Navigating the new normal with data driven decision making
The onset of COVID-19 pandemic and the unprecedented impact on everything that we considered normal was unimaginable. Governments and organizations are finding new ways to serve customers. In this new reality, tools like AI, machine learning, and predictive models won’t function as intended in performing complex analysis as they are based on historic precedence in a time where everything was different. In the new normal, investment in data-driven approaches is the key to recover and thrive.
The pandemic has not only disrupted everything that was once considered normal, but is also forcing us to navigate through the recovery period and further build a new normal in the post-crisis world. Industries and governments will have to find ways to fund, develop, and utilize data and analytics tools that will drive businesses, markets, and society to recover and thrive.
In this paper, Deloitte examines five guiding principles for how to navigate the new normal using new data-driven approaches:
- Be led by the science: Leaders should drop all notions of instinct-based decision-making and rewire the mindset and cultural DNA of their organizations to be data—or science—driven.
- One for all, all for one on data: The more data the ecosystem generates and makes available to the rest of the network, the better the results will be for all. Commercial value-network collaboration is already happening in order to respond to the pandemic. Extending this to data sharing will enable value-network simulation.
- The co-op model for data science: Organizations will need to invest in setting up Centers of Excellence (CoEs) for digital AI and data science simulation and then share the benefits too.
- Use the right tech recipe: While there are numerous technologies and techniques to select from, using the right combination to develop scaled, industrialized solutions will determine the “time to market” factor.
- Diversity and inclusivity still matter: Markets and businesses will need diversity in thinking, diversity in execution, and most importantly, diversity in adapting to the new normal.