Data & Analytics, Digitization

Corona: What your data can do for you

Judith Lichtlein04/24/2020

The corona crisis has been a heavy blow for the economy. Factories, retailers and service providers, companies great and small – everyone is feeling the impact, and some are even struggling to stay afloat. There are steps you can take, however – steps that can help your business get through the current situation, as well as prepare you for the future. One example is data-based crisis management.

Right now, no one knows for sure how severe the effects of the crisis already are currently and how big the economic damage will be ultimately. Granted, the government is doing plenty in order to help businesses out, providing partial unemployment benefits and liquidity assistance. Nonetheless, the crisis will apparently lead to a massive reduction in the GDP and a recession.

What can companies do now?

Right now, it’s a good idea to get as precise an overview as possible of where your company stands. That doesn’t just mean checking to see how badly your sales were affected last quarter. We’re talking about a comprehensive and detailed overview that tells you precisely which numbers are down and what the exact reason is for the downturn. This is important, because we’re dealing with a specific action plan, so you can’t afford to leave out any key factors.

For fast and flexible analysis, it pays to use an integrated business intelligence tool. For example, the ERP and business intelligence systems developed by Microsoft work together seamlessly. And to help you get cracking right away, COSMO CONSULT offers predefined dashboards for users of Microsoft Dynamics NAV or 365 Business Central. With these cc|bi dynamics solutions, companies can now produce accurate and detailed analyses of their KPIs with very little effort. And that, after all, is the key to getting through the crisis – knowing what actions to take.

What sorts of actions?

Recent restrictions and developments have already forced many businesses to implement certain short-term measures. Restaurants have switched over to takeout-only, supermarkets have adjusted their orders, companies have allowed their employees to work from home. Key performance indicators from the various departments can now provide us with crucial insight into what we can do next.

It’s important not to keep these analyses reserved for IT or Management alone. Employees from the aforementioned departments should be given the opportunity analyze the data from their area of activity, allowing them to implement improvements or develop working models. As a rule, these employees are the ones who understand the performance figures from their department the best. Consider the following examples.

  • Make a detailed finance check. Find new ways to cut costs or optimize the procurement process. In liquidity management, find out your anticipated incoming and outgoing payments over time and the operating cash flow.
  • Improve your sales opportunities and don’t just leave everything to Amazon and co. Which products were your biggest sellers over the last three months? Are there any sales territories where demand was higher and where you now stand to score big with some special offers?
  • Are there any companies that you could partner with to develop joint product strategies for opening up new revenue potential?
  • How do your HR accounting numbers look? How efficiently are your employees working at the moment? Might you be able to improve productivity by adjusting the operation schedule or offering (online) workshops?

Interested?

The right action plan for your company in the current situation depends on a lot of individual factors. If you would like to know more about how best to proceed, simply contact our experts.

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Author:
Judith Lichtlein
Marketing & Communications | COSMO CONSULT