The business case for transforming into a data-driven enterprise is already well-established: “Insights-driven” businesses grow at an average of more than 30% each year and were predicted to take $1.8 trillion annually from their “less-informed peers,” according to research from Forrester. Under pressure to take swift and decisive action, the most resilient businesses will leverage data analytics to light the way forward. In this challenging climate, middle market businesses are doing all they can to stay afloat, from cutting costs to overhauling their revenue models. Rather, to decide upon the most optimal action to take under such stressful, high-risk conditions, decision-makers must consult the data and look at the models to determine with clarity “what would happen if…”ĭata Analytics-Driven Decision Making is a Business Imperative In this unprecedented time, we have seen governments and health organizations recognize that no matter the wisdom and experience of leadership, determining the “best decision” requires the examination of a range of factors and consequences that cannot possibly be processed through human judgement alone.
And these insights can help local leaders determine the appropriate timing and approach to reopening the economy without unnecessarily risking a resurgence in illness. Predictive data models are essential tools for ensuring the next hot spot of infection has the right number of beds, medical staff, personal protective equipment, and ventilators on hand.ĭata analytics can project how much policy measures-such as stay at home ordinates, the closure of nonessential businesses, or mask mandates-will flatten the curve. In this climate where the complexity of the problem exceeds the limitations of a judgment-based approach, we must turn to a more powerful tool than human experience alone: data analytics. For many businesses, actions taken in the coming months may determine their survival. From a societal standpoint, both human lives and livelihoods hang in the balance. The stakes are too high to allow room for error when decisionmaking is often a matter of life or death. The COVID-19 pandemic has threatened the health of our communities, businesses and the global economy. The Data Analytics War Room: Lessons Learned from the COVID-19 Pandemic
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