Two years into the pandemic, global economies are still struggling to adapt to the changes and complexities of the COVID-19 pandemic. Much like the initial days, the supply chain disruptions also continue with factories in certain parts of the worlds forced to shut operation on the spike of cases, or registration of covid cases among workers. This has resulted in a shortage of goods and caused consumer demand to surpass output, leading to surging inflation, and taking the minor supply chain disruptions to a full-blown crisis.
The shift in consumers spending preferences is also exacerbating demand as consumers still spend less on commuting, traveling, and services than they did pre-pandemic, and many are deploying those funds into retail spending.
The global logjam caused due to these surging demands is forcing companies and governments to develop solutions, which will take time. thus, enterprises are now looking into data- the most important asset which can help navigate through the choppy waters.
With pandemic accelerating the adoption of software that enables remote work, managements teams are investing in technologies that enable them to utilize their data to see over the horizon and better prepare for disruptions.
Business line leaders are being challenged to anticipate and mitigate risks before they materialize in the trailing data of their financial reports. Advances in machine learning are now enabling this real-time, proactive approach to risk management, by way of billions of pieces of data from public and private sources.
A global sensor network is enabling management teams at forward-thinking (and -looking) companies around the globe to generate real-time understanding and enables faster decision-making.
More quick and informed decision-making is now possible as enterprises are embracing the ability to detect what is happening across the business landscape in real-time. This real-time data not only reduce threats across the risk spectrum but also allows to identify of opportunities for course correction in a matter of minutes as compared to days or weeks – creating a competitive differentiator.
This competitive differentiator is setting new standards of management differentiation, which will be endured long after both the supply chain and public health crises of today subside.
Going forward data competencies developed for business resilience will almost certainly become essential to competing and winning in less overtly challenging times, whenever they return. Then, as now, winning teams will embrace the opportunity to truly see their businesses and to manage them in real-time.