Being prepared for the unknown is more important than anything else, but how can businesses build business resilience into their planning and forecasting practices if they are unable to get complete visibility of their data?
This is a challenge facing numerous organisations, after research undertaken by the TrueCue revealed almost a fifth of organisations in the UK are not using any data analytics tools across their business.
Tim Archer, Analytics Director, TrueCue, discusses this in more detail: “With the widespread availability of modern data platforms and intelligence solutions, it is not acceptable to have skilled knowledge workers carrying out repetitive tasks that can be completed in a fraction of the time by a computer. There are simply too many businesses that are manually managing their critical data processes, and this is heaping huge pressures on key person dependencies within organisations.
“In the wake of the current coronavirus crisis, we know businesses will be looking at their plans for the year while building budgets, forecasting and allocating funds for investments in FY20/21. Businesses need to be able to consider an array of possibilities, and it is critical they can access all the data they need on historic performance to run a series of future looking scenarios to understand what position they could be left in when we come out the other side of COVID-19.
“We recently ran a survey across 100 data and IT professionals to understand how they are currently analysing the data within their organisation. The data showed almost a fifth were not using any data or analytics tools across their business. In reality, skilled knowledge workers should be focussing on turning data into valuable information, not simply firefighting to manage it. This issue becomes even more pertinent when we consider where we are today, and the impact of unexpected events.
“If people cannot be confident on what they achieved in the previous year, week, or even yesterday, then their ability to forecast into the future with the current uncertainty will undoubtably be hindered even more than it already is. Economists will be talking about the ‘bounce back’ and whether it will be scenario one, two or three – organisations will need to be able to analyse all of these circumstances. So, having access to clean, up to date, easy to understand information will be the baseline for these modelling exercises.”
For more information, please visit: www.truecue.com
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