How Covid19 has Accelerated and Changed Data Needs?

Covid-19 has changed the world. The unthinkable has happened. The world has just experienced the strangest and most unexpected times. This is placed our businesses, industries, institutions, and countries on different trajectories. In some areas, growth has accelerated. In others, it has stagnated. The structural changes in the economy are large enough that asset managers, investors, firms, analysts, and strategists need to reanalyze their assumptions.

Using pre-Covid assumptions for the post Covid-19 world is an extremely risky undertaking.

The data acquired and produced during these times will be critical for many types of analysis and machine learning solutions. Let us look at some examples:

  • Marketing Data: Consumer purchasing data gives tremendous insights into how stress, pandemics, physical localization, and change impacts our buying habits and purchasing behaviors.
  • Retail Data: Many US retailers filed for bankruptcy. Others saw an increase in sales. Chinese and Europe retail sectors are improving but the pre-Covid19 business is different than post-Covid19.
  • Supply Chain Data: The emerging geopolitical situations, rise of nationalism and new rivalries, and now Covid19 – all are pointing that 2020’s will the years of realignment and restructuring of supply chains. Supply chain data will be critical to assess and predict the new reality.
  • Trading Data: Search for alpha signal is one area of exploration. The other is behavioral information. The information about how investors and machines behaved during the Covid19 turmoil is embedded in the data.
  • Geopolitical Data: Geopolitical risk is increasing. With treaties (including nuclear treaties between Russia and US) falling apart, increasing conflicts in the Middle East, and a new West-China rivalry taking shape, the geopolitical risk assumptions need to be revisited.
  • Healthcare Data: Covid19 has given the healthcare industry significant data to analyze and develop new therapeutic and diagnostic solutions.

The bottomline is that it is time for data suppliers to create awareness that Covid-19 has changed the underlying assumptions related to markets, behaviors, competitive structures, and industry and company performance. New analysis backed by new data will help understand the shift.

Leave a comment