Planning Analytics

Business Analytics During the Coronavirus

By Ashley Schweigert posted Mon April 27, 2020 12:46 PM

  

Business, as usual, is not that easy for most companies these days. While companies have adopted the world of digital, not everyone is on the fast track to incorporating the latest and greatest in technology. As a result, some companies have been scrambling to get their teams and operations running remotely. From remote working software to e-learning solutions, companies have been looking for creative ways to reach their audience online during the coronavirus pandemic.

Data-driven decisions are at the forefront

The advantages of everyone going online is the increased knowledge of human behavior predictability. For those data scientists, this is the chance to encourage leaders to use the wealth of data now available to make better-informed decisions. But even though the amount of data has dramatically increased, the coronavirus pandemic is humbling as it has changed conventional thinking. With limited historical data, all teams within an organization are now forced to understand how algorithms and data collection work overall.

As a result, leaders are forced to use quantitative intuition, which combines data and sound judgment. Since there can be a lack of understanding when it comes to reading data, innovation at a company can also lack. Now, more than ever, companies need to get creative with how they get their audience’s attention. The data will not always present the question and the answer. This is where you are going to have to summarize the stats and use your business’s knowledge to come up with other findings, such as answering the what and how.

This is not the time to get tied up in the data. Instead, this is the time to make quick decisions by using your intuition, as well. So, when evaluating data patterns during the coronavirus, you must use data from other, more advanced sources. By looking at similar pandemics and other countries, you will be able to understand the data and how to respond to it.

Machine learning is not always the answer

Leveraging machine learning to understand the data patterns during the coronavirus pandemic is not straightforward, as there is limited data comparison. Data has been collected differently in each country, so there is not a set standard.

Even machine learning needs historical data. Therefore, because of the heavier reliance on artificial intelligence, social media sites are even saying that mistakes are going to happen. So, while there are companies leveraging machine learning to quickly understand the larger streams of data, it simply will not be that accurate.

Combining search advertising with website analytics can help

By using digital marketing tools for advertising and gathering website analytics, companies can get an idea of what their audience is doing now and use intuition to make decisions. Search advertising is a faster way to get in front of your audience online since you are paying to show up for keyword searches. Since your audience will be responding quickly to those terms, you will be able to see what messages are and are not working for running a business as usual.

A website analytics platform is a way to see what the search advertising audience is doing after landing on your website. You can watch their behavior and quickly see what types of content drive interest and hopefully sales.

Everyone is adjusting to these uncertain times. The pace of change is straining well-oiled operations and forcing companies to evaluate new strategies. If you have the people, data and technology, now is the time to review everything that is at your fingertips to make well-informed decisions.

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