With the world reeling under the threat of the novel coronavirus, the significance of data engineering and data science technologies has grown multifold. Data analytics and data-driven insights are helping businesses make critical decisions and thrive in these uncertain times, especially when businesses are cutting cost, most commonly by making changes in the workforce.
The dreadful impact of the outbreak of COVID-19 is reflected in a major economic downturn, and consequently, a large number of businesses have hit the ground. Even though the global lockdown has been detrimental to enterprises, the effective use of big data & predictive data analytics has helped businesses in enhancing their data management capabilities even across material handling and management operations.
The unfortunate outbreak of COVID-19 has equally impacted the functioning of all industrial areas, whereas the global economy has seen a new low since the Great Recession in the late 2000s. Most businesses, including the global giants like Uber and Airbnb, have cut off a major chunk of their global workforce while dealing with this pandemic. This indicates an increasing effort by businesses to survive the COVID-19 outbreak by mitigating the cost, and then boosting operations as the economy recovers.
However, data engineering and data science-based technologies are emerging as a powerful tool that can assist businesses in refurbishing their strategies and operations. This article explains how data engineering and data science can enable business growth through various functions of business intelligence, especially in real-time monitoring of business operations through business intelligence to spot trends and boost the growth of businesses.
Data Engineering & DataScience: An Integral Part of Futuristic Business Strategies
The effects of COVID-19 outbreak are long-lasting and going back to the working style prior to the pandemic might never be an option again. The current socio-economic environment has forced decision makers to reassess and renovate their current business models.
Data engineering & data science technologies are emerging to be the tools that play a vital role in generating business insights based on the change in consumer behaviour and modified working styles. This is helping businesses to uncover the weak links in their strategies and make their processes more efficient.
Building flexible strategies that take into account potential breakdowns and interruptions to workflows have become imperative. Data science tools make this possible by making the use of data warehousing and other business intelligence technologies that can predict the upcoming trends and design strategies in compliance with these trends.
Technology will play a crucial role for businesses to get back on their feet once the spread of the virus subsides. The use of data engineering and data science will be a driving factor in reshaping strategies that would help businesses to sustain and excel in the post-pandemic period.
Data-driven Decisions are Amplifying Accuracy of Business Forecasts
The outbreak of the deadly coronavirus has ushered in a period of instability wherein supply chains are disrupted, customer demand has disappeared, and unemployment is rising. Businesses have understood that thriving in the post-pandemic period is going to be very tough and as a result, have started adopting data engineering & data science technologies to enhance their decision-making skills.
With uncertainty creeping into businesses, the importance of analysing trends and gaining insights to make better decisions has grown more than ever. Even though the data available in the present situation is limited, effective use of data analytics and machine learning to derive insights through business intelligence by utilising existing data is turning out to be beneficial to businesses in making sound decisions.
Businesses are thus, not just relying on experts with business acumen but also making the most of data engineering & data science technologies to stay in the competition and re-energize their businesses.
Real-time Data Visualization is Enabling Businesses to Draw Actionable Insights
Utilization of data science tools such as data visualization tools for real-time monitoring is going to help businesses streamline their processes. As a result, real-time data visualization has become the need of the hour for businesses across the globe.
Real-time monitoring of data helps in speeding up analysis, thereby improving the response times and enhancing reporting capabilities. These factors are proving to be crucial for businesses in gaining an edge over their competitors, especially in the current precarious situation. The instant accessibility of data is helping in storing massive archives of data in data warehouses, consequently making it easy to generate insights and spot trends.
Data engineering and data science technologies are thus, putting data at the fingertips of decision makers and helping them draw actionable insights quickly and more efficiently.
Linking Data Warehouse to Data Lakes is Enhancing Data Management
Among the various challenges that this pandemic has incurred for businesses, the problems related to data strategy and architecture are gaining more attention. This is mainly because managing the storage and easy accessibility of data in the present circumstances has become quite difficult.
Data lakes are significant as they can store large volumes of data drawn from multiple locations. However, their significance is only limited to storage and they cannot be beneficial when it comes to analysis or reporting. Thankfully, improvements in data engineering technologies have made it possible to import data from a data lake into a data warehouse without any pipelines.
The effective use of data engineering & data science technologies to enhance the management and accessibility of data during this uncertain time is helping businesses drive growth with increased efficiency.
Data Engineering & Data Science is Bringing New Hope For Businesses
The coronavirus pandemic has already transformed the world and the way technology is used. Adopting data engineering and data science technologies is proving to be a crucial factor in driving growth for businesses. Organizations across the world are leveraging data engineering & data science technologies to alter their strategies in order to meet the varying demands.
Furthermore, big data and data analytics is also helping businesses to analyse the changes in customer behaviour and detect flaws in their workflows to make their processes more efficient and stay in the competition. In the near future, data engineering is set to create data warehouses that can cope with data lakes of increased volumes. This would streamline the infrastructure and would become an important business asset.