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The changing role of business analytics in the age of the pandemic

Medieval Europe is identified most easily by the black death, the plague that killed a third of its population. The Covid-19 pandemic will be remembered but the civilization will not remember this century for the plague but for its stellar technological advancements. 67% of all businesses have suffered losses due to the virus outbreak but that is not the most important part. What really matters is that businesses are trying to fight back the socio-economic slump with the help of analytics and the small businesses with an employee pool ranging from 51 to 200 are leading from the front. 68% of the companies that have been using analytics with renewed vigour post corona belong to this category. The tumultuous times have led businesses to usher in the age of with.

The age of ‘with'

Dire straits necessitate innovative moves. Age of With is probably the answer to the arguably greatest economic disaster since the Great Depression of 1929. It is the combination of power with precision; of smart work with hard work; of a man with the machine;  of Human intelligence with artificial intelligence. This is the kind of time where it is important to have clarity. Clarity about the losses and the gains – in terms of revenue,  customers, morale,  and relevance. This is the time for rigorous business analytics. Every bit of good data needs to be categorized,  processed and wrung for insights.

Reinstating the structure

A disaster of magnitude such as the one we are facing changes in the dynamics of business. While the demand for necessities grows the demand for the caterers of luxury and entertainment drops significantly. Businesses need to rethink their strategies in terms of marketing, production, and efficiency. Business analysts do a great deal to assist the vision as well as decision making. They can help sort the data and guide the good data into lakes where the AI systems can process it. They can help in the segmentation and pricing of the products. They can help in segmenting the subscribers so that hyper-targeted campaigns can take place. All this can lead to increased operational fluidity, more efficiency, and a larger number of satisfied customers.

A good business analyst

We have got the data,  we have got executives and managers who have accepted their absolute dependence on data and now,  it is upon the analysts to make good of all this data that we are talking about. A data analytics professional masters a number of techniques and some tools to clean, sort, store and analyze the data with the final goal of gathering some actionable insights from it. The skillset of a good business analyst includes more than this. It is one thing to follow the vision with available technology and  a completely different thing to help envisage that vision. A business analyst possesses the skills required to make sense of data but he or she also participates in a problem hunt that eventually guides an enterprise to put their money in the right areas. In times such as this, a good business analyst can be an incredible asset to any business because the analytically acquired insights will not only increase the chance of success but also decrease cost.

The qualities that matter

Tools, technologies, spreadsheets,  and visuals, have their own uses but what makes a business analyst stand apart is her eye for gaps and possibilities. You cannot accept your superiors to see what you see all the time but you must keep probing. That is how you create opportunities where there is not one and save money that no one else could. You become the bridge between the demanding managers, complaining employees and restless stakeholders. Before you know you are this asset no one wants to lose. You should read more about why business analytics is a good career option.

First steps towards glory

Business Analytics is an immensely opportune field, if you want a piece of it, nothing should stop you. We talked earlier about the age of With. That means you work with AI-driven tools,  you do not need to code your way through to every technique you use for the analysis. So, do not worry if you are not a STEM student. Take a business analytics online course from a good institute, you will know. Another thing that you really need is hands-on experience. You must train yourself to see and solve problems and the only way to this is through practice,  a lot of it. Start already, you will fly higher than you can imagine.

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Written by Saajan Sharma

Saajan Sharma likes to read and write actively on upcoming HR trends and how HR is reshaping the business landscape. He likes to help businesses stay informed and up to date with established and emerging technologies like Payroll Software, SAP, Recruitment and many other technologies like IoT, etc.

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