Déjà vu 2008/9 - Business Introspection

What is it that the Covid - 19 pandemic and the 2008/9 Recession has in common? Well, for one...is introspection. How we perceived the world yesterday is not the same today and will not be the same tomorrow. We are all forced to pause and reflect not only on our businesses, but also our personal life…déjà vu 2008/9 recession.

The only problem with introspection is that our biases corrupt. According to an article published by Effectiviology, “…cognitive biases are caused by the imperfect way in which we process information and make decisions, and primarily as a result of our tendency to use mental shortcuts that allow us to think faster but also make us more likely to make mistakes.”

So what does this have to do with Business Intelligence, Data Analytics, Qualitative and Quantitative Analysis…well, everything! Everyone is strategizing, planning, pivoting and driving new initiatives to steer their businesses forward through these rough seas. The challenge, however, is that we look at our business operations, sales potential, market share and competition through our biased lens.

These critical introspection stages in our businesses calls for dead accurate planning and doing whatever is necessary, to ensure short- and long-term strategies are backed up by accurate data. It is like Bow Shooting. If your aim is out by the slightest millimetre, the result may be a complete miss from what the original intention was, even if you had the best intentions of hitting the target.

It is the view that deciphering and utilizing the intelligence that is locked up in the digital data world, will not only provide a competitive advantage, but will become a critical facet of sustainable business growth.