Wield Data as a Mighty Weapon to Fight the Coronavirus Economy
It is easy to think about business when things are proceeding as expected since you have the time to think about everything that is happening and why. In a crisis, all of that changes. Things start to happen to you, instead of waiting for you to take action, and they happen faster than you are able to handle them. This quickly overwhelms your standard operating procedure and makes it harder to operate.
The current global situation caused by Coronavirus is a crisis hitting all businesses, in all countries, in various ways. In a matter of weeks the virus, and the necessary steps to contain it, have changed consumer buying, capital investment, and directly constrained entire industries. …
Is a new mindset key to predicting the future?
Predicting the future is hard. I am fairly certain of this because I’ve never won the Powerball, and neither have you.
Still, as business leaders, we need to understand how the market and our customers are changing, in order to make effective decisions. The most common way to gain market and behavior insights is through data, but most people use simple models of historical data to predict future behaviors. Whether we’re in “typical” market times or ones of significant turbulence like now, this simply isn’t enough. …
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