The Coronavirus outbreak has disrupted our everyday lives. Once we being to emerge from this unprecedented period, the recovery of the economy will be of vital importance.
Data and analytics can play a fundamental role. With greater knowledge and insight comes the ability to make better, informed decisions. By drawing on rich, granular insights – and acting on them accordingly – the use of data will touch on a myriad of factors crucial to our recovery.
In the UK the government is using data, looking at trends in the credit market to greatly help it understand whether the support schemes it has put in place are achieving the businesses that need it most. Health authorities have used data and modelling throughout the crisis to target resources in areas which need it most.
Data will also help businesses and organisations of all shapes and sizes once we being to come out of the crisis. Focusing on how best to connect with both existing and new customers, and at the same time becoming more agile to respond to those customer needs, will be crucial if companies are to get back on their feet.
Away from business, local authorities and other public and charity organisations are using Experian Safeguard. The dashboard, based on anonymous data insights, helps organisations to plan and allocate their resources based on those who need it most.
The data set is based on a range of data covering the adult population from Experian and other open sourced data. Analytics and visualisation are then used to define population groups, including those which could be termed as vulnerable, for example the over 70s, those with low disposable income, or single-person households.
This type of targeted help is crucial – more than 50 public sector organisations including the Trussell Trust and the National Emergencies Trust. are utilising the dashboard to better understand their communities and customers and, crucially, work out how best to support them.
Data has a critical role to play in providing help to individuals, organisations, and businesses in these turbulent times. As lockdown eases and the economy begins to recover from the trauma the pandemic has wrought, harnessing the power of data – and crucially understanding the insights that have been drawn – can help us return to something approaching normality.
Source: finextra. com
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