As businesses try to understand the customer landscape during this pandemic, one thing is clear; digital services will continue to grow and the associated data will increase exponentially. Already we are seeing an increased expectation and demand on insights being shared at the boardroom to make valuable contributions to the conversation as cost pressures start to kick-in.
This data will soon become a burden to certain companies or a goldmine for others. Businesses that are able to effectively manage and exploit their data will succeed moving forward into the New Reality.
In the early stages of COVID-19, companies had to quickly adapt their business models to meet the needs of their customers. Ladurée established an ecommerce channel after closing all their stores, Tesco more than doubled its online delivery slots to 1.2 million in six weeks and Facebook have now launched Shops; an accelerator tool to help businesses quickly establish an online presence. Data that is being produced from these channels are the only reliable assets that these businesses can use to make informed, data driven decisions.
Companies that were already pre-disposed to managing their datasets successfully have monopolised the business landscape in the last decade. Considering five of the top six global companies are data technology businesses, it wouldn’t come as a surprise that companies which are able to extract value from data will most likely follow the trajectory of type ‘A’ businesses.