business analytics

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 a recent 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.

For more insights, download the IDC Analyst Brief, Analytics Have Become Essential to Business Survival and Future Competitiveness.

Download the IDC Analyst Brief

 

IDC logo

 

 

 

Download your complimentary copy today.

Copyright 2020 IDC. All rights reserved.

Brad Fisher
Brad Fisher
Vice President, Planning and Analytics

As a Vice President of Planning and Analytics at NTT DATA Business Solutions, Brad is responsible for presales, project service delivery, and practice management within planning and analytics. He joined NTT DATA Business Solutions over seven years ago and has worked in the finance and analytics space for over 30 years. Prior to working as a VP of Planning and Analytics, Brad has held positions of corporate controller, consultant, business owner, practice manager, and Certified Public Accountant. He has a Bachelor of Science degree in Accounting and a Master of Business Administration degree from the University of North Carolina at Charlotte. Hobbies include backpacking, traveling, cooking and sports.

itelligence is now NTT DATA Business Solutions
We will be even stronger for our clients, partners and employees.
Check out our new website
Contact Us

Have questions? Please contact us.