In these unprecedented times it is imperative that only data driven organisation will survive the onslaught of black swans . Running business without data science is steering a ship without a compass or running an aircraft without instruments. Several industries have faced immense challenges and some have even got pushed to the edge . Conversely having unique customer data with few or substitutes is critical to creating a defensible barrier. Analysis shows that these were definitely not data driven as they were unable to make quick course corrections with the pandemic pumping so many shocks into the system . They found themselves stranded.
Yet some have survived victoriously and have been able to adapt to the changing situation. Some aspect of their success is from the fact that they were constantly scanning the horizon to make sense of the strong headwinds and make rapid changes to their style of functioning. They were definitely knowledge – driven to use it for agility. Having unique customer and your ecosystem data with few or no substitutes is critical to creating a defensible barrier.
Nevertheless these times have also thrown in new opportunities which could not have been discerned without knowledge through data . But we are sensing a trend of growing uncertainties and several black swan events looming. The best bet for us is to coalesce Strategy and Supply Chain management with data . This brings us to the doorstep of Data Empowerment . Until now we have been looking at data through a narrow prism using excel sheets and configuring macros around it . Also we have ad hoc teams assigned to collect the data.Nobody knows what data to collect and how is it tied to strategy. Technically everyone is supposed to bucket into the data lake, especially those tied strongly to the strategy. Data needs to flow in constantly for the larger organisational learning and agility.
Data Science gives us immense insights into our business which we could have never have imagined .We can use it to build our Strategy and architect our Supply Chain and drive out of the world of assumptions. Visually we need to thread a story from the strategy chosen to results achieved. Using visualizations we could introspect on where we faulted on strategy. Powerful BIs are more of dashboards of reports. But we need strategic trails to retrace , take learnings and use the data to train our models.
Traditionally data has been preserve of the Information Technology domain. However this scopes understanding and stunts foresight. Data without the business understanding is only graphs and numbers. Business wrapper on the data brings out strategic insights that leads to concrete decision making.
It makes planning for and preparedness that much more objective. For example , we have done extensive work for wire companies to steer their businesses through these turbulent times. We give alongside some examples of insights . We visualise where our next profits will come from. We are able to forecast what strategy options will yield and which fits well in the turbulent weather ahead .
Eventually all businesses can be looked at from four perspectives – Products and offerings that we make, customer relationship and customer retention , people’s value add to the business and efficiencies of our supply chain for ensuring continuity and growth.
The data storytelling should be well sequenced. Starting from where are we headed to which businesses to move into and which to hive off . How does our business trajectory fit in the grid of future trends to finally which senior team will steer the organization with resilience. Which means who will stay and who needs to go.
All these are using high end Data Science technology at a very economical proposition as computing costs have crashed tremendously with data and computing resources moved to the cloud.
Emprocon offers integrated information solutions combined with best in class Strategy building and Supply Chain deliverables . We also offer combined across – spectrum support from Marketing &Sales through to Supply Chain and right upto Operational Excellence and TQM.
You may also visit our website. — https://emprocon.co.in
Shyam Sunder
Emprocon Consultants LLP
Emprocon Consultants LLP 