How do companies use their data to keep operations running during this time of change and challenge? A study conducted by Tableau and YouGov towards over 2,500 managers and IT decision-makers in the Asia Pacific reveals that 83% of data-driven businesses gained critical advantages during the pandemic.
These are 5 benefits of being data-driven for businesses in the face of post-pandemic competition:
According to the research, 63% of data-driven leaders are optimistic about their business in the future.
Companies that maximized the use of data effectively are able to identify and respond to customer pain points because they understand who their customers are and their needs. Thus, they know and are ready to adapt to new conditions in the post-COVID era.
54% say data helped them make strategic decisions faster.
Data-driven culture empowered by digital infrastructure and analytics platform, stimulates individuals in the company to make decisions informed by data faster. Every employee will be accustomed to processing data so it doesn't need to rely on others to make data-informed decisions.
51% say data increased cross-team collaboration.
Apart from making everyone accustomed to data processing, data-driven culture also encourages teams to work together from shared data sources and metrics. It leads to team cohesiveness and trust.
It turns out that 46% agree that data improved business agility during the pandemic.
Enhancing business agility requires effective use of data. A data-driven appetite for continuous improvement will drive companies' agility and resilience to emerge from the crisis stronger than ever.
Based on the study, 54% say that data helped them communicate more effectively with their customers.
Robust and accurate data insights are the fuel intensifying customer experiences as they allow all employees to identify and respond to customer pain points. Broad data literacy ensures operational visibility, faster responses, and better communication with customers even during the COVID pandemic crisis.
It can be inferred that being data-driven in running the business provides many fruitful benefits for companies in preparing for new competition in the post-pandemic era.
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