On April 29, 2020, the Polestar team conducted a webinar to showcase solutions for Analytics-driven Crisis Management Strategy. This was intended for the Organizations that are deviating from their annual budgets and a cascading impact is seen on their productivity. The idea behind the live webinar was to equip organizations with solutions that are Fast, can guarantee results, and are accurate.
If you missed it, it’s now available on-demand where you can listen to the high-level overview and actionable guide within the application demo from our team expert.
As a taster in this article, we revisit the key points from the webinar for you to read below
To solve a problem, one needs to acknowledge the problem first:
Since the lockdowns, many businesses have come to a halt. Some are observing unnaturally increased sales which has led to Distribution related problems. Cash flow has become the highest priority for companies. Delayed payables are just a corollary that follows.
Business leaders have seen how important data-based decision making is to help companies thrive in challenging conditions. But any company, no matter how big, can err when its leaders don’t use data to drive their actions may result in major problems.
Leveraging analytics to survive the economic crisis:
Business leaders are dealing with the heavy margin pressures and constantly looking at ways to optimize the costs and improve operations. While teams are firefighting, the leaders need to realize the importance of a full-proof mitigation strategy. The secret weapon is the power of data. The agility at which we adjust our plans and execute them will determine how we pull ourselves through these tough times.
Analytics platform brings together all of an organization’s data from different sources, enabling people at any skill level to use their curiosity to uncover new insights, in addition, to see more deeply into customer behaviour, reinvent business processes, identify new revenue streams, and maintain an optimum level of risk to derive exponential rewards.
Data is not just the new oil but more like 'Uranium':
What organizations need to understand is that the current situation is affected strongly by external factors and is being regulated by local governments and global bodies. Hence, it is imperative to combine these external signals with the internal data to come with actionable insights and realistic plan of action.
In the webinar, the team showcases the ‘Crisis Management Kit’ which:
provides one with quick, reliable results in the most cost-effective way.
Can consolidate and integrate key internal and external data points and deliver it back to you, providing business insights in a clear and understandable format.
It gives you a way to determine which questions will help provide the answers to your biggest challenges and identify and analyse the data that will get you there.
It helps you identify underperforming departments and programs and determine where to reduce expenses. Use analytics to correlate and compare your operations, performance management, and financial analysis.
Lastly, the major element which enables write-back functionality in analyses and dashboards to access information on the go for faster decision-making.
Respond to the crisis using our KIT:
When it is about Crisis Management, sadly it’s not a matter of if but when…and to what degree. Even the strongest, most reputable organizations are not immune to crises and business disruptions. We talked about the way that can help the Business Leaders and team managers derive insights on team performance, discover opportunities that can be maximized, and take corrective actions.
WHAT YOU’LL WITNESS
If you find yourself faced with a crisis, you need to be prepared to handle it. In most cases, it’s not the crisis which will define your company but rather how you respond. There are going to be too many moving parts, too much stress, and too many fires to put out to effectively think on the spot and manage the situation.
Plan Today With Polestar For A Better Tomorrow. "Preparation is the key."
Sounds Interesting! Right? Watch the complete coverage of the Webinar: Analytics-Driven Crisis Management.
Take a look at our COVID19 Solution Kit, conceived to help organisations navigate through crisis.
If you liked this blog, you might like our Latest Whitepaper as well. Get Your Free Copy Now.