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Data and Analytics in the finance industry

How analytics can support the next steps for businesses

by Mike Jones in Other Cat 25/03/2020

As we continue to practice social distancing and follow the restrictions associated with travel, workplaces, schools and other venues, we are having to transform our communication techniques. Technology is enabling us to maintain these connections despite the lack of physical contact, allowing many businesses to continue operating remotely and for their workforce to remain intact.

One particular challenge for businesses, customers and our global economy is related to this distancing and being capable of managing effective communications and morale during a very difficult period.

The support of analytics

With the emergence of COVID-19 came an overwhelming amount of new information, conflicting reports and studies flooding our communication channels – and this is likely to continue for some time. For businesses and more specifically data teams, it is a very complex situation to determine the best decisions to make for growth and performance.

Businesses are trying to continue operating but with reduced resources and a high level of uncertainty in the future makes it very challenging. During times like this, good reliable data and the ability to make a strategic and informed decision with analytics is vital.

Analytics is an essential tool during these turbulent times. If you are a data professional in the healthcare industry, the information will be essential in determining hospital capacity or in manufacturing, data will be carefully used to measure supply capacities.

Stay resilient is a common term that is being used across LinkedIn right now and for many businesses, resilience is critical for securing your business for the long term. During this crisis, we are naturally focused on addressing the current challenges we face but businesses need to be forward-thinking and consider what processes, technology and people they need to maintain stability for the future. People are critical in digesting data to determine clear and logical decisions that will influence efficiency and control potential risks.

For the short term, business leaders should consider implementing a clear analytical strategy, using predictive insights to understand and prepare for future challenges they may face.

Ultimately it is up to us, the people to solve the problems but technology can provide a very helpful hand. During a time where we are experiencing limited connection, we should consider the importance of sharing knowledge and most importantly, solutions. The analytics industry is equipped with skills and knowledge that have the capacity to support businesses through these unprecedented times.