Catastrophe: Data from 2020 could be Misleading Business Insights
Unreliable data from 2020 generating misleading business insights can create a business catastrophe
The advent of the COVID-19 pandemic has created a data explosion in 2020 due to the increasing usage of smart devices in individual homes. This has caused a catastrophe in the business world. Data from the year 2020 can create misleading predictions of business insights for organisations in 2021. Accurate predictions can generate higher revenue as well as enhance customer satisfaction and engagement in this cut-throat competitive world. It is a huge valuable asset of any organisation to receive accurate predictions from Artificial Intelligence and machine learning models. Data is used for predictions in a wide range of services in a company— from hiring a candidate to ordering inventory and after-sale services.
The pandemic has had a huge impact on the decision-making behaviour of customers in the global market. It has drastically affected the lives of people and their income that have forced the market to change its traditional pattern. There have been tremendous fluctuations in data with this unprecedented situation across the world. Implementing data from 2020 to predict future customer behaviour can generate misleading business insights. If a company integrate these insights into its marketing strategy, it will incur a huge loss in the nearby future.
There has been a trend in Big Data to utilise historical data as a training dataset to forecast the upcoming trends for a better understanding of consumer behavior. The Artificial Intelligence models use this dataset to transform real-time data into meaningful and promising business insights. Since 2020 data is misleading and distorted, there is a high potential risk to implement incorrect business insights for a company.
It is a well-known fact that 2020 was indeed a bad year in our lives. Misleading and unreliable business insights cannot be used by retailers and businesses to enhance brand loyalty amidst this upsetting environment. The business leaders are required to utilise knowledge instead of Big Data to consider what existing and potential consumers can want or desire. This can be done by creating new and innovative products and services to complement the immersive digital experience. There can be a plethora of opportunities in this difficult time— one has to recognize it faster than others.
That being said, automated systems with the integration of Big Data, Artificial Intelligence and machine learning algorithms require a deep infusion of human knowledge for the upcoming 2022. There are multiple ways through which businesses can depend on reliable and accurate predictions creative scenarios, studying analogues as well as deploying human judgement. These can produce short-term predictions for the time being and long-term predictions after a slight recovery. These ways are far better than misleading business insights. Industries have experienced a massive drop and these methods can help in slow recovery in this drastic time.