Reducing data costs without jeopardizing growth

Organizations are leaning on data insights more than ever to cope with the pandemic’s fallout. But with most companies in resiliency mode, how can they ramp up data efforts while managing data costs?

 
Over the past decade-plus, data rose to become a major source of competitive differentiation for businesses. The COVID-19 pandemic arguably skyrocketed the value of data even higher as it guided businesses, governments, and health professionals to target interventions that aimed to protect and save human lives. And now, as the economic fallout of the COVID-19 crisis threatens the health of organizations, data will once again play a critical role.

While leaders can be assured that the uneven recovery from the pandemic will be digital, they’ll need to answer many questions as they work to secure their organizations’ financial footing and discern new sources of growth: Which sectors and segments will drive demand? Where is the supply chain most exposed? What is the best way to serve a more digitally engaged customer base and a workforce that is likely to continue to desire remote and flexible arrangements?

Answering all of these questions requires lots of data and the know-how to use it effectively. Businesses will need to model information from more sources, apply insights over more channels, and do all of this continuously while ensuring that the data are clean, privacy is protected, and compliance responsibilities are met.

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Πηγή: mckinsey