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Aftershocks from the global pandemic continue to disrupt markets—from a broken supply chain to a semiconductor chip shortage. The economic fallout continues to persist, despite the fact that it’s been nearly 2 years since the initial outbreak. With the inability to operate off of past behaviors and market patterns, it’s more critical than ever for organizations to be data- and insights-driven going into 2022.
This Executive Outlook details 3 strategies organizations can quickly deploy to navigate unanticipated challenges with Intelligence Everywhere—ensuring that both strategic and tactical hurdles faced in 2022 are expeditiously addressed, based off of trusted data and insights.
The past 18 months have catalyzed a decade of change across every industry. Employees are connected digitally more than ever, and businesses have adopted new means of production, customer service, and workforce optimization. The end of the pandemic may finally be on the horizon given positive news on vaccines and antiviral pills from Merck and Pfizer – but the reality is that going back to business as usual isn’t an option. The coming year is likely to bring about third-order effects that will continue to challenge old assumptions. In order to stay ahead, and avert unforeseen problems, organizations need to double down on data-driven operations—with the ability to quickly react as the market landscape changes.
There’s no starker example of how a data-driven organization overperformed in 2021 than in the auto industry. Sonic Automotive, one of the largest auto retailers in the US, had impressive highlights to share in its third-quarter filings. Revenue was up 20.6% to $3.1 billion, and income from operations was up 39.1% year-over-year—despite sharply lower inventory. Compared to 12,900 a year earlier, inventory only stood at 2,400 new vehicles at the end of Q3. Despite having a mere 1/6 the inventory, the company made more revenue and more profit—a testament to its culture of data that has empowered people to make smarter, faster decisions. Their teams could quickly understand market trends and had the ability to act on them.
As organizations look to take on new challenges to grow their business in 2022, now is the time to consider key strategies to rebuild analytics capabilities and empower employees with precise skills. The following 3 strategies can help your people, teams, and departments maximize your investment in technology and analytics—while laying the foundation to navigate an uncertain year ahead.