The lockdown and other restrictions that have come along with the COVID pandemic has left businesses struggling to operate and carry day to day operations in a smooth way. With decisions such as layoffs, salary cuts or frozen hiring, the companies are struggling to make the end needs meet. While they are finding themselves in a lurch, one thing that we are continually hearing is that the digital is the future and that data science is the key driver to make a smooth transition into the post-COVID world.
With remote working on the rise, business leaders are adopting digital tools, and data science models to optimise business processes, regulate the spends, measure ROI, gauge long-term business impact, and more. Companies are even looking to accelerate investment in technologies such as AI, AR, VR, cybersecurity to bring about the required transformations in the businesses. In this article, we take a look into five ways data science will prove crucial to ensure business continuity in the post-COVID world.
Why Are Businesses Turning To Data Science For Business Continuity
The more the data, the more it allows business leaders to run the operations effectively. Applying analytics and data science can help predict what might bring business interruptions, customer engagement, bring about improvisation in products and services, safeguarding data and more. Here are five ways that data science can be used to ensure business continuity.
Forecasting & Risk Mitigation
The COVID pandemic has taught businesses to be more vigilant about the drastic changes or abruptions that may come in the business unexpectedly. Data analytics is the best way to predict future critical incidents, analysing risk and developing methods to mitigate them. Companies can make use of the historical data from the pandemic-stricken situation to analyse a trend and design solutions accordingly to anticipate any future obstacles and sustain efficiently. They can rely on historical data to plan different business outcomes in the unfortunate phase.
Assessing Available Resources & Making Most Of It
While risk mitigation and forecasting is the best way to keep the bad factors away from disrupting business, data science can help companies to make the most of the current situation. Setting up a robust analytics practice can help find a way through critical business equations and gathering new data about the current state of the business. For instance, setting up an analytics team in finance can help in finding how changes in the economy were affecting business. Data can assist in allocating resources, thereby supporting agile and strategic decision making in the future.
Adopting data science can also help in identifying new opportunities to ensure business continuity. Analysing available data resources can identify any gaps and improvise on it to find new opportunities. For instance, many companies have aggregated COVID case data and combined with employee data to understand unique and better ways to support employees in times of crisis. For instance, building a dashboard using geographical data and COVID-19 data to inform decisions about office closures and additional prevention efforts. Now, this data is being used to help HR determine when offices are safe to reopen.
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Data Security & Data Protection
One of the critical fields emerging in the COVID world is cybersecurity, which speaks of the vulnerability that data pose due to the increase in the remote working scenario. Moreover, an increase in the use of cloud services further calls for a need to track technical components associated with maintenance and recovery. AI and data science powered cybersecurity solutions help in proactively monitoring the network traffic across VPNs and identifying potential points of infringement and breaches in real-time. It allows companies to stick with the IT security mandates even when employees are working remotely, making it much more efficient and safeguarding data exposure threat.
Improvisation In Services & Offerings
Many industries such as retail and e-commerce and using AI and data science to attract potential customers through accurate offline and online targeting. Companies are leveraging AI-powered solutions to get insights on how they can best use it to meet changing consumer demands in different areas and optimise supply chain management to minimise disruption. There also has been an increase in AI chatbots to scale the solution to be external-facing and answer customer questions. In fact, studies suggest that chatbot sales will multiply 50 times than the pre-COVID estimates.
Business continuity is a critical issue, and data science-based use cases can drastically help in making businesses more efficient and effective. While data science has been a crucial part of many companies, the post-COVID world would deem it non-negotiable for more reasons than listed above. It would be key to drive business goals and augmented capabilities to newer heights.
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Srishti currently works as Associate Editor at Analytics India Magazine. When not covering the analytics news, editing and writing articles, she could be found reading or capturing thoughts into pictures.