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COVID-19 Impact on Business Intelligence Market in ICT Industry
Overview
The outburst of COVID-19 has compelled all the offices, educational institutions, and organizations on hold during the initial phases of the COVID-19 era. COVID-19 is an unprecedented crisis for businesses worldwide that have influenced business models and posed a danger toward business continuity. To keep companies secure during COVID-19 requires clear and decisive leadership. A clear and detailed understanding of how these decisions impact workers, consumers and organizational capability would be required for any leaders who need to make difficult decisions. Even in these unpredictable times, this ability to reliably predict the consequences will make the difference between a misstep and a firm answer to continuity.
Many firms that had started benefitting its client with data analytics usage are growing in all departments. The departments most directly affected by the virus see the most incredible growth in marketing, finance, and customer service use cases for small businesses.
The crisis has also exposed that one of the most advanced analytics techniques relies on principles of behaviors and patterns repeated periodically. But the patterns exposed are revealed through data and even suggested during identification, which changes the customer’s mind.
For instance,
• Accenture has helped Subway to devise an operating model which has helped them to continuously optimize customer experiences through a dedication to scientific experimentation. Subway was able to test millions of customers using their digital channels, identifying opportunities to grow their remote ordering revenue at a pace to exceed a half-million dollars in the first year.
• Accenture has also helped their banking clients with implementation of Intelligent Anti-Money Laundering and Know Your Customer solution to help increase compliance while reducing operating costs.
Impact on Demand & Supply Chain:
Small business was the one that was hardly impacted by the COVID-19 pandemic as most of the small business owners were reliable on data during and after the pandemic. The smaller companies shifted towards the adoption of data in response to the crisis as small enterprises leads the larger one in the usage of analytics across each department, with 68% of a small business using anal.
For instance,
• Sisense Inc. has stated that the organization has widely adopted analytics despite suffering a loss of 67% from the customers' revenue. More than 50% of the companies were using data before COVID-19, out of which only 14% are cutting back spending on analytics programs, while 65% are increasing budget or maintaining spend on data analytics.
Business comprising of 51-200 employees are led by larger enterprises to use analytics across each department with 68 percent usage in operations, 56 percent in finance, 50 percent in sales, and 45% in the product, and although data analytics usage is growing in all departments, the departments most directly affected by the virus see the most incredible growth in marketing, finance, and customer service use cases for small businesses.
The role of data and analytics has increased by various sectors due to massive demand from small enterprises. While large businesses are struggling to remain agile in the face of multiple, siloed BI and data sources and analytics solutions, many small businesses have grown with cloud infrastructure in place. Also, they are still small enough to use a single BI solution that is centralized. Therefore, we see that businesses ranging from 10 to 200 employees have reported the most important analytics use.
Steps taken by Data Analytics:
To mitigate the effect of COVID-19, the data scientists have considered both macro and micro views of data to understand the needs and design the right policies for an organization. Digital and social media analytics have offered a macro understanding of people's interests, behavior habits, and how they react to the evolving situation in different geographies and demographics. Statistics also provide epidemiological predictions that provide key insights into the organizational models and support. Analytics have also played a vital role in the determination of fraudulent activities with a system updated with fraudulent activities that help in determining security boundaries for an organization.
The optimization of constrained resources has been very well managed through analytical modeling, which provided the alternative option of deciding balance with changing capacity constraints by testing the stress level at which processes will struggle to operate effectively. Thus, giving continuous update forecast view of demands, constraints, and outputs in order to optimize resource plans as the situation evolves.
The identification and understanding of the needs of a customer is the utmost priority of any business model. Therefore, analytics now help predict the changing customer behavior with the knowledge of machine learning and natural language processing can examine customer communication and has helped assess the effective customer service agents’ responses. This approach is going to enhance the reactions and target proactive communication for the broader customer base. The interlinking of customer profiles with demographic information can also help in further personalizing and automate communications.
An economic model has also been represented by data scientists to forecast the various insights about your customers' probable future behavior, suppliers, and staff is a top priority. These predicted behaviors have helped the business in deriving the consequential financial effect through continuous, rapid decision-making based on accurate, data-driven analytics, and simulations.
Conclusion:
From the above-discussed pointers, instances, and statistics, it can be concluded that the business intelligence industry, which was growing at a healthy CAGR even before COVID-19 pandemics, has achieved a steeply rising growth rate after the outburst of COVID-19 pandemic. Since there was a great demand from financial institutions, offices, and other industries for the smart decision to be taken after the lockdown, the growth of a company depends entirely on the business insights and roles of data scientists. The business intelligence and data analytics have provided various solutions for the sectors such as pharmacovigilance, water management, customer interaction, and intelligent revenue growth. Read more COVID-19 Resources
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