Skip to content

Share

  • Add this article to your LinkedIn page
  • Add this article to your Twitter feed
  • Add this article to your Facebook page
  • Email this article
  • View or print a PDF of this page
  • Share further
  • Add this article to your Pinterest board
  • Add this article to your Google page
  • Share this article on Reddit
  • Share this article on StumbleUpon
  • Bookmark this page
PA IN THE MEDIA

How to use data to navigate through the crisis

Read the article in Danish.

Just a few weeks ago, many corporate executives considered their data primarily as an asset to be used to ensure profitable operations, but now we are in a new situation where data is vitally important to any company's COVID-19 crisis management.

The experience of previous crises, such as September 11, shows that major changes in society place new demands on decision makers in all companies. Managers must evaluate which decisions are safer than others and to what extent the decisions should be based on facts and data.

Particularly in a V-shaped crisis, which most people believe this to be, cash flow becomes crucial. Therefore, it is essential to have the data available that can help ensure that the right decisions are made at the right time.

If you do not have the right data available or do not know what the quality of the data is, you may be making the wrong decisions, such as asking your employees to take a pay reduction without knowing if it will produce the desired effect.

There are many uncertainties, but one thing is certain: there is a real need for data, both during the crisis and when society opens up. We will see a change in consumer behaviour and there will therefore be new conditions and data to respond to.

Five tips for data-driven crisis management

Here are our top five tips on how best to navigate through your data during the covid-19 crisis.

1. Understand the quality of the supporting data so that you are aware of the extent to which it supports your managerial decisions. It is OK to make a clean slate decision if the data quality is not good enough and you are aware it is poor quality.

2. Scenario planning can be a good way to manage a crisis. You don’t have to develop the big gold-plated strategies now, instead you have to plan based on scenarios. But you have to accept that it is not possible to calculate everything from data. Data allows you to find the place where you want to be and influence the direction.

3. Make a data quality assessment so that both short-term and long-term effort can be scaled as necessary. This can help ensure that there is a focus on raising data quality at the right pace.

4. Remember data hygiene, do not compromise on data governance, either in terms of legislation or the hard work required to build good habits and governance. While it is important to get orders processed, it is also important to remember data will be crucial to tomorrow’s success.

5. Make sure you utilise data and forecasts to get an accurate overview of the profitability of, for example, services and business units

Note that this crisis is just one of many that can hit us. Therefore, work to manage data effectively is never wasted. Data always optimises your business, both in normal conditions and now in an unpredictable time of crisis.

Nanna Kejser and Rolf Greisen are both IT transformation experts at PA Consulting.

 

Discover all our insights related to COVID-19

Find out more

Contact the authors

PA Consulting in Denmark

Andreas Møller

Andreas Møller

Frank Madsen

Frank Madsen

PA Transformation and Financial service expert

Henrik Ringgaard Pedersen

Henrik Ringgaard Pedersen

Sourcing and IT transformation and financial service expert

Jon Plate

Jon Plate

Innovation and sustainability expert

Martin Tillisch

Martin Tillisch

Financial Services expert

Mikkel Pødenphant

Mikkel Pødenphant

Government and public sector expert

Mitzi Geisler

Mitzi Geisler

Agile and IT transformation and life science expert

Richard Grint

Richard Grint

Financial crime expert

Susanne Gildberg

Susanne Gildberg

Financial services and risk management and compliance expert

Søren Knudsen

Søren Knudsen

IT transformation, digital and life sciences expert

Søren Lehn

Søren Lehn

Government and public sector expert

Tina Hjort Ejlertsen

Tina Hjort Ejlertsen

Nordic Lead on Agile Transformation

Troels Gregersen

Troels Gregersen

Business design and public sector expert

×

By using this website, you accept the use of cookies. For more information on how to manage cookies, please read our privacy policy.