{"id":9366,"date":"2020-07-01T18:04:14","date_gmt":"2020-07-01T17:04:14","guid":{"rendered":"https:\/\/www.b2econsulting.com\/?p=9366"},"modified":"2020-07-02T11:31:43","modified_gmt":"2020-07-02T10:31:43","slug":"crisis-analytics","status":"publish","type":"post","link":"https:\/\/www.b2econsulting.com\/crisis-analytics\/","title":{"rendered":"How to use data analytics to thrive in a crisis"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom: 0px;margin-top: 0px;border-width: 0px 0px 0px 0px;border-color:#eae9e9;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_3 1_3 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2025\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t<div style=\"clear:both;\"><\/div><\/section><div class=\"fusion-additional-widget-content\"><\/div><\/div><div class=\"fusion-widget-area fusion-widget-area-2 fusion-content-widget-area\"><style type=\"text\/css\">.fusion-widget-area-2 {padding:0px 0px 0px 0px;}.fusion-widget-area-2 .widget h4 {color:#3b4251;}.fusion-widget-area-2 .widget .heading h4 {color:#3b4251;}.fusion-widget-area-2 .widget h4 {font-size:14px;}.fusion-widget-area-2 .widget .heading h4 {font-size:14px;}<\/style><style type=\"text\/css\" data-id=\"tweets-widget-3\">@media (max-width: 800px){#tweets-widget-3{text-align:center !important;}}<\/style><section id=\"tweets-widget-3\" class=\"fusion-widget-mobile-align-center fusion-widget-align-center fusion-footer-widget-column widget tweets\" style=\"text-align: center;\"><h4 class=\"widget-title\">Recent Tweets<\/h4><style type=\"text\/css\">.fusion-content-widget-area #tweets-widget-3 .jtwt .jtwt_tweet:before, .fusion-footer-widget-area #tweets-widget-3 .jtwt .jtwt_tweet:before {color: #3c455a;}<\/style>\t\t\t<div class=\"twitter-box\">\n\t\t\t\t<div class=\"twitter-holder\">\n\t\t\t\t\t<div class=\"b\">\n\t\t\t\t\t\t<div class=\"tweets-container\" id=\"tweets_tweets-widget-3\">\n\t\t\t\t\t\t\t<ul class=\"jtwt\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"jtwt_tweet\">\n\t\t\t\t\t\t\t\t\t\t<p class=\"jtwt_tweet_text\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<span class=\"arrow\"><\/span>\n\t\t\t<\/div>\n\t\t\t<div style=\"clear:both;\"><\/div><\/section><div class=\"fusion-additional-widget-content\"><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_2_3 2_3 fusion-two-third fusion-column-last\" style=\"width:66.666666666667%;width:calc(66.666666666667% - ( ( 4% ) * 0.66666666666667 ) );margin-top:0px;margin-bottom:20px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none\"><img decoding=\"async\" width=\"1000\" height=\"669\" alt=\"data analytics\" title=\"Copy of Analytics Thrive Crisis\" src=\"https:\/\/www.b2econsulting.com\/wp-content\/uploads\/2020\/07\/Copy-of-Analytics-Thrive-Crisis.png\" class=\"img-responsive wp-image-9368\" srcset=\"https:\/\/www.b2econsulting.com\/wp-content\/uploads\/2020\/07\/Copy-of-Analytics-Thrive-Crisis-200x134.png 200w, https:\/\/www.b2econsulting.com\/wp-content\/uploads\/2020\/07\/Copy-of-Analytics-Thrive-Crisis-400x268.png 400w, https:\/\/www.b2econsulting.com\/wp-content\/uploads\/2020\/07\/Copy-of-Analytics-Thrive-Crisis-600x401.png 600w, https:\/\/www.b2econsulting.com\/wp-content\/uploads\/2020\/07\/Copy-of-Analytics-Thrive-Crisis-800x535.png 800w, https:\/\/www.b2econsulting.com\/wp-content\/uploads\/2020\/07\/Copy-of-Analytics-Thrive-Crisis.png 1000w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;margin-top:20px;width:100%;\"><\/div><div class=\"fusion-sep-clear\"><\/div><style type=\"text\/css\"><\/style><div class=\"fusion-title title fusion-title-1 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"margin-top:0px;margin-bottom:0px;\"><h1 class=\"title-heading-left\" style=\"margin:0;\"><h1 style=\"text-align: left;\"><span style=\"color: #505d7a;\">How to use data analytics to thrive in a crisis<\/span><\/h1><\/h1><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;margin-top:10px;width:100%;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-text fusion-text-1\" style=\"transform:translate3d(0,0,0);\"><p><span style=\"color: #515d7a;\">The COVID-19 pandemic has intensified the urgency around digital transformation. The ability to quickly derive insights from data and use them to navigate the uncertainly is no longer a nice to have, but a matter of survival. At the same time, businesses are expected to do more with less and stretch existing resources further, ruling out expensive options such as building custom analytics products or hiring more data scientists.<\/span><\/p>\n<p><span style=\"color: #515d7a;\">In my recent<\/span> <a href=\"https:\/\/www.b2econsulting.com\/event\/harness-ai-without-writing-code\/\">webinar<\/a> <span style=\"color: #515d7a;\">with B2E consulting, How to Harness AI Without Writing Code, I proposed two complementary approaches for business leaders to navigate this challenge and use analytics to thrive in a crisis.<\/span><\/p>\n<p><span style=\"color: #515d7a;\"><strong>The first approach is to use off-the-shelf analytics software instead of custom builds.