We live in unprecedented times. COVID-19 brings economies worldwide to a standstill, which makes it even more important for a company to have optimal insight into their data. Having this insight makes decision-making faster, better and based on facts (instead of intuition). In addition, having insight into data helps companies adapt to changes in a timely manner. In this blog post, we'll share even more reasons why it's important to have data insights in times like these.
Identifying weaknesses
When the world changes around us, you must be able to immediately identify the risks and vulnerabilities of your business. This includes having answers to seemingly easy questions such as "What does this mean for our productivity?" And 'What is the impact on our turnover?'. When you can view all your data in a uniform environment, you will quickly find the answers to these questions. It also gives you the opportunity to identify and quantify weaknesses (and take action on them) that might otherwise remain dormant beneath the surface. Consider, for example, issues surrounding customer interactions, supply chain management, inventory and network bandwidth.
Measure the impact of change
With the COVID-19 pandemic, the situation is evolving on a daily basis. Companies all over the world are affected by (government) measures that often take effect within a very short period of time. How does your organization measure the impact of these measures on the most important performance indicators if insight into current data is lacking? If you only refresh the data once a week, how can you predict in a timely manner how your business will be affected?