As the COVID-19 pandemic continues to affect the world economies, businesses are highly affected, too. Many entrepreneurs are trying their best to keep their businesses afloat, while others are discovering opportunities to stand out and evolve. For businesses that are still surviving, data analytics is a great way to obtain and use data to plan and make strategies on how to survive.
Having the right data in the right place has many benefits especially in future planning and dealing with challenges. The next-generation data analytics leverage Artificial Intelligence and Machine Learning. Adding these technologies into data analytics is the most impactful way to speed up data insight.
Distribution of Resources
Data analysts are assigned with the tasks of managing and distributing resources in a business during this crucial time. First, they critically analyse the data concerning customer buying trends using relevant analytics tools. Then, they create reports on how resources such as time, human resources, inventory, and technology are distributed.
This assists in responding to the current constraints caused by the pandemic, which has indeed changed how customers purchase goods and services and how businesses operate.
Well, the COVID-19 crisis has changed many things in business like customer habits, profit margins, and business operations. These changes have significantly affected business models. While entrepreneurs must quickly respond to these immediate challenges, they also need to plan how to adapt to future changes.
The current data acts as a major guide on what future business models will look like and which solutions will work or not. A top priority of data analysts is to develop a logical economic model for the future.
Supply Chain Distribution
COVID-19 has significantly changed how customers buy products. Many customers want to order online and have their products delivered. Some companies may do this directly or use third parties to sell their products to customers. But they need the right data analytics techniques to know how this will be the most effective way especially now that there is an increased need to deliver products.
Artificial intelligence (AI) has been in use in supply chain management for a while now. But its timely implementation during this time of crisis helps to increase the capability of third-party sellers to deal with the current crisis. Over 75% of companies in the world have now reported supply chain challenges according to the Institute for Supply Chain Management, and data analytics will help them navigate through this in the future.
Many businesses are moving from one location to another due to the impact of coronavirus. As we all know, the coronavirus pandemic has hit some regions harder than others. But to know where to relocate their businesses, business owners must conduct market analysis and understand that specific market segment. None can achieve this in an ideal way without the right data analytics strategies.
The availability of data is revealing that customers are no longer going to shopping malls as they used to, or eating out in restaurants as frequently as in the past. In fact, most locations that used to have booming in-person sales are no longer that active. But where should businesses relocate to? Well, they need data to understand this by determining the areas where businesses would run better.
Marketing is fundamental to business whether there is a coronavirus pandemic or not. Currently, both small and large businesses must adopt marketing strategies that deal with pandemic impacts. Customers want to have products that will make their lives easier and more convenient during the pandemic.
Data analytics provides insights on how to carry out digital marketing activities. For instance, where most potential customers spend time online, which apps and channels to advertise on, and what message to communicate to potential customers.
Data-oriented businesses have managed to remain afloat even during the hard times caused by the pandemic since they have adopted the best strategies to deal with the pandemic.
Communication with Customers
Keeping in touch with customers is very crucial during this pandemic. They need to be engaged with the right information that will guide them on what to buy online. Data reveals what the customers want to hear.
More than 50% of buyers are more likely to change their product brands if the business is not making any efforts to convey personalised communication. Hence, data analytics will help you know about the channels that potential buyers of your products use frequently and the information you should share with them. Quick and effective communication entices more customers to buy your products as opposed to those of competitors.
As you can see, data analytics is essential in helping businesses deal with the COVID-19 pandemic and drive digital transformation. If you are in business, you now know. It is time to put it into action and measure the benefits of data analytics.