NEW YORK, June 12, 2020 /PRNewswire/ -- Businesses are always on the lookout for the next big disruption - or are looking to be the force that disrupts their industry. New competitive offerings, legislations and demographic shifts all have the potential to upturn an industry. However, some disruptions come from well outside the world of business and create many questions and even greater risk. The current health crisis around Covid-19 / Coronavirus is clearly part of the latter group.
When faced with disruption and uncertainty, Analytic Partners recommends leveraging advanced analytics to support decisioning and reduce risk. Analytic Partners leverage its decisioning tools and through scenario planning and war-gaming its clients can weigh short and long-term implications and better meet their customers' needs, given a range of outcomes.
Analytic Partners has already been working with its clients on modeling such scenarios considering the spread of Coronavirus. Some examples of the topics Analytic Partners have uncovered include:
- B2B: Running simulations on the potential impacts of event cancelations and the media surrounding them. These simulations help give advice on how to mitigate losses and determine impacts if all physical events move to online events for the rest of 2020.
- Restaurant: Analytic Partners have seen the need to shift quickly to changing customer behavior and focus on delivery channels. The team has been working with the client to uncover the channels that drive customers to delivery options.
- Retailer: A clear shift to e-commerce has impacts across the organization, from supply chain to resourcing to marketing. The health crisis would further push the trend clients are already seeing with consumers switching to online purchases. One client is running scenarios to understand how Coronavirus concerns and fewer shopping trips impact their business and decide how to shift behavior to preferred channels.
- Hospitality/entertainment: An area that is certainly challenged in this environment, the focus has been on adapting marketing strategy and messaging. Scenarios are being leveraged to understand how to shift spend. Messaging has a renewed focus on communication around the brand and retaining the connection to the customer, while there is less focus on promotions. And as media consumption increases with people practicing social distancing, staying top of mind with these messages demonstrates a commitment to not just thinking about the short-term but also the longer-term brand/customer connection.
No matter the type of business, it is wise to look at risks and opportunities to make decisions that serve the customers while moving the company forward. In a crisis it is especially necessary to get closer to the customers and leverage analytics to understand their needs.
