How Covid-19 Is Impacting Business Intelligence & Market Analysis
The Covid-19 pandemic is a global crisis that continues to have severe impacts, altering the reality of human life and business.
Tens of thousands of businesses have seen massive fallouts in their businesses. The uncertain situation all over the world has impacted budgets, analysis, and projects. According to the International Monetary Funds (IMF), the global economy is predicted to shrink by 3% this year, and the decline is the worst since the Great Depression of the 1930s.
Some seem to experience a rising demand as they are the essential sellers of items people need all the time, and they have managed to adjust to the health crisis well by bringing their businesses and email marketing up to speed through their business websites.
The Business Intelligence (BI) Market was valued at $20.516 billion in 2019 and is expected to reach $40.50 billion by 2025. BI can substantially improve financial performance, maximize utilization of resources, and reduce the risk of making inconsistent and incorrect decisions. This shows how Business Intelligence can be your savior for now and the future.
What Is Business Intelligence & Why BI And Market Analysis Are Important For Your Business?
There is no doubt that companies are over-loaded with information. Companies that pursue excellence are investing more to control and understand their data. The tools that business intelligence uses to transform the data into actionable insights help improve market analysis.
Why BI In Times Of Crisis?
It is rightly said that ‘Informed decision-making is paramount.’ And BI gives you the premium evaluation of your market to determine the state of your business.
Business intelligence empowers its users by assisting them in making fact-based decisions, eliminating the irrelevancies, increasing operational efficiencies, identifying new market trends, tracking the performances, and predicting the success graph.
Therefore, business intelligence for your business is of paramount importance.
According to Forbes, 49% of the enterprises are launching new business intelligence and market analytics projects to double the pace, and if not initiating new projects, then going forward with the previous project without any delay.
Business shines when combined and aligned with great strategies. The excellent strategy that counts here is business intelligence. Decision making is crucial but having the right amount of facts and information from business intelligence will get you the paramount results.
Overall Impacts Of Covid-19 On Business Intelligence & Market Analysis
The impact of Covid-19 on business operations has been severe. There are uncountable factors that are influencing the industry change, and all those factors are mentioned in the global business intelligence and analytics market report presented in June 2020.
The below-mentioned impacts paint the whole picture in-depth.
a) High Uncertainty Causes Problems For Project Completion
The current challenges have stressed the business world. Disruptions in the cross-border supply chain, alterations in all industries and countries are some important factors causing ambiguity. High volatility in the capital markets, and a capital recession are just some of the added factors that are in the mind of the credit risk analyzers today.
According to research by Dresner Advisory Services, an increasing percentage of projects have been canceled during this pandemic. In the last few months, projects being canceled are at around 8%, and projects that are temporarily suspended or postponed, considering the current situation are at about 39%.
How can companies quickly and comprehensively assess their spectrum of credit risk exposure?
The answer isn’t as difficult as it seems. It has been noted that business intelligence and market analysis are likely to be the best solutions because both can give a high degree of precision and certainty.
An example of this can be understood as the businesses that adopted the Business Intelligence tools with excellent Search Engine Optimization tactics and acted accordingly faced less to no consequences, even in this time of crisis.
b) Organizational & Geographical Effects Can Be Reduced With Business Intelligence
Covid-19 has impacted every single organization out there. In the midst of this pandemic, in March and April, organizations of various sizes have been impacted. According to the World Bank, 40 to 60 million people are expected to fall into extreme poverty pools in 2020, which means that they will be living on less than $1.90 a day.
Another study shows that the highest reported level of impact on the organization is 92%. Coronavirus has led to a fragile and volatile economy. It has been predicted that a long-term economic impact will ripple on for years, even when the short-term effects end.
What business should, therefore, rely on is Business Intelligence. There are plenty of tools that can save the day for business owners.
