Role of Data Analytics in Ensuring Business Continuity
As the world reels under the impact of the pandemic, businesses are looking for new technologies to streamline operations and ensure continuity in the coming days. Business leaders are adapting data analytics, AI and data science to optimize processes, become more scalable and prepare for future circumstances.
Let us look at how data analytics is playing a critical role in ensuring business continuity.
Forecasting & Risk Mitigation
Business data is a mine of information that can help business leaders in many ways. By applying AI and ML powered data analytics, business leaders cap spot the problems before they occur. Enterprises are also investing time and effort in analysing historical data from the COVID timeline to understand how deeply the business was impacted and where? By applying analytics and data science they can foresee what factors may bring in interruptions and take proactive steps to control them.
Work Force Management
Most teams are now operating remotely or coming to work on rotational basis. In this situation, it is critical for a business to manage their work force optimally so that just the right resources are available when needed. Using data analytics businesses can accurately predict how much work force is required on a daily, weekly or monthly basis. They can determine the expected volume of work and allocate the teams accordingly. They can also monitor the performance of the teams remotely and ensure high efficiency. Data analytics for work force management is being extensively adopted in the BPO industry.
With teams working remotely and office networks exposed to external environments, data security has become a major concern for businesses. As they transition to new, digital ways of working, businesses are applying data analytics to monitor system logs and identify anomalies. IT teams are leveraging analytics to monitor all users and applications in real time and thwart system threats in real time. They can set automated workflows for deviations and trigger next set of actions (system lock etc.) without any dependency or wait time.
Improving Service Offerings
Customer expectations and requirements have also changed. Businesses are leveraging data analytics to understand the shift in the customer behaviour and align their product and services to best meet their needs. From marketing and sales to customer services, AI powered analytics are being applied to understand buying patterns, past spend, product preferences etc. and deliver a hyper personalized experience to customers.
Key Benefits of Analytics Driven Business Continuity Planning
- Return to normalcy sooner and sustain it.
- Minimize the impact on key business functions.
- Become more agile and scalable.
- Unravel new opportunities in the process