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.
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.
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.
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. Read more...