Survive and Thrive in uncertain times
Right now many businesses have frozen all but the most essential spend in order to stabilise their business and help customers as they deal with the resultant impact on cash flow of the current situation.
But while these measures are the right approach short term, the issue with freezing spend and battening down the hatches is that when we get to the other side (and we surely will), businesses that have taken this approach and are slow to react will sadly get left behind.
From Black Monday in 1987, to the bursting of the .com bubble in 2000 and then the financial crisis of 2008, history has taught us that businesses that mobilise and position themselves swiftly during or immediately after a crisis will be in a better place to mitigate risks, build resilience and capitalise on recovery led opportunities.
Data and analytics for competitive advantage
The value and transformative power of data and analytics should not be a secret anymore, especially in these times of uncertainty. “Data and analytics (is) more important than ever,” says Equinix CIO Milind Wagle. “You’re making decisions daily with changing information and reacting to factors outside your control.”
In other words you need to be in a position to Understand your data, Act upon the Insights derived and then continually look to Optimise.
Over the next few weeks, I will be outlining how you can recalibrate your business to navigate these uncertain times and then thrive as we recover from and adapt to the impact of the crisis.
By the end of this series you will understand:
The key to ensuring your business is not left behind as the economy recovers is to have a clear understanding of your business, your operations, your customer behaviours and market dynamics. To do this quickly, you need to have swift and easy access to your data, be able to extract valuable Insight and then Act upon it.
Businesses that do this will not only survive but they will begin to thrive as they ride the wave of recovery.
The first part of this series will talk more specifically about the transformative power of data and the need for a strong analytics capability.
If you’d like to find out more about how we can help you Recalibrate your Vehicle Leasing Business by helping you to mine your own data, please contact us here to request your free Discovery consultation and we’ll be in touch to schedule a call.
Founder & Managing Director. Blue Label Consulting
Brendan launched Blue Label Consulting in 2011. With innovative use of Data through AI, ML and other quantitative methods, he delivers robust analytics and actionable insights to solve business problems.