To Be or Not To Be Data & Analytics driven

That is the post COVID19 survival question.

Let's analyse the reality quickly: October 1st 2020 starts the post COVID19 Economy. It will be the last quarter of the FY2020 for may companies. It will be the quarter of the truth for many smaller and also bigger, multinational and even global companies.

A real moment of truth for many companies, their employees and their families.

Is it this dramatic? The two biggest Spanish banks BBVA and Banco Santander decided to provision the full benefits and beyond - in the case of BBVA - due to the COVID19 impact. BBVA provisoned €3.5B and reported a historic loss of €1.8B in the first quarter of FY2020. Banco Santander provisioned €1.6B in the first quarter and reported still benefits of €322M, 82% less than the first quarter of FY2019.

In order to understand how the 100 largest public corporations in the USA respond to COVID19, here the Link to a tracker provided by JustCapital.

The relevance of having the right data and the ability to analyse this data in a timely and advanced manner will make all the difference in the post COVID19 era. The competition will be fierce as demand goes down and there will be long term changes in the business models that worked well and profitable until today. Think about the Travel and Transportation industry, Hotels, Leisure, Retail and any business relying on physical spaces to run their businesses. They will make less dollars per square meter and seat. This will put pressure on their cost structures and processes and they must adapt.

So what if you had all the data in one single system, accurate and available in near real time? Can you image how you could create new business models and estimations based on assumptions such as running your business with 50% less of occupation? You could then run a profitability analysis and calculate the prices you need to fix per product or customer to keep your business profitable. This could help you with the negotiations of the rent you are paying for your offices or stores. It would be extremely helpful to be able to do this.

But you have to start changing your mindset first. Forget about your old business model. It is obsolete and the sooner you accept that you need to reinvent your business the better.

But you also need to learn new skills. Data and Analytics is a must have skill in the post COVID19.

I recall my friend Peter Thomson's quote:

"The day you stop learning is the day you stop earning".

It was never so accurate and necessary to follow as today.

You. Must. Adapt. Or. Your. Business. Is. Gone. Fast.

McKinsey in a very recent article of the May issue of McKinsey Quarterly titled "Reimagining the post-pandemic organization" states the following: "Embrace data-rich technology platforms. The crisis is reminding companies of the importance of using facts and insights to drive decision making. Yet many companies lack a “single source of truth” when it comes to data, or they don’t have ecosystem partners that can help them look at problems from multiple vantage points. Instead, some organizations face the unenviable task of connecting complex processes and mining data trapped in antiquated data systems. A step-change improvement is needed. The ability to gather, organize, interpret, and act on data and analytics will be the defining competitive differentiator of our lifetimes. Companies that embrace it will have an edge. "

I work at Teradata, a world wide leader in Data & Analytics technology and solutions. Please follow this link to learn how we are supporting our customers, employees and communities get through the COVID19 crisis.

#Analytics #Data Management #Teradata #McKinsey

A short engagement and thank you note

Please share your thoughts!

I really appreciate that you are reading my post. I am writing about Sales, Coaching, Digital Marketing, Management, Leadership and Technology. If you would like to connect please just click 'Follow' or send me a LinkedIn invite. Also feel free to connect via Twitter.

Other articles and posts I have written on Linkedin can be found here: Andy Jaffke's posts on Linkedin

About Andy Jaffke

Andy is a strong believer, practitioner and evangelist of Stephen R. Covey's "The 7 habits of highly effective people".

Andy is the author of the book "Be Yourself", a practical guide to a happy, fulfilled and successful life. He is also the creator of "Top3Planner", a simple tool to help you prioritise your goals in each of the 4 most important areas of your life.

He is an experienced Life and Executive Coach, Mentor and Trainer for Sales Professionals and Sales Managers. He also helps entrepreneurs defining a profitable sustainable business model as well as setting up and growing the business in the digital age.