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Impact Of COVID-19 On Business & Relationship With Data

No matter where you are or what you do, the current situation is favourable for none and has pushed us all to get comfortable out of our routine. Be it a startup or well established MNC, tech or any other industry, the COVID-19 has touched every little part of the planet, brought us all to a pause. There is a strong impact of COVID-19 on business, be it small or large. But the least impacted industry would be tech, who quickly shifted to remote working and went upscale digital. We can, with confidence say, that we will come out of this situation, as altogether different.

While the hunt for COVID-19 is on, small businesses are the most hard-hit and are going to suffer heavily even after everything reopens. For larger businesses, it’ll be important to protect their people while establishing an effective way of working, and moving towards the need to recover. While many businesses are trying to reinvent themselves to get along with the situation, many can see exciting new opportunities.

We are sure to witness a Global Digital Transformation post COVID-19.

Importance of understanding the data with business perspective is being realized. The data that was at a time deleted as unwanted user data, is been implemented for better understanding of customers and a way to provide improved services to the customer.

How Data Is Helping Us Fight The Virus

Though we couldn’t successfully predict the outcome of COVID-19, there are many ways, the data has been employed for betterment. Many companies are trying to understand the virus, it’s symptoms, its impact on various kinds of people, how and where it is spreading, and may such questions are been answered using the data and it is helping.

Allocating the medical resources to the areas and communities that might be hit next. Trying to look out for various ways to understand the virus, look out for possible symptoms, perform tests and all these operations are been helpful and made possible by properly understanding the already existing data. The output of multiple vaccines trails are been implemented to understand what would work miracles.

Following are some observations made out of the current situation and a look into what a normal working day in future will feel like.

Normal Times Post COVID-19

Soon, we might understand that offices are not as necessary as we thought. The focus is supposed to be on work done, anyway. Everything will be stored over the cloud instead of an HDD. Mask, Sanitizers, No Handshake policy, these things will be normal.

Cloud Will Be New Basic Infrastructure

Major sector of tech companies still rely on traditional infrastructure which is within the company but COVID-19 situations as forced us to implement cloud and make a shift. Seeing this major change, it is uncertain that these companies will roll back to traditional ways and Cloud services will boom.

Automation Will Be Largely Involved

Automation can be involved in most parts of SDLC and results are as good as expected. We were aware of automating tasks but COVID pushed us to implement it and for the coming times, automation will help in almost every major aspect. We are experiencing how automation is helping manage necessary medical requirements during the COVID situation.

Backups Will Be Prepared

COVID situation has helped us understand the need and importance of Backups. Not preparing proper backups will be estimated to be costlier in future and will lead us to have proper backups.

These are the steps implemented by the businesses but the need to understand the customer will rise, again, differently. We had seen many Machine Learning models implemented to understand the customer and provide customer-centric services. But the COVID-19 situation has altered the habits of customers and we will have to begin from scratch. But it is not just customer that will require readjustments, the businesses and the way they used work must be reinvented, the businesses will have to lead to a proper restructuring.

We all at a point thought, that with enough data we will predict the spread of disease and yet we failed to see into the future. But now we are at a point into this epidemic where we have an enormous amount of data, from various sources relating to various stages, with added features like geographical advantages, results of various vaccines implemented. Right now, we might be in a position to understand the data and make a move towards better tomorrow.

My take out of all this and an attempt to connect the data leads me to two conclusions. The businesses that we knew shifted from tradition decision-making habits to relying on data might shift back to traditional ways and follow their instincts. The data that they relied on earlier has been changed, a whole new unexpected chapter has been added and is not compatible anymore to process. While the thought that many businesses will rise out of this COVID-19 situation with an attempt to seize new opportunities still floats. The ones capable of delivering immediate attention and action, understanding new formats of data and the newly added features.

TO WRAP IT UP

We must have an open mind for what is yet to come. Many businesses have seen worst and many new opportunities are been recognized. These are the times where we have to stand up and face the challenges, for what lies beyond the challenge is a brand new day. Every business will have its chances to accept the day and reenter the market, while many will stand up to provide ways to help others. Schedule a call with our business experts to know how any business can survive & flourish amidst this pandemic by taking business decisions based on data trends.

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