A positive aspect of the pandemic is the role of technology and management software in companies, since they are contributing to maintaining their activity and reducing the impact that coronavirus is having on them. Business Intelligence solutions like Tableau are a great example. The information with added value that they offer, based on the company's own data and on data from other evidence-based origins (both public and private), is becoming essential for making decisions that help the stability and gradual recovery of the normal level of activity.
Information is one of the assets for decision making in a business environment. In the context of the health emergency we are navigating, this decision-making must be even more agile and accurate. Having a good basic information management will facilitate the success of the restoration and adaptation of elements and processes such as:
- Physical operations
- Supply chain
- Business strategies
- Relationships with customers and suppliers
- Health and safety policies
Let’s add the important attraction of a Business Intelligence solutions like Tableau, with the capability of simulating scenarios, identifying future trends, and helping to make the best decisions to overcome the business challenges or to take advantage of new undetected opportunities.
How can Tableau’s prediction capability help me to stabilise my business?
In a scenario such as the COVID-19 crisis and its significant economic implications, management has to analyse data, evaluate possibilities and create a plan to stabilise the business which increases its opportunities in every possible scenario. Thanks to this data:
- They discover how the changes affect the different business areas
- They identify opportunities to improve the efficiency, reduce costs and innovate
- The minimise the reactions made in the heat of the moment and the impact of the change on staff
- They increase financial efficiency through knowledge about the operations
- They give an in-depth view the effects of the changes implemented in the business and its future
In a recent article published on Tableau’s website, the manufacturer offers numerous resources for this Business Intelligence tool (dashboards, examples of use, etc.) for the purpose of contributing to the stabilisation of businesses.
In this post we give 5 examples of how a BI solution and its predictive ability helps to stabilise organisations:
1. Having evidence-based information to improve decision-making
Making decisions increases your credibility, percentage of success and agility exponentially when it is based on origins of data that has been proven.
It doesn’t matter whether the information is in a single repository belonging to the company or it comes from external sources (WHO, non-governmental organisations, World Economic Forum, universities, etc.), they should all have a maximum guarantee of accuracy.
In the event that the origin of the data is the company itself, Tableau facilitates a rapid configuration of the access to these duly evidence-based repositories, whether they are public or private.
2. Relying on simulations or hypothetical scenarios to find out the impact of the variables
A solution like Tableau offers the capability to simulate scenarios based on prior information from your own organisation, public sources and from introducing specific variables and dimensions. These last two elements can be modified to recreate different conditions within the hypothetical scenario and prepare the potential most appropriate response strategies.
The result is a tailored prediction that shows the future trend; highly valuable information for the company to make the necessary plans.
3. Knowing where to concentrate efforts and prioritise actions
In its strategy for the global fight against the pandemic, Tableau offers a significant amount of information about the distribution of the pandemic for free: with public data origins. Combined with the information about the business, company managers can easily find out which areas and groups present the greatest needs, to concentrate their action on them and develop specific plans. According to the analysis of the governmental and medical indicators offered by Tableau for free, companies also have the capability to anticipate potential impacts arising from future new outbreaks and lockdowns.
A good example of this is shown by St. Mary’s Bank (first credit cooperative in USA). This North American entity relied on its own data and on other sources to discover how to overcome the momentary closure of its offices during the lockdown. The information and predictions offered by the Business Intelligence solution reinforced their commitment to self-service and the excellence of the services offered to their customers.
4. Planning the demand, supply and production
With the updating of data and an appropriate analysis of it, companies have the understanding of the variables that have produced effects on consumption and can consider new scenarios, even predicting the demand of certain products once the trend that has caused their decline changes. This way, they can make plans that are 100% adaptable with a high level of detail in the different business processes.
5. Working on employee well-being
Business Intelligence solutions like Tableau also help to optimise health and prevention policies in companies.
By analysing the information available about each employee (biometric data, health habits, absenteeism, etc.), it is possible to discover who is in a health risk situation. Other indicators display indications of other medical conditions such as stress or anxiety in order to take preventive/appropriate measures.
Solutions to continue growing
At Intelligence Partner we have extensive experience in Business Intelligence projects associated with Tableau, and we are constantly kept informed by the manufacturer themselves about the product’s roadmap.
Furthermore, we share and disseminate the new resources that this manufacturer makes available for free to reverse the effects of this dangerous pandemic, helping companies to stabilise their situation and gradually recover their normal levels of activity.
Do you want to know how Tableau can become your best ally for the stabilisation and recovery of your business? You just need to contact us. Our Business Intelligence experts will analyse your situation and will give you a response which is 100% adapted to your characteristics and needs.
Shall we start?