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Minimizing the Impact of COVID-19 on Your Business
Minimizing the Impact of COVID-19 on Your Business

May 22, 2021

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The COVID-19 pandemic might accelerate digitization and have more enterprises moving towards data analytics solutions. In the short term, enterprises will need to ensure that data teams remain operational. Even more importantly, they will need to scale their capacity to ingest and analyze data rapidly. The rapid proliferation of data and businesses’ hunger for critical insights to make decisions is driving this need. Solutions such as robotic process automation and data warehouses are helpful to help with these immediate issues.

In the medium to long-term, here is how enterprises can prepare to minimize the impact of COVID-19 on data analytics:

1) Plan Ahead

COVID-19 is expected to have far-reaching effects on businesses and geopolitical events. In turn, data professionals can inform the kind of reports enterprises need to tackle emerging challenges. Enterprises should keep a close watch on likely challenges that are to emerge from this crisis. These could be prolonged high unemployment rates, a sizable number of small businesses filing for bankruptcy, and important geopolitical events that impact trade, such as direct conflicts between nations. 

2) Reprioritize Data Initiatives 

Businesses are under immense pressure to cut costs as a result of the pandemic. However, history tells us that slashing budgets across entire data teams is going to leave businesses at a disadvantage. Repriotizing budgets, on the other hand, works much better. For example, digital is expected to be the preferred channel for sales across industries going forward. Adopting more flexible data architectures will help enterprises scale up and scale down quickly. For instance, Amazon Redshift Spectrum allows enterprises to keep their data costs low while still giving them access to the cold data they need.

3) Invest in Agile Data Solutions

Enterprises can use the crisis as an opportunity to bring more agility into their data architecture. Adopt solutions that allow quick integration of new data sources without burdening the data team. Similarly, look at solutions that enable data professionals to focus on data analysis without worrying too much about the operational side of things.

 

 


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Nishant Kumar
Technology Enthusiast

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