<\/strong> Such software solutions cater to specific business functions (sales, marketing, finance, or HR), are often tailored to industry-specific needs and include built-in integrations for most common data sources. This approach lowers the cost of development and maintenance, reduces implementation time from months to weeks, and brings the benefit of vendor\u2019s support with training and adoption.<\/span><\/p>\n<p><span style=\"color: #515d7a;\">The market for data and analytics solutions is mature and offers a broad range of options. For example, a company looking to add the power of artificial intelligence to its sales function will find 73 analytics and BI platforms, 24 sales data intelligence solutions and 15 sales performance management solutions on<\/span> <a href=\"https:\/\/www.gartner.com\/reviews\/home\">Gartner Peer Insights<\/a>. <span style=\"color: #515d7a;\">(Gartner Peer Insights is a free resource, and it can also be used to develop a shortlist by comparing features and customer reviews).<\/span><\/p>\n<p><span style=\"color: #515d7a;\">To help my clients select the right solution for their business need, I ask these questions:<\/span><\/p>\n<ul>\n<li><span style=\"color: #515d7a;\">What solutions are your peers and competitors using to solve this challenge?<\/span><\/li>\n<li><span style=\"color: #515d7a;\">Who else in your organisation is tackling this challenge? What software solutions have they tried?<\/span><\/li>\n<li><span style=\"color: #515d7a;\">What are the critical capabilities for you (e.g. deep industry or functional specialisation, breadth of functionality, built-in integrations, or access to 3rd party data)?<\/span><\/li>\n<li><span style=\"color: #515d7a;\">Can you experiment with multiple vendors and products?<\/span><\/li>\n<li><span style=\"color: #515d7a;\">How will the new product fit within the current system architecture and your other IT and business transformation initiatives?<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #515d7a;\">You are likely to find a suitable and cost-effective off-the-shelf solution when your business need is not unique or core to your business model. For example, a pharmaceutical company may not need to develop custom machine learning algorithms to support decision making for marketing and sales teams. As a lot of its peers have similar decision support needs, the volume of demand has been sufficient to trigger development of off-the-shelf solutions.<\/span><\/p>\n<p><em><span style=\"color: #515d7a;\"><strong>Example:<\/strong><\/span> <a href=\"https:\/\/www.aktana.com\/\">Aktana<\/a><span style=\"color: #515d7a;\">, a platform that provides AI-enabled decision making support for pharma marketing and sales teams. More than half of the world&#8217;s top-20 pharmaceutical companies use Aktana to quickly evaluate mountains of data, extracting what is relevant and valuable at the time of decision. During coronavirus pandemic, Aktana helped their clients quickly adapt their brand strategy to the volatile market situation by reprioritising sales activities and keeping their sales reps informed about new government policies.<\/span><\/em><\/p>\n<p><span style=\"color: #515d7a;\"><strong>The second approach is to use modern data science and machine learning platforms that serve enterprise-wide business needs.<\/strong> These platforms are cohesive software applications that offer a mixture of basic building blocks essential both for creating many kinds of data science solutions and incorporating such solutions into business processes, surrounding infrastructure, and products. They help business leaders adapt to changing environment by deriving insights from data across the enterprise.<\/span><\/p>\n<p><span style=\"color: #515d7a;\">Data science and ML platforms no longer cater exclusively to expert data scientists; they also meet the needs of business analysts and line-of-business employees with intuitive, easy to learn and no code interfaces. Whilst making expert data scientists more productive, they also empower the people closest to the business challenges (business analysts, finance, or marketing specialists) to ingest, share and explore data.<\/span><\/p>\n<p><span style=\"color: #515d7a;\">The democratisation of who can explore data and create models will dramatically increase the number of people analysing data and, as a result, improve the speed with which a business can move. Increased analytics capability will improve business leaders\u2019 understanding of both the external environment (e.g. the behaviour of clients, competitors, regulators) and their internal resources (e.g. products, services, employees\u2019 networks, knowledge and skills), and help them focus their capabilities on meeting emergent customer needs.<\/span><\/p>\n<p><em><span style=\"color: #515d7a;\"><strong>Example:<\/strong><\/span> <a href=\"https:\/\/www.dataiku.com\/\">Dataiku DSS<\/a> <span style=\"color: #515d7a;\">is a collaborative data science software platform for teams of data scientists, data analysts, and engineers to explore, prototype, build, and deliver their data products. In February, it was positioned as a Leader in Gartner 2020 Magic Quadrant for Data Science and ML Platforms. For business analysts, it enables to prepare data via a powerful visual interface, create and share datasets, charts, and dashboards in a single click, and experiment with more advanced features (like machine learning). For data scientists, it frees up time for high-impact work by reducing repetitive tasks and making it easier to share insights and status updates with peers, stakeholders, and project managers.