Since the onset of the pandemic in 2020, global markets have evolved rapidly in light of supply chain disruptions, economic uncertainty, and significant shifts in consumer behavior. In fact, 94% of Fortune 1000 brands experienced supply chain disruptions during the pandemic, and 75% of companies worldwide reported negative business impacts as a result.
Accelerated change left numerous organizations scrambling to keep up with demand, but it also created new opportunities for significant growth in several markets—including eCommerce, PPE manufacturing, and remote learning tools. Researchers noted that data and analytics gave many companies the upper hand when it came to reaction and recovery from unexpected events.
Now, organizations are using business intelligence (BI) data to redefine their strategic initiatives, accounting for supply chain limitations and shifts in consumer behavior without losing sight of their growth goals.
Since 2020, the organizations that adapted successfully to operational disruption and shifts in demand did so through one common thread: data-driven business strategies. These companies showed resilience in the face of change by using data to guide decisions and to learn more about COVID’s impact on their markets and consumers. They were able to adapt more quickly than their non-data-driven counterparts.
The concept of the “never normal” requires that businesses stay agile and lean on data insights rather than gut instincts, to meet market demands and champion transformation across their operations. As a result, BI and analytics remain a central focus and will continue to shape the global marketplace for years to come.
There is a growing understanding of the importance of developing a solid data foundation and investing in governance and quality over time – a two-pronged initiative that requires a careful balance between technology adoption and cultural shifts at every level of an organization.
Robust BI practices and a healthy data-driven culture enable organizations to:
Managers and other business leaders juggle an array of responsibilities and decisions every day. Without clear visibility into performance and consumer data, leadership can’t react quickly and effectively to sudden changes—especially during periods of mass disruption.
BI and analytics data give leadership teams access to timely and accurate insights that inform their business decisions and give them the ability to react to changes in the market faster than ever before.
Managers and other business leaders use BI and analytics tools to review performance metrics and supply chain data on a routine basis, gaining reliable peace of mind that every team is working from accurate, up-to-date information. Then, they use these research-based insights to determine the next best step toward error resolution, process improvement, or strategic planning.
Agility is at the top of the priority list for organizations looking to grow into a new market or expand their reach. COVID taught us the value of timely reactions. It also highlighted the importance of adaptability—through shifts to remote work, telehealth, and the expansion of food delivery services.
Organizations across industries are refining their operations to ensure they can pivot at a moment’s notice or redirect in-flight strategies to align with market conditions. To make these increases in agility a reality, they’re leaning on innovative, growth-driven BI and analytics tools that align with a data-driven culture and their future business goals. Multi-source integrations, customizable dashboards, and scalable APIs enable managers to develop strong BI practices that will grow alongside their organizations over time and support their ever-evolving operational, tactical, and strategic needs.
Organizations have the opportunity to change the way their employees think about and leverage data analytics by improving the quality and accessibility of data through BI. Real-time data access helps employees make better decisions and makes their jobs easier, too.
Just as managers and leadership teams should lean into data during the decision-making process, they should also emphasize the value of data-driven company culture and encourage BI user adoption at every level of their organization.
This means prioritizing data democratization: putting data in the hands of more users and contextualizing that data within each user’s daily tasks and priorities. Successful data democratization makes it easy for employees to reference and leverage data in their day-to-day tasks. It improves decision-making across teams and departments, not just at the executive level of operations.
The stronger an organization’s data-driven decision-making, the easier it is for leaders to execute strategies in individual departments that align with broader business goals. This cross-team alignment is critical for success in the post-pandemic future and beyond.
An ideal solution should be both flexible and scalable. It should balance usability with innovation so it can deliver ROI quickly and then continue to grow alongside your business.
To unlock the above benefits and continue adapting to the “never normal,” your organization should invest in BI and analytics solutions that align with both current needs and long-term goals.
TARGIT’s BI and analytics solution, TARGIT Decision Suite, is designed to help organizations establish an unshakable BI foundation through core features that support the fundamental elements of BI.
TARGIT combines a user-friendly frontend interface with impressive backend capabilities that allow organizations to scale their BI practice quickly, integrate multi-source data, and automate reporting to give employees real-time visibility into performance. Plus, users can embed TARGIT dashboards directly into the tools they already use every day—like CRMs or ERPs.
Discover how TARGIT can support your business growth and help you extract lasting value from your data by requesting a demo.