How can BI Systems help businesses to fight Covid19 effects?
The novel coronavirus pandemic has created a black swan event. Its impact is completely unexpected and unpredictable. A whole year has been wasted in combating the severe effects of the pandemic.
That being the case, it’s no surprise to see that data analytics is driving value as businesses search for order amidst the chaos of the marketplace. BI systems or data analytics companies reveal many fascinating trends and insights.
Companies are using and expanding their data analytics adoptions and use cases. Data professionals are a lot more optimistic about the future of the business after the drastic effect of this covid pandemic.
Facts Revealing the Optimist Approach of Data Analysis after Covid19
A significant majority of Sisense’s respondents, i.e., 79%, believe that they will either stay afloat or invest and grow.
There’s also a strong correlation between optimism and the belief that data analytics and business intelligence (BI) will continue to be more important than they were before the Covid-19 pandemic.
It’s a well-known idiom that Need is the mother of Invention; this theory suits the upsurge of data analytics after this difficult period. The sense of responsibility has opened up possibilities for those who can see the potential.
Approximately 46% of respondents in this survey say they see new opportunities arising from the coronavirus. 34% of businesses are actively growing their data teams due to the consecutive growth in business intelligence.
28% of people are currently working on using raw data to spot and act on new business processes and opportunities. They are using their data-driven decisions for predictive analytics, which will be helpful for them in future growth and increased return on investment.
Whether it is a company in healthcare, travel, government, or manufacturing, everyone has their own data analytics strategy for combating the aftereffects of the covid 19 pandemic.
They are more focused on seizing the extreme conditions and converting them into opportunities to restructure resource use and refine business information models.
Organizations have gathered or started working on the resources needed to support their data analytics programs. While data use is going up, only slightly more than half of respondents felt confident. They are finally able to deliver the data-driven insights they need.
Expansion of Data analytics use cases
Companies are adding more data analytics use cases to their daily activities. It is very much essential for them to keep pace with an increasingly competitive market. The majority of enterprises are using data to improve efficiency, deliver better customer service, and predict changes and outcomes.
Faced with a drastic downfall in revenue, businesses are using data analytics to search for more cost efficiencies they can make in their organizations. Customer habits have changed suddenly and dramatically. It has resulted in increased data mining activities by business users.
Companies are now more concerned about adjusting to their consumers’ new needs. Additionally, looking at the present condition around the globe, the future is uncertain. So, companies need to make the most of their data to find the best ways to adapt to the uncertain future.
For the first time, the companies are exploring a new concept of data analytics, i.e., embedding analytics into their products. Simultaneously, companies are applying data analytics to new use cases. Businesses are also exploring their options for re-platforming and migrating to the cloud through AWS.
Variable Use of BI Systems by the Companies
There is a huge difference in data analytics adoption across all industries. The professional services, healthcare, and marketing verticals show the highest rise in data analytics use. Even the government sector has also adopted data analytics and business intelligence tools for its growth.
But still, most of these sectors fear spending more on BI tools and platforms. These industries are more likely to have robust systems in place already to support their expanded use cases.
On the other hand, retail and media are spaces where data has already saturated. These are a few sectors that have transformed long before the pandemic. They have even grown highly during the pandemic period.
It’s interesting to see that Small and Medium Businesses are leading the charge in data analytics adoption. This sector has increased application to new use cases. The rise of self-service business intelligence (SSBI) software as a service has democratized data.
Now, this revolutionary development in the IT industry has finally made it possible for smaller firms to level the playing field. The report issued by Sisense provides strong evidence that companies of every size are truly using BI.
Like Thinklayer companies are implying data analytics in approximately every field, whether marketing, finance, or customer support use cases. All of these departments are directly affected by the pandemic’s impact on business operations.
Large enterprises have entrenched data silos and practices that hold them back from innovation. It is the reason they have to struggle in investing in the data analytics and business intelligence sector.
In contrast, smaller enterprises are more agile. They are younger organizations, more open to risks, so they benefit from the most up-to-date tools. They don’t have any legacy systems that hold back their older competitors.
Bright Future of Business Intelligence Systems
Despite this, not-so-interesting outlook for many companies, BI systems are setting their mark after Covid 19 crisis. With the markets and global economy experiencing turbulence, data analytics and business intelligence are needed more than ever.
Businesses are discovering the value of their data-driven insights in increasing numbers of use cases. Every business wants to make the most of its data, and certain industries are noticeably expanding their investment in business intelligence.
These facts signal the opportunity for BI systems and data analytics tools to have an optimistic approach. This continuous growth in data usage will help companies survive and even thrive through the after-effects of the coronavirus pandemic.