Leverage Big Data to Plan Your New Normal 2
Government organizations and policy-makers around the world have been using Big Data analytics to predict the COVID-19 spread in real-time and identify actions to help reduce the transmissibility and fatality rate and effectively manage the health and social impact of the pandemic. With different sources of information, businesses can also leverage Big Data to mitigate losses and maximize opportunities to maintain productivity and achieve targets.
Companies in various industries all over the world have been implementing Big Data in many areas of the business, including to better plan the supply chain and monitor competitor’s activities. Here are ways how Big Data can help you plan better in facing the “New Normal”. Set Focus, Prioritize Actions and Achieve Target Although the pandemic has impacted everyone and every business in different ways, some markets, channels and customers will need more attention than others.
Big Data analytics can help your company determine which areas of the business you want to focus your resources to. For example, you may focus on selling specific products that are required by the market, taking care of certain type of customers that will be most beneficial to your business, or engaging with your most reliable partners to ensure success during this uncertain time. By implementing targeted actions to the area that is more critical to your business, you will be better at managing your limited resources and achieve better results. Plan Your Supply Chain and Optimize Production Capacity Big Data analytics can help your organization make a detailed plan for sourcing and managing your supply and value chain, as well as ensuring optimized production capacity. By using Big Data to make strategy, models, and scenarios in your supply chain and production management, you can maintain a more effective and efficient budget plan.
In facing the “New Normal”, a cost-saving strategy can be a lifeline for your business. Therefore, leveraging Big Data to avoid unnecessary spendings can help your business survive this difficult situation. Learn from the Market and Competitors During the time of crisis, it is very helpful to watch for what the market wants and also monitor what your competitors are doing. Big Data analytics can help your business make action plans from the market research and competitor analysis. Companies can learn what actions other companies took to mitigate risks in similar industries, markets, or geographies. Not only that, Big Data analytics can help you determine what to do and what not to do and learn the lessons from the outcomes of the decisions made by other companies. To support rapid decision making during this “New Normal”, business leaders need to have a fact based system that serves as a single source of truth.
Big Data analysis can provide your company with critical information that you can use to address business challenges and mitigate risks. In many areas of your business, implementing data analytics can help you plan your resources better, manage your budget more efficiently, and reduce the risk of making a wrong decision by learning from your market and competitors. Modeling scenarios and business forecasts from Big Data analytics can take out the element of surprise in these uncertain times, and help your business prepare for what comes next.