Business leaders look to data analytics to survive in a post-pandemic world.
In response to the COVID-19 pandemic, organizations across private industries have become more reliant on data and analytics. This is according to a new report released this week by Teradata, a leading cloud data analytics platform provider.
The report was commissioned by Teradata and conducted by independent research firm Vanson Bourne in September 2020. The purpose of the study was to assess global executive sentiment around data analytics and the crucial role they are likely to play as industries look beyond the current health crisis.
A crisis in trust of data
The exigencies of the COVID-19 crisis has prompted a higher demand for information. However the pandemic has also exposed how data can be inconclusive, misunderstood and even abused.
The limitations of data and the mistakes in their use in response to COVID-19 have resulted in greater scrutiny around data accuracy and trust. There is also a concern that a lack of cloud resources is impacting decision-making, according to the survey.
Indeed, 77% of IT decision makers say data accuracy is under greater scrutiny within their organization due to how data was used in relation to COVID-19. And nearly half (47%) of business leaders agree decision-making is being hampered amid the current COVID-19 crisis due to a lack of cloud presence.
Data is seen as the key to recovery post-COVID
The full impact of COVID-19 across virtually every business vertical is becoming clearer. In response, business leaders are recognizing the necessity of scalable, trustworthy data and are using cloud technologies to survive and adapt in a post-pandemic world.
According to 9 out of 10 (90%) respondents, there is greater realization of the increasing importance of data in the decision-making process since the onset of COVID-19.
“COVID-19 has completely upended the roadmaps of businesses across every industry, forcing leaders to re-evaluate how they view, use and maximize data to pivot and re-establish the path forward,” said Steve McMillan, President and CEO of Teradata.
“The companies that will survive – and ultimately thrive – will be the ones that realize data is a key asset for recovery and a competitive advantage to drive the future of their business,” he added.