No business has been spared by COVID-19 when it comes to the impact on demand.


The impacts of COVID-19 have been far reaching and have impacted every business’s demand. In some cases, it has drastically increased a business’s demand… and, in others it has drastically decreased it. In industries like healthcare and emergency services, critical manufacturing of healthcare supplies and grocery stores/food distribution, demand increased exponentially, causing more stress and strain on their workforces. While in other industries like restaurant chains and retail organizations, demand decreased, forcing organizations to pivot drastically, or shut their doors during these trying times. There’s no doubt in either scenario a lot of data-driven decisions have needed to be made.

 

Businesses have had to deal with how their customer mix and/or sales mix changed overnight. We’ve been inspired by the way businesses have reacted. Manufacturers shifted to making personal protective equipment. Food distributors shifted to consumer food delivery and supplying excess inventory to food pantries and community-based services. Despite a change in demand, they pivoted quickly and avoided shutting down, either temporarily or permanently.

 

Now more than ever before, businesses need to make data-driven decisions on how their demand compares to their labor.

No longer can businesses operate the way they did pre-COVID-19. Business models, goals and objectives have all had to shift. Businesses used to track outcomes and make decisions quarter to quarter and now they need to make strategic decisions hour by hour.   Decision-making has been disseminated throughout the organization.  Every employee has been forced to think and act like a business owner.  

 

Who knew going to work would feel like walking into an economics lesson on the supply and demand curve?  At analytic.li, we spend a lot of time talking about our customers’ income statement. We view the income statement as much more as a financial measuring stick.  A financially healthy business can also allude to a healthy work experience. A good labor margin can mean lower turnover.  The same way higher revenues can mean a happier, more productive workforce. Today, given COVID-19, we’re adding supply & demand to our conversations along with our focus on productivity. Meaning, team members have more on their plates than ever before. 

 

This means leaders need to provide tools to help their workforces be more data-driven. Having access to timely access to data and information on labor versus demand is what leaders need to make more informed decisions throughout the day. Using analytics is a great way for employers access the data they need to make these mission-critical business decisions.

 

Analytics is a great solution for improving productivity; however, most projects fail (70%) and result in employees hunting for data for 9.3 hours per week

Applying technology to improve business operations and outcomes (an aspect of digital transformation) was a conversation every business was having (at different levels) before COVID-19.  $1.3 Trillion has been spent on digital transformation1. That said, despite the staggering amount of investment, failure rates have been high, with a 70% failure rate for these large-scale change programs.2

 

Focusing in on analytics specifically, when these large change management projects fail or lack the desired outcome, employees and decision makers in your business are forced to go back to the way they used to do things. This “old way of doing things” results in 9.3 hours (on average) a week spent analyzing and searching for data. 3

 

As we think about the impacts of COVID-19, we see more businesses being  forced to evolve even faster, meaning digital transformation is now fast tracked. And, fast-tracked with less resources than before to accomplish these changes.

 

Question management is one way to ‘fail-proof’ your digital transformation.  And, speed up valuable insights to decision-makers at every level.

We’ve thought a lot about how we can be helpful to our customers and businesses throughout COVID-19. We know the difficult decisions that businesses are navigating, and we are committed to making the aggregation and analysis behind those decisions much simpler. That’s why we’ve added to Ask analytic.li.  Question management allows users throughout your organization to find the answers they need and save the analysis for the next time they need it. This also means that for savvy users, they  can self-serve analysis as opposed to sitting and waiting for the next report to be sent to them.

 

ask analytic.li question management

 

Watch these videos below to see how Ask analytic.li makes digital transformation easier:

Some early users of Ask analytic.li question management are finding it useful to balance labor to demand, keep an eye on hours worked or avoid overtime before it happens. Ask analytic.li question management is one more tool in the analytic.li workforce analytics platform to help your employees find answers and insights to make those mission-critical decisions throughout the day.


Organizations interested in learning more can visit our webpage on Ask analytic.li.

 

Ready to talk with one of our team members about how analytic.li's workforce analytics platform can help your business through COVID-10 and beyond? Schedule a call.

 


 

References

1 Wall Street Journal: https://blogs.wsj.com/riskandcompliance/2018/12/05/businesses-predict-digital-transformation-to-be-biggest-risk-factors-in-2019/

2 Forbes: https://www.forbes.com/sites/forbestechcouncil/2018/03/13/why-digital-transformations-fail-closing-the-900-billion-hole-in-enterprise-strategy/#135c983d7b8b

3 McKinsey: https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/the-social-economy

Originally published July 15, 2020.

Written by Jana Fuelberth

Spend about 15 minutes with me and you’ll learn that ‘nerd’ is a term of endearment for me. That’s why I love how much ‘nerding out’ goes on at analytic.li. My biggest passion is helping people and organizations unlock potential they never expected. Outside of the office? You’ll probably find me doing something active or for my beloved, Butler Bulldogs.