Forced innovation... but it's a good thing
As part of my work as Co-Head of the not for profit association DSAI (Data Science and AI Australia) I got to host a panel discussion for the Chief Data Analytics Officer Deep Diveseries (run by Corinium Intelligence). This was a session called The Future of Data and Analytics post-Covid-19.
Figure 1 - The Future of Data and Analytics post-Covid-19 event
We discussed various topics in our panel but one thing that was quite interesting was the acceleration of innovation that was driven by Covid-19. The panelists mentioned how organisations, being forced to work from home, needed data more than ever and to digitise faster.
I've also seen this in other industries. Last year I worked with Prosperity Adivsers as their Head of Data and Analytics and we were forced to fast-track the use of Microsoft Teams and get more data and reporting for clients. I also saw this with one of my clients there, PEXA (Property Exchange Australia) where their electronic conveyancing solutions saw a lot more users as the phyiscal settelement process of home purchases went by the wayside and digital was the only way to transact. They embraced the data over there and do a lot more with it via their PMI reports.
Figure 2 - Prosperity Advisers
Figure 3 - PEXA Property and Mortgage Insights
I also saw this in the investment space too with my ETF (Exchange Traded Funds) work and analysis of ASX and Chi-X data. Via our product ETFtracker we could see that investors piled more money into the ETF and overall markets since March last year. Whilst March was the record month given the big price crashes that occurred then, the trend in 2020 and 2021 has been higher than any previous period, at least for the ETF markets.
Figure 4 - ETFtracker app - showing trades occurred the most in March 2020
Figure 5 - ETFtracker website
Using data in the process of decision making, getting things done and thriving from the insights generated is something so many organisations have jumped into (or you could say were fored into) so hopefully you've had this too in your works. If not, and you need help to get started, shoot us a message and let's see how we can help.