Data has become one of the top priorities for businesses to thrive in this time of crisis and beyond. During the pre-pandemic, data is one of those that have been overlooked and has not been given sufficient budget.
Although data has been around even before the onset of the pandemic. But it was one of those who have not been given sufficient attention and budget. When COVID-19 became a global threat, millions of businesses have been closed due to lockdown. It was initially a temporary action to most, but many eventually shut down for good. For businesses to thrive, they maneuver and capitalize on online transactions driven by data.
The challenges post by COVID-19
Despite the reopening of the economy in many countries across the world, weaknesses are still quite evident causing the slowdown of the recovery phase. However, to say that the survival of businesses depends only on online presence would be understated. During pre-pandemic, many of the businesses have already made the transition into embracing eCommerce and digital marketing.
Nevertheless, one of the greatest challenges of eCommerce is that there are still many who are not as techy to do eCommerce transactions. Not bridging the two consumers’ worlds of online and offline has caused the missed sales opportunities. Supply chain infrastructure is another area that has been largely overlooked during pre-pandemic.
Throughout the crisis, we see major shifts in terms of demand items and consumer behavior. Businesses should not only look at the shifting consumer demands but also the proper inventory of the items in demand. Many did not anticipate the supply chain disruption due to travel bans and restrictions. Accurate and proper inventory is important, thus the rising need for data.
The importance of data for businesses to thrive
For a long time, many industries have neglected the need for a strong strategy that is driven by data. But because of the intrusive disruption brought about by the COVID-19, many businesses realized its high value. When used properly, data-driven decision-making can provide clear direction for the businesses to thrive, even during a major crisis.
Valuable data is just all-around in any business. Gathering and making sense of them is the key to good data. Accurate data can give a clearer picture of how the business moves forward. It gives timely clues to the shifting demand items and consumers’ behavior, thus adjusting timely and proper inventories.
Five key criteria of trustworthy data for businesses to thrive
However, for data to be valuable it has to be trustworthy. David Talaga of Techradar proposes five T’s as key criteria for trustworthy data: transparency, thoroughness, traceability, timeliness, and tested.
Trustworthy data can help businesses not just to survive during difficult times, but to thrive in spite of major challenges. The data provider is also an important business partner. Try to look for a trustworthy one.
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