Snippet: There’s an increasing chasm between companies that are using data analytics and companies that don’t. Which one will thrive during the pandemic?

There’s an increasing chasm between companies that are using data analytics and companies that are not.

On the one side, we have data laggards, which are companies that have not incorporated data analytics into their business. These companies are still relying on regular spreadsheets, manual processes, and gut feeling when it comes to decision-making.

On the other side, we have data elites, like Google, Amazon, and other companies that are investing a lot of money in data technologies, analytics, and AI. These companies make decisions based on data, test out everything they do, and automate a lot of their processes using data analytics.

It is believed that data-driven companies are going to take the future, especially after the COVID-19 pandemic. But what is the reasoning behind that?

What makes data analytics important?
Humans have cognitive biases that can skew our perception of what’s actually going on. This makes it hard for us to make rational, objective decisions when it comes to our business.

This is why understanding our data is very important. By having access to relevant data we can conduct in-depth analysis to gain actionable insights. Using these insights, business owners can make better data-driven decisions that will result in more efficient processes and effective marketing efforts — allowing them to boost their profits.

Data analytics can also help solve various business problems such as inefficiencies in the supply chain, bottlenecks in processes, disorganization, and so much more. However, most importantly, it can help business owners identify what the customers actually want instead of merely relying on gut feeling — as most data-laggard companies do.

Your data determines the future of your business
Both e-commerce and brick-and-mortar businesses can benefit from analyzing real-time data to streamline their processes and decision-making. Especially in times of uncertainty like during the COVID-19 pandemic, when everything can change in a blink of an eye.

However, doing so requires companies to leverage a proper data collection and analytics tool — like SYCARDA.

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SYCARDA can help businesses to be more agile in responding to disruptions in the market and improve their overall operations by empowering them with real-time data analytics.

By presenting business owners with easy-to-understand reports, they can easily identify patterns, create accurate forecasts, and make better data-driven decisions — enabling them to boost their stock-keeping efficiency, cut costs, and increase their bottom line profits.

Now that you know how data-driven companies can thrive even during a crisis, it’s time to make data an integral part of your business.

Reach out to us today to book a consultation!