Firms should build data strategies for the future - expert
Businesses should focus on building their data strategies in order to help prepare for future disruptive events, an expert has warned.
Tulbir Dosanjh (pictured), business intelligence expert at Chamber patron AirI T, has made the plea for firms to adopt emerging technologies to help them cope with any future disruption, following the turbulence many businesses have faced during the pandemic.
In his view, firms should be using business intelligence (BI) softwares, an advanced method of data analytics that allows for the collection, organisation and analysis of data that provides insights for better decision making.
Tulbir explained: “This means you can view insights as they happen, act on them sooner and make business decisions faster. The risk of those 'gut-feeling ' decisions is eradicated when you have accurate, up-to-date data to help guide you in the choices you need to make.
“BI is becoming an essential for modern businesses, rather than an added benefit that 's nice to have. The ability for an ever-increasing amount of data to be processed and translated into sound business decisions is essential for better understanding customer behaviour and outperforming competitors. ”
As more consumers switch to online shopping, remote working becomes a reality for many firms and data is now king in many business practices, Tulbir says that BI software can help organisations consolidate their data in order to make better-informed decisions.
He said: “After various lockdowns and restrictions, consumer behaviour has changed massively. High streets are dwindling, people are shopping online more often and consumers are increasingly prioritising mental and physical wellbeing. Many are still working remotely, and the future of the workplace is set to be a hybrid of the office and home.
“So, what does this mean for businesses? There has been much pivoting to adapt to various requirements, and markets are now taking different directions to what they were pre-pandemic.
“As markets reopen, trends are changing and competitors will begin to quickly re-establish their market share. Business intelligence ensures that users can remain competitive by understanding new market trends, identifying products and services that will aid recovery, and therefore making better-informed decisions. ”
Tulbir added that BI platforms are being used by firms which are looking to get a handle on their data, when they don 't have in-house expertise.
He added: “With real-time dashboards measuring business performance KPIs and the ability to drill through into the underlying answers, remote workers are kept up to date and can collaborate to make better business decisions.
“Within a single screen, organisations using business intelligence can instantly identify historical trends, existing threats and the key performance indicators targeting growth areas.
“Building a data strategy better prepares companies for disruptive events in the future. With a clearer view of potential risks, organisations can create thorough business continuity plans. ”