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The pandemic underlined the perishability of analytics/models and the data underpinning them. To remain competitive, businesses must reshape their approach with more sophisticated practices and tools.
COVID-19 disrupted supply chains, shifted vast numbers of employees to remote work, changed consumer behavior dramatically, and drove abrupt shifts in demand. With companies increasingly relying on analytics/models to chart their course through a changing world, these whiplash-inducing shifts have underscored a key reality: Analytics/models and the data they depend on are perishable.
As a result, flexibility needs to replace rigidity. This means companies need to continuously refresh models, bring in new and modern data, and adapt more rapidly to changing events — or risk making decisions based on invalid projections.
Many companies recognize the need to keep analytics capabilities aligned with today’s changing environment. Our recent study revealed that 45% of businesses made major or significant changes to data management, while 46% said the same about their analytics/models. These proactive companies appear to be satisfied with the progress they’ve made, and they are more confident than their less-active counterparts in projections generated by their analytics/models.
With future black swan events likely and the pace of foreseen disruptions such as climate change accelerating, the ability to work with current, accurate and relevant data and models that seamlessly adjust to change will be a vital business capability.