The companies that were lucky enough to stay in business during COVID-19 found themselves in uncharted territory. As such, they were forced to make tremendous changes to the way they operate. In an attempt to defy the newly created economic downturn, enterprises started turning to analytics and business intelligence (BI) solutions and consulting companies to be able to better plan and execute strategies essential to their survival.
The global pandemic has driven home the fact that data is vital to the success of every organization. The larger the company, the more important BI tools become. The enterprises that weren’t familiar with the potential and benefits of BI gradually started realizing the importance of growing their analytics capabilities.
According to the Sisense’s ANZ State of BI & Analytics Report 2020 Special COVID-19 Edition, 67% of the respondents stated that BI and analytics programs are much more important to business operations now than before the pandemic. In addition, according to the 2020 COVID-19 Impact Survey by Dresner Advisory Services, the majority of respondents strongly believe that data-driven decision making is a must-have for their businesses to stay afloat.
Here are some key insights from Dresner Advisory Services’ latest findings on How COVID-19 Impacts Businesses, Budgets, and Projects:
- About 49% of enterprises are either planning new analytics and BI projects or moving forward without delaying already existing projects.
- 30% of enterprise leaders consider BI critical to ongoing business operations given the distributed nature of their teams during the pandemic.
- There’s been a 68% increase in enterprises that state cloud computing is critical to their operations between February to April of 2020.
- 97% of enterprises pointed out that, at the time the survey was conducted, all their employees were working from home. This certainly escalated the need collaborative BI applications and tools.
After COVID-19 outbreak, numerous businesses were forced to close down. Others suffered tremendous losses and are still recovering.
However, amidst all this chaos, enterprises have realized that there is one strategy that can help them recover – the utilization of BI tools.
The importance of data becomes more important than ever before as enterprises search for a way to understand changes and seek new business opportunities throughout the ongoing COVID-19 crisis.
Companies started relying on data to improve their efficiency, predict changes and outcomes, and address the most pressing challenges. In addition, enterprises started using business intelligence to discover how to provide better services for their customers.
In 2021, business intelligence and the use of data are no longer the mark of an industry leader. Instead, they became crucial for the success and even survival of most enterprises. Companies that adopt data-driven decision making are able ty find vital pivot points more easily and thrive in the face of existential danger.
HICO-Group is the go-to partner for enterprises looking to implement tailored-to-fit BI solutions and strategies necessary for their growth and development. From KPI identification and planning to building future-proof data solutions, HICO-Group is known for its state-of-the-art BI concepts specifically tailored for the needs of every enterprise to meet the demands of its operations and market. Get in touch today.
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