April faded and May is here. World is confused, don’t know where to start and how to rise. Covid-19 is disrupting every activity in this world. From farming to space exploration, everything is disturbed by a virus. World leaders and Governments are now struggling to take measures. There is a shortage of money, businesses are down. Business Analysts have to take new measures. They have to think about new procedures and processes. Let’s discuss about the challenges and role of Business Analysts during and after this Pandemic.
Impact of Analysts
Every company in the world is now facing the similar problem. There is no variation in terms of geography and the size of economy. Business Analysts have to think widely and need to introduce various measures in every field like HR, Finance, Marketing, Operations, Systems etc…The decisions of Business Analysts leave an impact on the performance of the organization during and after this pandemic. The decision of these Analysts should be crisp and clear.
Every decision is based on the information processed from raw Data. Business Analysts face a big challenge in collecting Data and providing the conclusions. This situation is extremely new and no one is able to predict what’s next. The Data collected should be relevant otherwise the applications will not give the desired results. Analysts are now facing challenges in collecting data from around the world as most of the major economies are locked and the entire activities are now scattered. It will be difficult for them to reach to a correct conclusion.
There exists an inconsistency in the economy. Crude oil, Energy, Manufacturing, Airlines, Real estate likewise every industry is struggling. The major problem is the inconsistency in the economy. In this globalized world business activities are inter related. If any Industry suffers, the repercussions are felt by other industries as well. Analysts have to watch every responses and act accordingly.
Roles and responsibilities will change
Large economies in the world are technologically well advanced. But still there exist human element behind every activity. During this pandemic, organizations lost their human resource because of lockdown and quarantine. Work from home is a common term during these days. But it still has some limitations. In order to make the operations of the organization more effective, most of the organizations are going digital and undergoing automation. Automation will reduce the influence of human resources and save time and money in future. In order to feed this machines Data is required and analysts have to give the right input to get the desired output. Reports show that hiring of data scientists and business analysts increase as the automation processes elaborate in the organizations. Role of HR manager will be minimal and role and responsibility of data analysts will increase in the coming years.
After this pandemic, the purchasing trends of the people may change. Middle class families will focus on savings and avoid unnecessary purchases. Everyone will be vigilant since vaccination for this disease has not been discovered. This behaviour change may reduce consumption and reduce cash flows in economy. Analysts have to face this new challenge. Because financial prospects of the firms are in the hands of this business analysts, they will have to look out in every direction to arrive at a definite conclusion.