BI allows you to have a complete SWOT analysis of your business. It describes how to reduce the risks, improve timely performance, and enforce productive strategies.
c) Improving Employee Performance With Business Intelligence
Tens of thousands of companies have asked their employees to start working from home due to Coronavirus. Around 43% of employees in the United States are working from home. Approximately 70% of the companies reported that they had reduced the workforce by laying the employees off.
Showing affection and a caring attitude is something that gives businesses the loyalty and sincerity of employees. Business Intelligence can be highly actionable in these current times to meet the need!
How? Just imagine you have a workforce of around 200 people. Catching up with an entire group of 200 employees in this WFH (Work From Home) scenario doesn’t seem possible.
Managing your team with proper email communication also via their phones that show your concern towards the employees is a step forward. What else can be done is that you can use an effective BI tool to pull data from the employee management system and rank their performance. This would allow you to extract the correct information regarding the performances and your employees are happy at the same time if they gain recognition for their hard work. For health & Social care-related jobs check out OUTT.
Business Intelligence Tools You Need To Stay Afloat During The Covid-19 Crisis
When initiating business intelligence, understanding, and using the right tools will take you to the desired success level. Plenty of business intelligence tools are highly-effective and result-oriented. The correct pick, according to your business, is an act of wit.
1) SAP Business Intelligence
Systems Application and Products in Data Processing (SAP) aka Enterprise Resource Planning (ERP). It offers highly-advanced solutions, which include real-time Business Intelligence predictive analytics, data visualization, office integration, mobile analytics, and machine learning.
2) SAS Business Intelligence
Statistical Analysis System (SAS) is an advanced prediction analytic system. It provides the best experience and offers a comprehensive tool via a single platform. It allows leveraging the data and metrics to organizations to make wise decisions for their companies.
Microstrategy is a professional business intelligence software that provides high-speed and robust dashboarding and data analytics. It allows the users to connect via a cloud-based spreadsheet or enterprise data software and is a mobile-friendly tool.
4) Zoho Analytics
Zoho Analytics is for in-depth business reporting and data analysis. The high-end BI tool has automatic data sync, which can be scheduled periodically. It merges the data from different resources and helps you with creating meaningful reports.
5) Mircosoft Power BI
Microsoft Power Business Intelligence is a website-based business and market analytics tool suite which specializes in data visualization. It helps the users identify the trends in real-time and has brand new connectors that connect in campaigns.
If you are a struggling business like some providing dissertation editing services the UK facing a setback in the current time, then using business intelligence tools for your website is a helping hand in challenging times.
Mitigate The Impacts Of Covid-19 On Your Business With BI Tools & Market Analysis
The impact of Covid-19 can be mitigated by using business intelligence for decision making.
It will also lower the effects of Covid-19 on your business by focusing on the key areas.
Furthermore, you must also identify how to innovate and prepare your business for the digital requirements that come with increased remote work, e.g. like using the best internet browser, i.e. Google Chrome.
Business intelligence tools can help improve employee performance, cut time that is frequently wasted on data collection and filtering, and develop new methods for improving the customer experience better like never before.
Apart from businesses, the Covid-19 situation has affected us all. People are saving more and spending less, which has created difficulties for individuals and students who are employed in restaurants on daily wages. However, students still have a chance to get affordable dissertation proposal help and improve their career prospects during these uncertain times.
In A Nutshell
Businesses around the world depend on making informed decisions while staying updated and maintaining agility.
Companies that prioritize Business Intelligence tools in hard times must be well-structured and aligned to reap the benefits across various platforms, e.g., improving their efficiencies and employee performance.
Negative business impacts around the world are severe but can be reduced with the effective use of BI. So, choose your BI and marketing analysis tools wisely to ensure the best outcomes possible for your enterprise to make it through this crisis and perform even better than others.
Amanda Jerelyn is currently working as Marketing Manager at Dissertation Assistance, a credible platform for excellent writing services. She has gained a reliable reputation with her outstanding write-ups on Marketing and Artificial Intelligence. She likes to share her views and school of thought through writing.