Enterprises across the globe are enduring various challenges after the outbreak of the COVID-19 pandemic which has created severe implications on the global economy. The world today is not the same as it was before due to the growing health crisis and the ensuing recession.
Business opportunities are shrinking and it’s more important than ever for companies to serve their existing clients well with adequate resources, seamless operations, and agility to deal with the changing customer demands.
However, during such a crisis, it’s imperative for corporations to ensure the well-being of their employees. Amidst the pandemic like COVID-19, almost anyone can fall susceptible to the deadly infection, as seen in from the global trend.
In the midst of the pandemic, companies must deal with the possibilities of their staff members getting infected from the virus and plan for the safety of other employees as well as the business contingency planning around human resources.
In the case of employees getting infected from the virus, companies must arrange for the contingency planning. Nonetheless, with the ongoing lockdowns and travel restrictions, companies might find it difficult to immediately fulfill their staffing requirements. Also, for infected employees – even if recovered - isolation and social distancing practices have to be critically applied – leading to their absence from the workplace for an extended period.
How should companies maneuver through complicated circumstances?
The answer is - Effective data strategy.
Eugenie has been helping many customers to tackle the newly arising needs centered around scenario planning. We at Eugenie have developed a compartmental model which can analyze the global COVID-19 data and forecast the resulting business implications.
We are presenting the account of two cases where Eugenie’s insights played a crucial role in decision-making amidst the ongoing challenges.
Contingency Planning for staff fulfillment for a Fortune 500 company
Eugenie analyzed the personnel data of the manufacturing units situated in the US and Canada to understand and predict the possibility of their employees catching the COVID-19 infection.
The following approach was implemented for the analysis.
-Identifying employees who can be most probable to be infected, based on the demographical and health data.
-Forecasting the number of employees who will be infected
-Predicting the infected employees depending on their work profiles.
The above insights are helping the HR department of the company for the capacity planning and preparing for the protection of the other employees as well.
Consumer behavior change detection to fine tune sales and promotional activities for a Fortune 100 company
During the current crisis, most CPG companies are facing unusual pressures on the supply chains, leading to logistics and inventory disruptions.
For addressing the above issue, Eugenie provided the following remedial steps:
-Trend analysis of product sales during lockdown and post lockdown time to understand the changed consumer behavior
-Identifying consumer buying patterns based on the demographic segmentation
-Detecting anomalies in on various KPIs for a sudden change of product sales, before and after COVID-19
The results were very useful in detecting panic-buying trends across various geographies which can be used for the altered approach in inventory planning.
An AI-based decision support system like Eugenie can be extremely useful for the enterprises to provide accurate and elaborate insights for coping with the changing consumer preferences.
For most companies, survival is going to be jeopardized in the coming months. Cutting through the crisis successfully through responding swiftly to the varying market demands – while still ensuring the safety of the employees is going to be a tall order. But, decision-support is the need of the hour.
The need for immediate action is more pronounced than ever, leading to the urgency for fast decision-making to respond to the trying times.