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Can Big Data Beat the Upcoming Recession?
Can Big Data Beat the Upcoming Recession?

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Businesses are making rash, impulsive decisions as a result of an impending sense of doom in the market. Expenditures are reduced too low, new projects are halted, and employees are brutally laid off. While trying to navigate through a possible recession, business leaders are concerned about the unpredictability of future events. Data can help resolve some of this stress. It is the single most valuable asset of an organization that offers real value during economic downturns.

Data is the saviour when all else fails.

In unprecedented times, data empowers businesses with the sense of comfort and familiarity that they need in order to make informed decisions. Raw data, however, does not provide the needed insights, and it must be transformed into valuable business insights through effective and efficient data lifecycle management.

How can data help companies navigate the dangerous waters of the looming recession?

Accurate and reliable data analytics helps businesses to make decisions based on real-life data, rather than on guesses and assumptions. Here are some of the ways in which data helps companies to stay afloat during a recession.

  • Minimizing risks: In order to minimize the risks, it is important for businesses and organizations to anlayze their past data. In doing so, enterprises are enabled to make data-driven decisions and avoid costly mistakes that would not help them in the long run.
  • Observing consumer behaviour: Observing and analyzing consumer behaviour is equally important during a recession. Data that is accumulated can be analyzed to understand the changes in the pattern of consumer behaviour, before, during and after a recession.
  • Operational efficiency and productivity: Data can help in increasing operational efficiency and productivity of the organization. By anlayzing the data that is generated, companies can thoroughly assess areas that need improvement and focus their efforts in that direction.

According to a report by Forbes, tech leaders and executives must answer the recession question knowing that in today’s day and age, business and technology are interconnected. The economic downturn demands that tech leaders take an offensive approach and make business decisions even if they have nothing to do with technology.

In the upcoming months, finding ways to do business and spend less money becomes paramount. The use of advanced data analytics tools can help organizations identify tasks that can be automated, or point out ways the company can improve its efficiency. The use of BI tools can help identify customer engagement, identify accounts that have been communicated with, and identify those requiring attention. Data analytics can help companies understand and predict which aspects of their business are likely to thrive no matter what the global economic conditions are.

However, in order to fully utilize data to its fullest potential, organizations must first take on the task of structuring their unstructured data that is generated daily. Without appropriate data management, organizations can suffer from data silos, inconsistent data sets, and poor data quality that limit the use of business intelligence (BI) and analytics applications or even lead to faulty findings. Therefore, unstructured data must be structured to maximize data utilization, reduce storage costs, and maintain compliance with security regulations.

 


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