Coronavirus: Minimize Risk and Plan
We live in turbulent times, with businesses facing constant disruption, even before the current health crisis. In these times organizations need to reach smarter data-driven decisions faster than ever.
Even in situations without precedent, data is invaluable in helping us understand the world, test hypotheses, and move beyond gut instincts and hunches. For effective decision making, it is necessary to evaluate data in the moment to mitigate risks and identify new opportunities.
Business leaders need to measure performance to adapt and adjust to challenges on the fly in order to deliver the best results. To stay ahead, insights need to update as new information becomes available to diagnose performance drivers and provide a range of outcomes in the face of constant change. With speed to insights, businesses can understand and action upon disruptions’ impact on consumer mobility, shifts in media consumption habits, supply chains, and economic volatility.
While speed is important, on its own it's not enough. To thrive, businesses need a combination of granularity, breadth, and speed. Tactical solutions such as MTA or lift analyses can quickly look at a narrow slice of data, but they are likely biased, within a silo, and lacking a holistic understanding.
Adaptability is also key during times like this. Your needs today may be different tomorrow. Having the ability to flex during key periods (whether because of volatility or high activity), quickly course-correct or go deeper where needed allows businesses to get the continual and specific feedback when most needed.
Businesses leaders seek to get to "I know" instead of "I think" faster. This can be a game-changer for companies that currently rely on results that come annually.
Analytic Partners approaches this opportunity through our Live Models solution, which increases the speed of marketing measurement, while still providing deep granularity. As part of our GPS Enterprise platform, Live Models updates continually as new information becomes available, with most clients receiving insights monthly. In addition, Live Models is built upon the foundational analysis of Commercial Mix Modeling that delivers holistic results that consider full business drivers and goes beyond standard levels of granularity.
Companies who adapt quickly in disruptive times will not only be better placed to weather the current storm but to get a head start on the competition as the clouds begin to disperse. We are at the center of a tremendous amount of uncertainty with great implications to consumers and businesses. However, we also have the advantage of an enormous amount of data to help guide us through this crisis. With proper analysis and real-time data models that recognize the nuances of each company, this data can drive decisions to better support customers and minimize loss.
We hope you are all staying safe out there and doing your best to stay adaptive. If there is anything we can do to help, please reach out.
Analytic Partners can help your business adapt.Talk with an expert