It is a strange time for the world. A dystopian fantasy, if you will. A tiny virus has us all homebound. Big brand retail has temporarily shuttered down. Small and medium size retailers – according to e-marketer – are particularly hit as footfalls have dwindled significantly. E-commerce is grappling with its supply chain. Travel is at an all-time low with Lunar New Year holiday travel dropping by 50% and the International Air Transport Association reporting that Asia-Pacific airlines could lose up to $27.80 billion in revenues.
The economy around the world is taking a hit. Calling the future uncertain is an understatement. Is there anything organizations can do today to prepare for the shocks that the near future might hold? We strongly believe that the answer is a resounding yes. As the earth and its inhabitants pause, reflect, and reset themselves, maybe it is time for organizations to take a cue and do the same.
We believe it is time for enterprises and brands to pause, reflect, and reboot how we use data in business.
When the pandemic is over, businesses and brands may have to rebuild themselves. What they make, where they sell and to whom will all need a re-think. And for that, they will not only need renewed data-obsession but also a renewed data strategy. It’s never too early to start. The answer to today’s challenges as well as those that will form the outcome of this global shutdown will lie in real-world intelligence or a renewed data strategy that takes into account the connection between people and their online and their physical worlds.
Deep insights about people and places and how they engage with each other – is rapidly becoming a decision support tool that organizations can’t afford to ignore, especially in times as uncertain as these. The business challenges will require every organization across verticals and sizes to leverage deep data and analytics for daily decision making. Organizations must plan – and plan fast – to complement their existing data sources with real world intelligence about people and places in order to turn data to crystallized, actionable, and deep insights for decision-making that promises highest ROI.
When organizations make decisions with these real-world insights about people and places in their data mix, they will discover new opportunities, processes, consumer needs, behaviours, and business models for a brave, new world that will slowly yet steadily come out of their homes and start travelling and shopping again but a lot more mindfully than before. A holistic data strategy is what will set the winners and losers apart, as they compete for consumer attention again.
Is your data strategy future-ready?
When marketing, products and services are designed on the basis of deep and well-rounded insights, they are more contextual and personalized. Consumers around the world are already demanding exactly this from organizations. In an uncertain economy – and with all that consumers have learned during a difficult time – this demand to engage in products and services that speak to them only promises to go up.
For generations now, businesses have hired expensive data analysts to make sense of and truly leverage data in their business decisions. Lifesight, on the other hand, is designed as a ready solution to remove the complexity of using people and places insights in decision making. We foresee real world intelligence that combines people and places insights powering shape effective long-term business, product, and marketing strategies in the near to mid-term future. Organizations that ride this wave early on will gain an edge over competition.
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