Business life during lockdown has gone through one heck of a period. As the business world got locked in a pivotal grapple with uncertainties imposed by the Covid-19 triggered pandemic, BI and Analytics turned out to be the Antidote to weather the Covid blues.
Take a peep at the Retail sector. Data and analytics have served retailers well in identifying changes in customer behavior and in using sentiment analysis to understand customer concerns. For the Insurance sector, at a time when claims management was impacted by unexpected yet critical developments, machine learning has worked to the sector’s advantage in the way it has helped insurance companies to enhance efficiency of claims management.
How did BI & Analytics help organizations beat the Covid blues?
Protect and safeguard community
The quintessential directive that ruled public sector organizations (PSO) was this – Protect the community from Covid exploits. Public sector organizations were at the forefront devising effective strategies and measures to wage a directed fight against Covid-19 and protect the vulnerable.
Organizations relied on Business Intelligence and Analytics to support business decisions that proved critical in promoting best outcomes for the community they served. Leveraging BI and analytics, PSO units turned proactive in identifying the vulnerable early, unearthing patterns pertaining to the spread of Covid-19, rolling out required measures to protect them, track measures, and provide contextual and proactive public services.
Understand Customer’s new behaviors and needs
This pandemic period has witnessed changes in customer behavior. There has been panic-buying, larger basket buying, prevalent e-commerce shopping highlighting how customer behavior has changed during these testing times.
The change in customer shopping habits in terms of exploring novel services that they have not patronized before has driven businesses to rely on BI & Analytics to better understand how customer needs have evolved, roll out novel strategies and transform to meet customer expectations that have changed radically.
For instance, retail sector has used customer behavior patterns and sentiment analysis to understand the shift in customer behavior which could also stay further during the post-crisis period.
Manage supply chains
Supply chain has lost the flexibility it needs. This is in turn has pushed organizations on the back foot when it comes to meeting customer demands. Hit by the shortage of human workforce driving supply chain operations, depleting stocks, cut and surge in demand, inventory challenges and logistics hurdles, organizations have leveraged BI and Analytics to identify issues, adapt to changes, optimize inventory, and connect supply to demand.
Channel marketing efforts
Marketing spend is another area looked via the BI and Analytics lens. With unprecedented changes pushing organizations to adapt to the new normal, marketers have had several pressing questions to answer – Where to find customers, how to reach them, which channel is prevalently used, and how to engage customers. In short, organizations have made diligent use of BI and Analytics to roll out the right marketing mix, leverage Covid-connected data points for marketing attribution models, optimized media spend and have achieved better marketing and business outcomes.
For instance, businesses have turned the analytical lens on ‘Customer attention Shift’ across digital touchpoints, gained insights to capture and engage customers with the right messaging at the right time.
Support decision making
Organizations were at crossroads to make the most fitting strategic as well as financial decisions. Whether it was about supporting employees during these testing times, enabling supply chain efficiency, managing costs or engaging customers, informed decision-making was at the core guiding enterprises to overcome critical business challenges.
For instance, PSOs have used data and analytics in the best possible way to gain operational insights and better serve the community during this hour of need. Critical decisions to protect the vulnerable, meet demands for patient care and roll out right responses to curtail the spread have been powered by insightful information generated from BI and Analytics initiatives.
How we helped a Public Sector organization to beat the Covid stress?
Saksoft helped a Public sector organization to leverage data and analytics, build a curated collection of insightful reports that would help drive better responses during Covid crisis. We helped them use contextual insights and dashboards to fulfil community’s dire needs during the crisis. We guided the PSO to take critical data-based decisions around food deliveries, medicines and proactive prevention measures during the crisis, roll out clear-cut, well directed actions to help and protect vulnerable sections of the community.