The corona crisis raised the question of the fate of the digital age as critical right now

 Prediction is difficult. In the uncertainty brought about by the interest rate crisis, it is almost impossible. Where does all this lead, what are the consequences when it comes?

From a micro perspective, it’s easy to start: what does this mean for me? Like many others, I work from home. I order food online. I put off shopping, and especially the ones I can’t do online. I don't drive a car and I don't travel anywhere. I do not attend events. I minimize all contacts.

When this new way of life is multiplied by a billion, the effects are dramatic.

Researchers long predicted that the next violent upheaval sweeps away the traditional large companies, which take place the strongest digital actors. The result would be the opposite of the dotcom bubble that burst in 2000 and the financial crisis that began in 2008. The change in behavior already visible seems to confirm this theory.

What kind of organizations have a chance to survive? 

Fate depends on three things. These are

 1) Cash flow and balance sheet strength. 

2) Degree of digitalization - not only in systems but also in the business model.

 3) Organizational agility and ability to change.

Traditional large companies answer yes to question 1. 

Startups answer yes to questions 2 and 3.

The longer the interest rate crisis lasts, the more critical it is to be able to say yes to all three questions. This applies to all companies, regardless of size and industry.

Can your company answer yes three times?

If not, fate is bankruptcy or acquisition.

The corona crisis is also changing technology. 

The clear implications are at least an accelerating transition to SaaS software, cloud environments, and online services. Services need to be even more intuitive: now no one really wants to guide anyone by the hand.

The ability to analyze information independently is even more important. Interpretation help is not as close as before, and in telework, information is only available in bits. It is now even more important to refine data into interactive visualizations that tell the story of what is understandable and interesting.

It is important to recognize that many things remain the same.

During the financial crisis, experts stated that business analytics (BI) was the fastest growing sector in the software industry in both 2008 and 2009. Other storm-resistant sectors included web conferencing and groupware software, data management, and data security. It is amazing that these same technologies are still thriving now.

In many other software sectors, spending was drastic. Mergers were seen a lot, and the transition to next-generation solutions was rapid. Projects worth millions were terminated when a clear return on investment could not be demonstrated. Agile and business-oriented development projects, on the other hand, were successful.

This is what will happen now: companies are looking closely at what creates new value. Solutions that support it are commercially available.

The corona crisis has already shown that analytics software is an essential tool for managers to perceive a snapshot, find a deeper customer connection, and align development work.

This is also supported by the 451 Research report [1], which states that analytical tools and platforms have the greatest potential to change the way organizations operate over the next three years. This is followed by artificial intelligence, container software, software-driven infrastructure, and serverless solutions.

“The coronary crisis is causing companies to rethink almost everything, but the importance of analytics is not and should not be one of them,” reports 451 Research.

Experts listed innovations whose rate of penetration may come as a surprise. These include drone deliveries, 3D printers, VR business solutions, virtual tourism, autonomous taxis and programmable biology. They all need analytics driven by AI, distributed cloud solutions, the industrial internet, and many other fundamental technological innovations.

Concluding Note:

If the future can be deduced from the past, companies that have taken digitally at the heart of their business model and are financially sound will strengthen their position. In the creative destruction of a time of crisis, agility, and the ability to innovate are key issues.

The advantages of Incubation and Innovation need not be emphasized. Join MAKAUT, WB for more.

Source: 

451 Research: Amid Coronavirus Uncertainty, Analytics Should Remain An Enterprise Priority