" The rules of the game have been turned upside down due to the recent pandemic. With physical contact out of the equation, businesses need to go all digital. "
The current situation couldn’t be more unfortunate, but, at the same time, it presents us with opportunities for innovation as new human needs are popping up every day. From a boom in online shopping to a shift towards online collaborative work, we’re surviving this pandemic due to the virtual world we built in the past decade.
When businesses think about digital today, the first thing that comes to mind is the data. With vast amounts of data generated daily, we couldn’t be presented with a better opportunity to utilize that data to inform our decision making. In these times of uncertainty, businesses need to make better decisions with greater urgency and wider import at higher levels of risk. This demands - more than ever - the highly quality of data analysis at high speed and volumes.
So if you're thinking about how you can start leveraging data science, congratulations, you're already ahead of the clan. To help you with this data science journey, here are guidelines of what research has shown businesses should do right now.
The worst decision for a business right now will be to reduce its transformation initiatives and revert to traditional working models. Organizations need a robust and centralized data science strategy with a pro-investment approach. With AI and advanced analytics, most of the value will be drawn from reduced costs, increased productivity and reduced time to insight. Properly implemented, this can help companies increase their overall bottom line by 10-15%.
So in short, businesses should establish data science and analytics as a COE (Center of Excellence). Executives need to sit down and define the guiding vision for transformation with clear milestones. More importantly, every employee in the company needs to be a part of this transformation.
Once the advanced analytics strategy has been defined, data scientists and the business users need to work together in 2-or-3 months agile sprints to go from raw data to actionable insights. Identifying use cases that create value for the business is key to excel during the virus. Our research has shown that most of the investment has been in digital marketing and internal productivity so utilizing such use cases can be very beneficial. The final step then is to mobile data applications in multiple aspects of the business. Already in this step, companies will start to see a shift in mindset towards productivity as data driven thinking saves time and ultimately money.
Organizations should launch an internal campaign to train their current workforce of basic data science concepts and essential skills.
The goal should be to equip every employee with the basic applications of advanced analytics. As an ideal result, the organization wants its employees to understand the types of questions they can ask, the value they can expect out of advanced analytics and how they can interpret technical information to drive business decisions. This retraining will be a major competitive imperative for the business that aims to directly increase employee productivity - which is more crucial than ever today.
Just to put everything in perspective, according to a McKinsey research, 82% of executives at companies with more than $100 million in annual revenues believe retraining and reskilling must be at least half of the answer to addressing their skills gap.
It's clear today that companies are actively rethinking their digital transformation journey and are exploring ways of building a strong digital footprint. It is a great time to invest in systems that can help companies analyze data collected from online sources to generate actionable insights. We must admit that AI and advanced analytics have proven to be a competitive edge for companies that are relying on it to drive their business decisions.
Despite the negative growth rate of the economy, businesses now have enough time to catch up to their competitors by strengthening their advanced analytics practice, converting data into a competitive advantage and training their current workforce. We're very certain that companies who will implement this will see growth prospects in the double-digits once the economy recovers. We all know that data is the new oil and utilizing it will produce a tremendous amount of value so companies should start focusing on it right away.
Ready to start your data science journey?
We're holding free 30-minutes one-on-one office hours during COVID-19 to help guide organizations with their data science strategy. Sign-up for a slot by clicking on the link below.