Big Data in times of crisis
Measuring sales performance, observing trends and anticipating the impact that the crisis will have on the market in which each company operates has never been more important, and in this context, accurate data management and analysis becomes essential.
“… Twelve years ago, in the midst of the economic downturn in 2008, British Airways (BA) was cutting costs across the organization. However, one area they refused to cut was their business intelligence program. BA said that continued investment in analysis during the crisis was a critical factor in streamlining marketing activities and curbing fraudulent bookings when its business was particularly fragile. They understood the need to maintain momentum in their analysis program in the face of an overwhelming crisis.“
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The British Airways case reviewed by the firm Sisense may seem not so easy to implement for smaller companies, however, any type of company should bet on the application, each at its own scale, of business intelligence in crisis contexts, such as the current scenario generated by the covid-19 outbreak.
Although not all companies have the capacity to sustain their investments in technology and infrastructure when sales fall and uncertainty takes hold of the market, keeping track of the business situation is fundamental in order not to be disrupted.
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Business leaders agree that dealing with a crisis of such complexity and magnitude not seen in the last 50 years without access to up-to-date and real information is like sailing a boat blindly, without instruments or GPS.
Maximizing revenue, boosting efficiency and predicting supply and demand trends are some of the opportunities that can be seized by collecting and analyzing data about the company and the market in which it operates, says the article in Sisense.com.
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