How Data-Driven Decision-Making Can Help
IT Data Solutions
Like a tsunami, Covid-19 has disrupted the economy and everything in its wake. As a result, enterprise leaders are grappling with a set of complex issues that range from supply chain disruptions to remote workforce concerns to sharp declines in customer demand. And the ripple effects are still spreading.
So, how can business leaders navigate today’s uncertain business environment?
The answer: Leverage artificial intelligence (AI) and machine learning technologies to power informed decision making and accelerate full-scale digital transformation and informed decision-making.
In many organizations, digital transformation has been an important but far-off goal. Today, as many business leaders operate in full-on crisis mode, this objective has become even more mission-critical — and far more urgent. In this moment of time, it’s clear that those who have ardently pursued digital transformation will be far better able to overcome challenges — and capture opportunities — than those who have not.
Insights garnered through AI-driven platforms enable leaders to make more timely and confident decisions about deploying resources or shifting priorities. Is a product or service surging in this environment? Is there a raw material that could be used in a different way to help? Does a business group require increased support to handle high volumes of activity? Real-time visibility and insights from AI and machine learning solutions can enable business leaders to make smart decisions and pivot quickly, helping preserve business health in extremely challenging times.
Every day, we are witnessing businesses across industries chart new courses as they pursue new markets, customers and revenue streams. Commercial airlines like Virgin Atlantic and Lufthansa are converting passenger flights to cargo transports. Estee Lauder labs are producing hand sanitizer to meet increased demands. Big-box stores like The Home Depot are enhancing their digital online platforms to include more virtual shopping and curbside pick-up opportunities. The list goes on.
However, decisions to adapt and change don’t happen in a vacuum. In order to tap into the power of real-time data across the organization, today’s business leaders are looking to harness AI and machine learning as well as new methodologies. In fact, one such approach, BizOps, is emerging as an increasingly vital way to improve alignment between IT and business leaders. Through BizOps, leaders are finding a better way to make critical decisions around business investments. BizOps builds on agile and DevOps approaches, incorporating continuous measurement, regular feedback and strategic business planning.
A recent report from analyst firm IDC highlights the benefits of leveraging the data-driven BizOps approach to not only mitigate immediate challenges but also identify new opportunities for fostering long-term business success. The report details how BizOps helps deliver results quickly and, through continuous feedback and measures, determine if what’s being delivered is achieving the intended outcomes. It goes on to say that “BizOps employs cross-functional teams to understand the dimensions and impacts of a crisis situation, determine how to respond, optimize strategies, and accelerate organizational change using data-driven, agile approaches.”
