Businesses and analysts may have to temper their expectations, as there are no silver bullets
The lessons Covid-19 has taught the world have been plentiful and painful, but very valuable. That includes the data science function. Fortunately, as with every challenging experience if one is willing to seek the value and use it to drive positive change and transformation, you emerge stronger and better prepared for any similar situation in future.
Covid-19 was a completely new global scenario, the likes of which nobody had experienced before and none of us could have anticipated. From an analytics perspective, this meant no data existed that could be used to precisely model anything relating to the pandemic or its likely effects. Obviously, as a pandemic like Covid-19 progresses, more data becomes available and modelling and prediction become slightly more possible, but not necessarily 100% reliable.
Another important lesson is that irrespective of the industry you’re in, digitisation is no longer a nice-to-have; it’s an imperative. And it has to happen now. For a long time leading up to the pandemic, businesses in many industries were talking about the need for digitisation, or gradually rolling out their digital strategies.
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