September 20, 2020
Recession Looming? Data Analytics to the rescue!
As organisations start to grapple with how the economic slowdown will influence their bottom line, it may be an option to diversify into decisions based on analytical insights rather than well intentioned guess work.
Beyond the hype and technical jargon, Data Analytics is your secret weapon against the slowing economic situation. Imagine having the ability to:
- Visualise what makes your customers tick.
- Identifying and visualising trends ahead of the market.
- Analysing the competitor’s public data.
Well get your catsuit or cape ready as we outline a few techniques you could start exploring today:
- Visualise, Visualise, Visualise! And a perfect tool that connects instantly to your excel spread sheets is Power BI. You may have super accurate reading powers but us mere mortals tend to process visual information far more easily than written information. You can also provide real-time insights making it easier for stakeholders to visualise your insights across your organisation. Resulting in faster responses to market changes and quick identification of new opportunities.
- Discover: Ever wished you had better insight on your competitors? This can sometimes be very tricky due to data protection laws but there is a lot of analysis that can be done beyond stalking competitors on Facebook and Twitter. One example I could give is to collect public reviews and carry out text analysis on the data to extract customer sentiment. Or extract public marketing data and analyse keywords and terminology being used in SEO and Marketing.
- Predict: I have mentioned this last as you probably have some form of predictive analysis in your arsenal already, such as an Excel forecast. However, its time to assemble the Avengers as the quantity and quality of the data available now can allow you to make pinpoint accurate prediction. You can to exploit patterns contained within data to detect risks and opportunities. Further you could apply prebuilt mathematical models to discover relationships between various behavioural factors.
And this is just the beginning, to paraphrase Jeff Bezos “the largest ROI from Machine Learning isn’t from the large-scale advanced projects but underlining technique such as better predictions on existing tasks, improved search results and optimisation of menial tasks.” A recession is not a down-turn, but a shift in trends that you can analyse and capitalise on.
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A self-confessed Nerd, Rehmi joined the GBS family earlier this year as he loved the values GBS stands for. Rehmi has over 20 years’ experience in the technology and training sectors having worked on many unique projects.
Combining his customer focused mindset, technical know-how and willingness to understand the customer beyond a basic project scope, Rehmi truly goes above and beyond to ensure customer satisfaction. The ability to be adaptive and research is critical in the disruptive age and Rehmi prides himself in attempting to derive commercial value in a continuously changing technological landscape.