No corner of the business world has been unaffected by the COVID-19 pandemic. Following the World Health Organization (WHO) officially identifying COVID-19 as a global pandemic, several businesses worldwide were forced to close their doors indefinitely to comply with social distancing practices and lockdown requirements.
Businesses that have been lucky enough to remain operational have been forced to shift their activities to the online landscape – and many are struggling to adapt to these changes and to the increased prominence of the digital marketplace.
There are a number of tools and techniques you can use to make your business more resilient, weather these trying times, and better navigate the “new normal.” One of these tools is business analysis, which is the practice of enabling change within an organisation by defining needs and recommending solutions. Already a key component in day-to-day business operations, business analysis is now even more essential under the umbrella of COVID-19 because it is continually reshaping marketplaces all over the world. In this climate characterised by constant and rapid change, business analysis skills are more valuable than ever in helping companies mitigate the effects of COVID-19.
Business analytics are widely recognised for their predictive and problem-solving capabilities, which are essential in responding to crises like COVID-19 and navigating the new landscape left in their wake. As a result, companies across the globe have accelerated their analytics in an urgent effort to adapt to the new marketplace. Analytics developments that once would have taken companies months or years to develop have been realised within a matter of weeks.
Naturally, these developments have been accompanied by various lessons that businesses must consider when implementing business analysis as a tool for navigating COVID-19. For instance, your analytics must align closely with your business’ priorities; in creating an analytics agenda that fully aligns with your business’ identity and mission, you’ll be better equipped to manage the ongoing whiplash of challenges presented by COVID-19. Additionally, it’s important to remember that your frontline teams must have decision-making abilities and that standard data and analytics tooling can improve reaction time to unexpected events.
Business analyst companies can be a huge help to your company in conducting effective business analysis, particularly following an unprecedented crisis like COVID-19. These professionals analyse the sector your company is in and offer customised solutions to meet your business’ budget, needs, and goals. Services these companies offer include the identification of technological solutions, data analysis, gap analysis, stakeholder liaison services, and strategic recommendations. When you outsource your business analysis activities, you’ll not only lift the burden from your company’s shoulders, but you’ll gain peace of mind knowing these operations are being handled by industry experts.
Change is rarely easy, particularly when it’s sprung upon us by an unanticipated global pandemic. While it is a challenge for businesses to adapt to the new marketplace under COVID-19, it’s far from impossible – especially with a strong business analytics base. Prioritising effective business analysis practices is a vital step in ensuring your business not only survives the pandemic but continues to thrive within its confines.