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Data is the Silver Bullet for Your Business in a Slow Economy Economic uncertainty can create gaps in your business strategy. Here's why data must be part of the solution

By Christal Bemont

Opinions expressed by Entrepreneur contributors are their own.

History has shown that the greatest weapon against uncertainty is information. During the pandemic, companies with a strong understanding of their business — from their customers to their suppliers, based on their ability to wrangle data effectively — fared significantly better than others.

Now, understanding your business on both a microscopic and holistic level is more critical than ever. As the threat of potentially tougher times looms, information must be treated as the central tool in leading a business through the storm.

When in a chaotic landscape, far too many organizations are operating blind, prone to making impulsive decisions, overlooking trends and missing out on market opportunities until it's too late. Most companies dedicate resources to the wrong things, often choosing panic over potential. Instead, leaders must dive into their data to determine how each piece of their business contributes to their overall success — and how to pivot quickly if it's not.