More accurate decisions, increase profits and improve productivity
The Stock Market is the first sector of society that knows if an economic crisis is coming, because months before it happens, big investors and millionaires, invest millions in obtaining privileged information, therefore, they react before the economic crisis materializes, that helps them to prevent losing money and rather take advantage of opportunities to earn much more profit.
At a business level, most companies have a reactive culture, regardless of having a long-term planning, because the quality of information they handle does not allow them to have a high level to predict the future. It is true that no one has the ability to know the future, but there are always very clear signals about what may be on the horizon, in the current economic climate, the signs are clear, an economic crisis is coming, as the economy is coming out of the effects of a pandemic that weakened the finances of many, to make the perfect storm, we must see that there's a container crisis, a threat of war, among other key facts.
Therefore, companies must see that in the face of an economic crisis there is a sea of opportunities for those who are proactive, but a terrible risk for companies that are reactive, because they will not be prepared.
To take advantage of opportunities in crises it is necessary to have a culture of Data-Driven, a term that may be little known, but it is as simple as making decisions based on facts, for this, companies must have an area responsible for data analysis.
Data analysis allows to increase profits and increase productivity, as it is a complement to what some managers call the business instinct. Data analysis seeks to predict the future by creating possible scenarios, allowing management to make more accurate decisions.