<\/span><\/em><\/p>\n<p><span style=\"color: #515d7a;\">The challenges businesses face are significant and varied, but the means to solve them are largely present in existing internal and external data as well as in the ideas, observations, knowledge, and networks of individual employees. Off-the-shelf analytics solutions and modern data science and ML platforms empower these individuals to put that data to work on an unprecedented scale, all while keeping the costs manageable.<\/span><\/p>\n<p><span style=\"color: #515d7a;\">We are in a historic period of economic and social disruption. \u00a0The IMF is predicting a\u00a06.5 percentage point drop\u00a0in global GDP for 2021. Coupled with uncertainty around vaccine timelines and coronavirus mitigation actions, it is clear that organisations will continue to face big challenges in the next few months. However, the companies that adapt to these challenges and harness the power of analytics now will thrive and become the high performers of the future.<\/span><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_3 1_3 fusion-one-third fusion-column-first\" style=\"width:33.333333333333%;width:calc(33.333333333333% - ( ( 4% ) * 0.33333333333333 ) );margin-right: 4%;margin-top:0px;margin-bottom:20px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><span class=\" fusion-imageframe imageframe-none imageframe-2 hover-type-none\"><img decoding=\"async\" width=\"960\" height=\"1280\" title=\"MARINA PHOTO\" src=\"https:\/\/www.b2econsulting.com\/wp-content\/uploads\/2020\/07\/MARINA-PHOTO-rotated.jpg\" class=\"img-responsive wp-image-9367\" srcset=\"https:\/\/www.b2econsulting.com\/wp-content\/uploads\/2020\/07\/MARINA-PHOTO-200x267.jpg 200w, https:\/\/www.b2econsulting.com\/wp-content\/uploads\/2020\/07\/MARINA-PHOTO-400x533.jpg 400w, https:\/\/www.b2econsulting.com\/wp-content\/uploads\/2020\/07\/MARINA-PHOTO-600x800.jpg 600w, https:\/\/www.b2econsulting.com\/wp-content\/uploads\/2020\/07\/MARINA-PHOTO-800x1067.jpg 800w, https:\/\/www.b2econsulting.com\/wp-content\/uploads\/2020\/07\/MARINA-PHOTO-rotated.jpg 960w\" sizes=\"(max-width: 800px) 100vw, 400px\" \/><\/span><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_2_3 2_3 fusion-two-third fusion-column-last\" style=\"width:66.666666666667%;width:calc(66.666666666667% - ( ( 4% ) * 0.66666666666667 ) );margin-top:0px;margin-bottom:20px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-2\" style=\"transform:translate3d(0,0,0);\"><blockquote>\n<p>About the author, Marina Borozna<\/p>\n<p>Marina is a Director at Pragmata Consulting and has recently partnered with B2E to deliver data and analytics services to their clients. She helps complex global organisations derive value from their data by converting business challenges into use cases and identifying, sourcing, and deploying best in class analytics solutions. Her past clients include top-10 global pharma companies, healthcare technology solution providers, as well as oil and gas majors and financial services institutions.<\/p>\n<\/blockquote>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-no-medium-visibility fusion-no-large-visibility\" style=\"margin-top:0px;margin-bottom:20px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;background-color:#ffffff;padding: 40px 40px 0px 40px;\"><div class=\"fusion-widget-area fusion-widget-area-3 fusion-content-widget-area\"><style type=\"text\/css\">.fusion-widget-area-3 {padding:0px 0px 0px 0px;}.fusion-widget-area-3 .widget h4 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class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":11,"featured_media":9368,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[110],"tags":[],"class_list":["post-9366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"_links":{"self":[{"href":"https:\/\/www.b2econsulting.com\/wp-json\/wp\/v2\/posts\/9366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.b2econsulting.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.b2econsulting.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.b2econsulting.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.b2econsulting.com\/wp-json\/wp\/v2\/comments?post=9366"}],"version-history":[{"count":10,"href":"https:\/\/www.b2econsulting.com\/wp-json\/wp\/v2\/posts\/9366\/revisions"}],"predecessor-version":[{"id":10664,"href":"https:\/\/www.b2econsulting.com\/wp-json\/wp\/v2\/posts\/9366\/revisions\/10664"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.b2econsulting.com\/wp-json\/wp\/v2\/media\/9368"}],"wp:attachment":[{"href":"https:\/\/www.b2econsulting.com\/wp-json\/wp\/v2\/media?parent=9366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.b2econsulting.com\/wp-json\/wp\/v2\/categories?post=9366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.b2econsulting.com\/wp-json\/wp\/v2\/tags?post=9366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}