The current pandemic has affected technology spends in certain areas, but it has also accelerated digital transformation efforts in core business areas for enterprises across the board. With consumer behaviour shifting rapidly, enterprises have leaned on Artificial Intelligence (AI), Machine Learning (ML), Big data, and analytics to identify bottlenecks in processes, forecast risks, match demand and supply, diversify product portfolio, optimize costs, and improve customer experience. With reliable metrics and insights to monitor the health of businesses, and course correct accordingly, investments in data and analytics have proven to be critical as response tools for enterprises.
As enterprises prepare to realign themselves to the new normal, it will be imperative to double down on a data-driven approach to cater to the dynamic market conditions. As enterprises across the world plan recovery measures, data, and analytics will have to be at the core of all technology planning. From using AI algorithms to create optimum work schedules for employees, reducing operating costs, improving operational efficiency; to improving customer experience, analytics will multiple critical roles in enterprise recovery and growth in the new business environment.