Due to Covid-19, business recovery is now a priority for many organisations. The behavioural changes caused by the pandemic and subsequent lockdowns are not just apparent in individuals, but businesses too. Ever since most organisations were forced to go fully digital, the need for companies to move forward and embrace new technologies has become more pressing. In this article, our business intelligence expert Tulbir Dosanjh explains why adopting modern data analytics is key for businesses recovering from the pandemic.
Data can help inform better business decisions
Nowadays, such volumes of data are available to organisations that it often goes unused. Used properly, though, data can be a huge advantage, allowing insights into your customers, products, services, suppliers and inventory.
Typically, data is locked away or hidden within various applications. When it is used, it’s often presented via spreadsheets and manual reports which, by the time they’re finished, do not present an up-to-date picture of what’s going on right now in the business. In an age where business executives need instant answers to their queries, it simply doesn’t make the grade.
The next step is to merge siloed data into a single source of truth so that executives can view insights as they occur. From here, executives can understand and navigate new trends, threats and opportunities that have emerged from changes in industries, markets and business practices.
Using the right tools to leverage your data
The number of systems and software required to run a business is ever increasing, and is constantly churning out data, which has led to the drive towards big data analytics. People speak of data as ‘the new oil’, the primary resource fuelling modern businesses, but without a way of refining it, data is useless.
Business intelligence platforms like Power BI are used widely by businesses wanting to get a handle on their data, but many don’t have the in-house expertise to fully understand and make use of such tools. This is why Air IT offers an end-to-end managed business intelligence service, overseen by an expert team of analysts, that allows you to view accurate insights in real–time.
Finding new opportunities is easy with BI
After various lockdowns and restrictions, consumer behaviour has changed massively. High streets are dwindling, people are shopping online more often and consumers are increasingly prioritising mental and physical wellbeing. Many are still working remotely, and the future of the workplace is set to be a hybrid of the office and home.
So, what does this mean for businesses? There has been much pivoting to adapt to various requirements, and markets are now taking different directions to what they were pre-pandemic.
As markets reopen, trends are changing and competitors will begin to quickly re-establish their market share. Business intelligence ensures that users can remain competitive by understanding new market trends, identifying products and services that will aid recovery, and therefore making better-informed decisions.
Business intelligence can bring together remote workers
With empty offices nationwide, both SMEs and large enterprises are now working remotely. Keeping the workforce aligned, productive and informed whilst working from home has become a priority for many.
A cloud-based business intelligence platform aligns very well with helping organisations achieve this goal, with real-time dashboards measuring business performance KPIs and the ability to drill through into underlying answers.
Not only are remote workers kept informed, but they can collaborate to make better business decisions, all based on one source of data that’s accessible from anywhere.
A data strategy will make you more resilient
Using the correct business intelligence software and taking advantage of the multitude of data at our disposal has become the key to decision-making and business growth. Right now, as we emerge from what has been a difficult period for many, it’s never been more important to make informed decisions that will take your business in the right direction.
Building a data strategy better prepares companies for disruptive events in the future. Within a single screen, organisations using a business intelligence solution can instantly identify historical trends, existing threats and the key performance indicators targeting growth areas. With potential risks more evident, businesses can create contingency and continuity plans.
Businesses with a clear data analytics strategy that’s fit for purpose, responsibly designed and deployed, will have an edge over their competitors as we enter the ‘new normal’. With the ability to answer queries instantly and make better, more informed decisions, you can satisfy needs, solve problems and achieve goals that aid post-pandemic recovery.
BI can help instil confidence in business leaders
In order to protect employees, customers and ultimately your business, confident and decisive leadership is essential. Many executives may find themselves faced with difficult decisions in the coming months, which can only be made if you have a clear and accurate view of your business, from both high-level and detailed perspectives.
With the ability to accurately predict the impact on staff, customers and operations, you can be confident in your decisions, avoid shortcomings and ensure continuity.
Using BI to forecast finances and other KPIs
At such an uncertain time, many business leaders will want to prioritise their finances and forecast possible changes in revenue, costs, cash flow, operating margins and risks. This can be done by adapting existing financial models in order to continuously assess ongoing changes related to the pandemic, such as the spread of the virus and changes in community behaviours.
With a business intelligence solution, you can forecast future behaviours of employees, customers and suppliers and use these predictions to gauge the potential impact on your finances.
Want to learn more about business intelligence and Covid-19 business recovery?
Air IT’s specialist business intelligence division is made up of a dedicated team of BI analysts. As a Microsoft Gold Partner, we use the Power BI platform to refine and merge data from various sources into one easy-to-digest view, for a single source of truth you can rely on.
If your business could benefit from the advantages of accurate, up-to-date data that gives you actionable insights, but doesn’t have the capabilities to manage this in-house, our end-to-end business intelligence service is the perfect solution. You can find out more about our business intelligence services here, and please don’t hesitate to get in touch with any queries.
Air IT is a Microsoft Gold Partner with a dedicated, expert BI team. If you’d like to learn more about BI, you can register for our free webinar presented by our business intelligence expert Tulbir Dosanjh. We’ll be talking you through the benefits of business intelligence, how to make it work for your business, and the ways it can help your business recover from the effects of Covid-19. Click the link below to download and view at your leisure!