State of BI and analytics report in COVID-19 crisis

 

Organizations, more than ever are inclining on data, and particularly insights that escalate from data,
for steering a new path forward. The implementation of data analytics is widespread across various
industries. Small ventures are heading to charge in their utilization of analytics. New sectors have
improved their analytics use as a result of the market turmoil.

Data professionals stay optimistic about their business prospects. There are ample opportunities to
grasp data, despite the present economic challenges.

BI and analytics professionals stay optimistic

Data professionals are positive about the role of data will perform to ensure vital decisions for
ventures. This is despite 67% of ventures sustaining a loss of customers or revenue.

In time of the pandemic, businesses turn to data for plotting a route for change and uncertainty. At a
time when various organizations are short on resources and gauge the trade-offs to remain afloat,
responses to the survey point out that data and analytics programs are not observed as disposable.

In a survey, 50% of respondents indicated that they use data more or often much more before
COVID-19, and:

  • Increase the use of data- 50% of organizations utilize data more often than before COVID-
    19.
  • Resources to maintain data- More than half of responders report that they consider their
    business is accurately resourced for the improved requirement for data-driven insights. 
  • Expending vs. cutting back- Only 14% are cutting back expended on analytics programs,
    while 65% are escalating budget or managing spend on data analytics.

A flat or increased budget for analytics, despite an entire decrease in tech expending, makes sense.
Now, organizations are looking to expend on new cloud technologies that let them greater analyze
and monetize their data.

Optimistic business outlook 

Respondents mostly are optimistic about their business outlook also. 79% of those surveyed accept
they will either remain afloat or expend and scale-up during the pandemic. Those organizations
found BI and analytics to be just as or more vital than before COVID-19.

Data professionals perceive opportunities

Despite the obstacles of the present atmosphere and in some cases because of them, nearly half of
respondents perceive opportunities as a result of COVID-19. 46% of respondents reported that new
business opportunities as a result.

Increase interest in data- 34% of respondents aim at growing their spending on data
resources and data analytics tools. This is great news for data teams. Improved
organizational interest in data screens that companies value the work of their data teams,
identify the requirement for extended data use cases in the months ahead, and may think
about extending spending in the future. Now, it is time for data to shine more than ever.

New business opportunities- 28% state that the potential of the post-COVID-19 situation
worldwide will formulate new growth opportunities. Their developed interest in data
analytics tools stays a way to grasp these new opportunities.

Industries refocusing their business- Government, Travel, Healthcare, Manufacturing, or
Industrial organizations, all are utilizing this as an opportunity to re-spotlight their business
models or their resource planning.

Small businesses lead the data charge

Regardless of industry, the usage of analytics is uplifting across each department in small organizations.

While big enterprises grapple to stay agile in the face of multiple, siloed BI and analytics solutions
and data sources, various small organizations developed with cloud infrastructure in place. Besides,
they are still small enough to utilize a single, consolidated BI solution. Thus, we observe that
organizations ranging from 10 to 200 employees reported the biggest usage of analytics.

Ventures with 51 to 200 employees head bigger enterprises in their use of analytics across each
department with 68% of small ventures utilizing analytics in Operations, 50% in Sales, 45% in
Product, and 56% in Finance.

And while data analytics utilization is escalating across all departments, small ventures are observing
the greatest increase in Finance, Marketing, Customer support, and Finance use cases- the
departments most affected directly by the virus.

As we discover the new data use cases that organizations are spinning to administer through COVID-
19, there stays a robust correlation between the rise in analytics in these departments and the sorts
of issues that organizations are addressing in the era of COVID-19.

Organizations utilize data to overcome new challenges

COVID-19 is imposing an impact on the frequency of use and budgets for data analytics, also it is
influencing an extension of new data use cases. Improvising efficacy, forecasting changes and
outcomes, and supporting consumers are the three fastest-developing use cases, and these use
cases are extending irrespective of organizational size.

These use cases intend to mitigate some of the recent challenges that arose from COVID-19, as
decreased revenues need organizations to be more proficient, changing consumer habits need
organizations to regulate their new requirements, and organizations irrespective of size look to the
future.

Enterprises remarkably tend to observe extended data use cases around minimizing budgets and
cutting expenses compared with other new use cases, perhaps specifying more pressure and less
short-run flexibility.

Smaller ventures are reporting that they have started utilizing data to optimize proficiency, forecast
changes, and outcomes and support their consumers.

New data use cases leading to cloud migration

Respondents across all sectors who reported utilizing data for the following new purposes also
incline to consider shifting to the cloud as an outcome of COVID-19:

  • Embedding analytics- 35% who begun embedding analytics into their products incline to
    move to the cloud. 
  • Cutting costs- 31% who are operating analytics to cut expenses tend to shift to the cloud.
  • Sales funnel optimization- 31% who started monitoring their sales funnel with analytics
  • incline to shift to the cloud.

Business intelligence and analytics are solutions of data management implemented in organizations
and enterprises to accumulate present and historical data while utilizing statistics and software for
scrutinizing raw information and deliver insights for formulating greater future decisions.
Get in touch with us to get more information related to the importance of BI and analytics in
Singapore.

Location: Kolkata, West Bengal, India

Comments

Post a Comment

Popular posts from this blog

Surprising advantages of mobile app for your business

Image
Mobile apps are increasingly becoming popular among service providers and businesses. From payment banks and e-commerce stores to healthcare and food delivery, there is almost no sector where mobile application development has not confirmed its marketing value or established itself fundamental for significant communication with target customers. But before you hop the mobile app bandwagon for your venture, it is an effective idea to step back and reassess what exactly you need and seek to attain from the app. Understanding the several advantages of business mobile app development is the foremost way to approach this. The following step is to weed out the redundant and shortlist the ones that are appropriate for your business. And finally, exploit these advantages to further your marketing and meet particular business goals. The top marketing and functional advantages of business mobile applications are stated as follows. Direct communication and geo-targeting marketing- Mobile applica...
Read more

Reasons For ERP Software Being Vital For Educational Management

Image
Educational organizations have a critical role in the academic and cognitive development of their pupil. Thus, the educational organizations deserve the best tools for their management practices, conducting their academic and administrative activities most effectively and proficiently. Educational organizations should maintain themselves abreast with the modern and latest management tools for continuous improvement regarding knowledge conveyance, their well-being, and most vitally a strategic as well as the systemic framework of child development. Here, the ERP system comes into the role. Nowadays, the way the knowledge obtains imparted to students how the institutions maintain their administration has gone through a vital change. The cost, accuracy, and speed are gauged in school performances now and then. It settles on the ranking and unbeaten run of an educational organization. Unlike the prior case, educational organizations are accumulated and clubbed with ample data regarding ac...
Read more