There’s no doubt that the coronavirus pandemic has already transformed the world and the way we use technology. In particular, big data and predictive analytics models hold the power to generate information that will be leveraged by everyone — from world leaders, the scientific community and industries such as manufacturing, to the general public and the healthcare sector.
The impact of COVID-19 has prompted many to examine how we can use big data for social good, to help small businesses and to bolster the economy as a whole. In fact, President Trump recently left many scratching their heads when he stated publicly that he intended to loosen social distancing measures in an attempt to re-open the American economy — despite contrary advice from medical professionals and advisors. This has prompted many economists and White House advisors to begin looking for new strategies to “open” the nation for business, without risking a medical catastrophe. You can be certain that experts are now frantically poring over big data for economic growth, analytics and simulations as they attempt to come up with a game plan.
How Different Industries are Leveraging Big Data for Economic Growth
Businesses are having to make critical operational decisions in a time of mass uncertainty. In order to do so, they are turning to data-driven insights. Thanks to big data, they can gauge the spread of the virus, coordinate an appropriate response to the pandemic and drive economic growth (or simply limit economic contraction). Let’s look at how a number of different industries may be leveraging big data analytics tools in the coming weeks, in response to the coronavirus pandemic.
- Manufacturers may use predictive analytics tools to guide their production levels and modify their distribution strategies to meet the varying demand in different regions.
- Predictive healthcare analytics will be used to guide the distribution of medical equipment, medications, personnel and even a coronavirus vaccine once it becomes available. Big data can also be used to run modeling to evaluate the effectiveness of different drugs and treatments.
- Predictive modeling will be used to generate updated coronavirus spread maps, so the public can see which regions are expected to see a rise in COVID-19 infection cases. These predictive mapping technologies may also be leveraged to pre-position healthcare workers, supplies, field hospitals and other resources so they’re in the locations with the greatest need.
- Epidemiologists will almost certainly use predictive analytics modeling to develop a COVID-19 vaccination strategy that will maximize the positive impact and speed the establishment of “herd immunity.”
- Food and grocery delivery companies may use predictive analytics to identify which regions will require an increase in the number of shoppers and delivery drivers.
- Stores and e-commerce companies will likely use PA technology to predict demand for various products. This would allow shops and online retailers to order and pre-position stock so as to minimize shortages and instances where shoppers are met with bare shelves. Predictive modeling can also help with the development of new policies, such as imposing purchase limits on in-demand products.
These are just some of the ways in which industries across the globe will leverage big data analytics tools to handle the COVID-19 pandemic and its fallout. It’s fair to presume that we will see a tremendous move toward big data for economic growth and recovery, since this process must be guided by facts and data if we’re going to see rapid improvement.
While questions still swirl around the spread and ultimate impact of this coronavirus pandemic, one thing is clear: citizens are changing their behaviors and companies are altering their business practices and business strategies in response to COVID-19. This is a prime example of where we can leverage big data for social good and economic recovery, using data to drive decision-making in an uncertain environment.
As a result of this pandemic, some businesses may require data governance tools such as a data lake, new custom software or mobile app development services. Others may require help with cloud integration or establishing a new, secure enterprise software platform to facilitate remote work. This is where the team at 7T can assist, as our team continues to work full-time in a remote capacity amid the coronavirus crisis.
7T is a software development company, dealing in a wide range of custom development projects. Our team of top Dallas software developers specialize in a range of different technologies, including ERP and CRM development, one-of-a-kind mobile app and custom software development projects, tools for data lake creation, data governance, data visualization, cloud integrations and system integrations. In fact, our work speaks volumes!