Managing Obstacles, Overcoming Adversity, and Thriving in Uncertainty with Data Analytics
Snippet: Data analytics allows businesses to be more agile in responding to change and make better decisions even in times of uncertainty.
Starting a business is easy. Making it resilient and agile, on the other hand, is another matter entirely. As business owners or managers, we all have to be aware of the 4 types of challenges that businesses will face:
- Uncertainty: The market and environment are constantly changing in a highly unpredictable manner, making it difficult for businesses to rely on long-established business practices or trends.
- Volatility: Natural disasters, economic instability, and other unforeseen events can affect various areas of business — creating a volatile environment.
- Complexity: The involvement of multiple vendors, suppliers, and distribution channels, adds layers of complexity to the business’ supply chain.
- Ambiguity: There’s a lack of reliable and up-to-date information about customers, trends, and competitors. This makes leaders have a hard time making strategic decisions and capitalizing on opportunities.
The key to overcoming these challenging conditions is by leveraging valuable insights from data analytics.
The COVID-19 crisis has proven and highlighted the importance of collecting and analyzing data. It allows businesses to become more agile in responding to the shifting landscape and enable leaders to make smarter decisions.
Here are 3 ways you can effectively leverage data analytics to not only survive but to thrive — even during crises and times of uncertainty.
Identify patterns and trends
It’s important for businesses to be aware of shifting trends in the marketplace. Using a powerful data analytics tool like SYCARDA allow businesses to identify certain patterns and trends in their datasets, generating insights for them to enact upon.
Improved decision making
In times of crisis, business leaders have to make quick, and accurate decisions, because it can make or break their business. By gaining access to real-time data, leaders can minimize financial losses, make data-driven strategies, and eliminate guesswork when it comes to planning or budgeting decisions.
Strategically allocate resources
During times of uncertainty, it’s crucial for companies to strategically allocate their resources, whether it’s capital or human resources.
This is where data analytics plays an important part. When business is slow and you are stretched thin, data analytics can optimize your inventory management system by giving you real-time reports on your stock unit. You will be notified when stock is running low, so you will know exactly what and when to order — making your inventory management system more efficient.
Aside from that, the insights you gained from data analytics will allow you to create an accurate sales forecast — enabling you to make sure that your resources are utilized and distributed efficiently.
During this time of uncertainty, SYCARDA plays an instrumental role in helping retailers collect data at the point of sale (POS), provide holistic reports and valuable insights. This allows decision-makers to improve their decision-making, boost profits, and optimize their internal processes.
No matter what industry your business is in, SYCARDA can help you thrive, even in times of uncertainty.
Interested in learning more? Reach out to our team today!