In a recent briefing, Andrew Cuomo the Governor of New York states that future decisions will be supported by data, expertise and science. New York is one region that has been severely affected by the pandemic and now more than ever needs a clear and effective strategy to tackle the current situation.
A report by MIT refers to as ‘How to Make Better Decisions About Coronavirus’ explains that implementing strategies based on emotion-driven beliefs may guide people towards ineffective decision making. The report states that whatever our beliefs or opinions may be, we are better to determine plans based on a combination of data, expertise and science.
Industries need to acknowledge the situation and ensure businesses are equipped and capable of managing other scenarios like this in the future. How can businesses learn from the challenges and deliver strategies to be better prepared and more resilient? Will we be capable of returning to complete normality or will a new normal be created and cause businesses to radically transform? In the space of a month or so, we have witnessed a surge in unemployment, drastic reductions in investment and considerable changes in how businesses perform their day to day activities.
Data has become a necessity during this period and not only to data professionals. Many people from all societies are digesting data to understand and gain further clarity on the situation and to try and decipher what the future may hold. Under these circumstances data is critical in driving the decisions our leaders will make and the potential risks we may take. For example, do regions start to ease restrictions and open certain establishments? Will business activities return and do we need to implement social distancing rules for an extended period of time? Data, analytics and industry expertise will play a vital role in answering these critical questions. In terms of the wider data industry, there will be many questions in how data, analytics and expertise can be utilised to its best to deliver economic and social benefits. The industry will need to learn from this period and adapt and transform for the future, incorporating innovative techniques such as artificial intelligence and automation.
It’s still too early to say but the businesses that do emerge from this situation in a stronger position will be the ones that have clearly demonstrated a flexible and adaptive approach. These organisations are likely to be the ones that are data-dependent, capable of reacting quickly to market changes and harnessing new opportunities formulated form data and analytics.
The existing opportunity for the data industry is significant. In times of crisis and stages of transition, businesses that adapt quickly will harness the advantages. In today’s times, data, analytics and expertise are hugely important and could be the difference between companies that continue to prosper and those that get hit by the economic and social challenges we face right now.