Companies are still not prepared for another pandemic, despite two years of uncertainty

New Ideas in MarketingEssential news for marketers, summarised by YouGov
March 29, 2022, 5:38 PM GMT+0

A Prevedere-Coresight Research found that only 52% of US business leaders used external economic data to inform their planning and forecasting processes.

Despite two years of uncertainty and disruptions due to the COVID-19 pandemic, more than half of American business leaders do not feel fully prepared for a future pandemic. They are highly concerned about business uncertainty originating from employment issues, supply chain blockage and consumer behaviour shifts.

Since the coronavirus outbreak, 76% of business leaders reported experiencing impacts on their planning and forecasting. 48% even reported facing significant challenges. Around 69% of respondents cited an ability to incorporate real-time economic changes and fast-changing customer behaviour into planning and forecasting as their biggest challenges.

Despite these challenges, only 12% of leaders use economic data unique to their businesses. However, 62% of the business leaders have changed their planning and forecasting since the virus outbreak. Of those making changes, 68% invested more in technology, and 62% invested more in data than the pandemic.

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