Leading with Data through the Downturn
The global geopolitical situation has caused many changes in the economy including higher energy prices, inflation and rising interest rates. This comes on the back of the Covid-19 pandemic which resulted in many changes in labour migration, workforce reduction and consequently staff shortages during the recovery. The OECD and other planning institutions now also forecast a downturn for 2023 due to a complex set of factors.
This downturn is already impacting many markets in developed economies although the effect may not be immediately visible. Consumer behaviour is changing due to concerns about energy bills, interest and the cost of food leading to change in buying trends. Different sectors of the economy are being impacted in different ways depending upon factors such as energy dependence, labour shortage, inability to pass-through rising costs to consumers and other factors.
How can being Data Driven help you through the downturn?
It is essential to recognise that a downturn has started and how this impacts your business. This requires accurate sensing of changes in the market and how buying patterns and needs are shifting. In order to respond you will need to increase the leverage of human resources and optimise usage of key resources such as fuel, energy, finance and scarce raw materials.
Data, BI and AI have a critical role in helping you lead your organisation through this downturn – in our (4 minute) video, we highlight four key ways in which being data driven will help you through the downturn.