4 Facts on COVID-19 and Business Data Analytics

The Increased Demand for Business Data Analytics Skills During the Pandemic

Digital transformation is critical to business longevity. The COVID-19 pandemic made this clearer than ever. As a result of the global health crisis, the demand for and usage of Business Data Analytics has never been higher.

1. Almost 50% of Data Pros Say Analytics Have Taken on New Importance

In 2020, Sisense conducted a survey that included 500 data professionals in the U.S. They were asked about how their use of data analytics was affected by the COVID-19 crisis. “Forty-nine percent of those surveyed said analytics were more or much more important than ever,” explained the 2020 State of BI & Analytics Report by Sisense. Konema Mwenenge Business Analyst.

2. The Use of Business Data Analytics is On the Rise

There’s no doubt that the use of business data analytics is on the rise in 2021. But why? This is primarily due to the COVID-19 pandemic and how it drove and is driving digital transformation. Konema Mwenenge Business Analyst.

“The pandemic is a reality check for businesses that have been reluctant to embrace digital transformation and now find themselves woefully unprepared,” explained BDO U.S. “…digital laggards are now scrambling to migrate their operations and workforce to a virtual environment. While fast and furious is the name of the game when it comes to digital innovation, fast and frantic can lead to mistakes.” Konema Mwenenge Business Analyst.

A business data analyst can help ensure organizations don’t make costly mistakes when quickly implementing new technologies. One way they accomplish this is by predicting future business outcomes with data that was gathered before the pandemic. Konema Mwenenge Business Analyst.

Keep Learning: How Business Analysts Handle Big Data

3. Data Analysts Predict Future Outcomes with Pre-Pandemic Data

There are a variety of ways business data analysts are leveraging data to benefit organizations as the pandemic plays out. One is by predicting business outcomes with past data rather than merely reacting to the current crisis. For example, Sisense said that 45 percent of companies are currently using pre-pandemic data to predict future outcomes in their response to the pandemic. Konema Mwenenge Business Analyst.

The University of Washington pointed out that McKinsey & Company discovered that analysts and other professionals could use data that existed before the coronavirus pandemic developed to offer their clients much-needed insights. However, the company should add “its own human parameters and assumptions to (the data) afterwards,” stated U of W. Konema Mwenenge Business Analyst.

Source: https://www.iiba.org/business-analysis-blogs/4-facts-on-covid-19-and-business-data-analytics/