Thu. May 23rd, 2024

Because of the pandemic, supply chain disruptions, and inflation, most businesses are aware of how important it is to build a resilient organization. However, putting this awareness into action can be much more complex. Only 57% of companies report feeling prepared to deal with a sudden disruption to their operations. Data-driven companies performed much better than the average, with 82% actually experiencing notable benefits during the pandemic. While data is critical, the volume of data most businesses generate can be overwhelming. Tools like Power BI Reporting combine data from multiple sources into flexible and easily digestible reports. These reports make it easy for your team to understand key areas like customer preferences to make quick, responsive decisions. They also support predictive analyses that can help your company plan ahead and anticipate risk and growth opportunities.

Identify What Your Customer Wants Now

Before you can move forward with planning for the future, you need to ensure that your company’s sales and customer relationships remain strong now. The first stage in responding to a crisis is simply survival. Power BI Reports can help you take a comprehensive look at your customer data and understand what your customers want right now. This will help you make quick decisions that can ensure your business continues to thrive.

Anticipate What Your Customer Will Want

A major disruption in your business’s operations is also a major opportunity for growth. Data analysis can help your business make accurate predictions about what your customers will want going forward and how the disruption itself might impact their preferences. Some disruptions, like the COVID-19 pandemic, will have a drastic impact on buyer behavior. Others, like a problem with one of your key suppliers, won’t matter much to your customers. Either way, using data reports to predict these changes ahead of time lets you make decisions about product changes or new product development that will allow you to get ahead of competitors. You can also adjust your marketing campaigns to highlight specific features that might be more in line with your customers’ current needs.

Analyze Current Leads and Expand to Attract More

The more customers your business can appeal to, the more options you have in a crisis. A disaster or disruption is also a great time to make business adjustments that can lead to growth. Power BI Reporting allows your team to analyze your customers and prospective customer data to understand exactly who your current leads are and what other groups might be interested in your brand. Ideally, both your new and existing leads will be interested in your company and you’ll be able to grow your customer base. However, this expansion also provides a cushion in case one group of leads loses interest in your brand or product.

Monitoring Employee Needs and Pain Points

While a resilient organization can handle employee turnover, business leaders also know that turnover is both expensive and disruptive. The so-called Great Resignation (in which nearly 4 million workers quit their jobs per month in 2021) , highlighted the importance of employee retention. Your Power BI Reports can help you identify what might be frustrating your employees or where they have unmet needs. This information lets your organization catch problems that could drive good employees away so that you can make changes to prevent unnecessary turnover.

Data reports also help you decide how to provide the best training to help your team adapt. Crises are inherently unpredictable, so training should focus on how to make quick but well-reasoned decisions. Your employees need to be able to trust the company so that they feel empowered to suggest creative solutions where necessary. Your data reports can help identify things like what type of quick decisions each department might need to make. Giving your employees access to Power BI tools also ensures they’ll have the information they need to make these decisions comfortably. 

Connecting Dots Between the Customer and Business Development

Building trust with your customers is essential for forming a long-term relationship that lasts despite changes and disruptions. Of customers who report trusting a brand, 88% will make a repeat purchase, and 62% will purchase almost exclusively from that company. 

To build trust, companies need to demonstrate that they have both good intentions and the ability to reliably deliver on those intentions. While it’s difficult to quantify trust directly, survey data on how customers rate a brand in factors like transparency and reliability strongly correlate to brand loyalty. Power BI Reports help you analyze and interpret customer data to identify opportunities and increase customer trust. This should be an essential part of your resiliency strategy, as customers who trust a brand are three times more likely to come back to that brand after a mistake.

Prioritizing Spending Initiatives

Resilience is complex and can involve making significant changes to your business’s structure that might come with other tradeoffs. For example, a resilient organization should have some redundancies built into its systems, like using multiple factories to produce the same product. However, this isn’t necessarily the most cost-effective option. 

Experts recommend a modular structure to ensure resiliency, in which some parts of a business can fail without harming the entire organization. However, this can also make communication less efficient. Because there are so many aspects to increasing your company’s resilience, it can be difficult to prioritize spending in this area. 

Power BI Reporting can help. Well-organized data lets you identify your company’s biggest risks and weaknesses, as well as its best opportunities for growth. This information helps you make decisions about where to direct spending for the greatest impact. 

Building a resilient organization can be complicated, but it’s necessary to succeed in the modern business environment. Power BI Reporting tools help your team make sense of your data to ensure that your organization will be able to adapt to any disruption that it encounters. Contact ChristianSteven to learn more about our Power BI Report Scheduler tool.

 

By dr doom

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