Enterprise intelligence is an essential tool for business resiliency that will enable businesses to become better, and more adaptable, learning organizations in the future. Businesses need to find ways to prioritize analytics initiatives, even while the pandemic persists, to avoid being on the wrong side of the digital divide once the current public health and economic situations recover. Long-term success will require addressing data, technology, people, and processes to transform enterprise intelligence systems.