Menu

Why Decision-Making Platforms Are The Missing Link

decision-making

 

 

In many companies, the use of analytical tools for data, software or BI software is standard practice. These solutions are often implemented because of the need to replace inefficient spreadsheet-based data collection and analysis. The objective is to gather insights that can aid in improving the business's decision-making. These data solutions are able to be utilized at the business or departmental level to present data and spot trends. In reality, reports and analytics dashboards aren't enough to offer assistance in making decisions. Businesses require a Decision-Making Platform to connect the gap between analysis, decision making and execution. It offers crucial insights that might otherwise go unnoticed.

 

Effective decisions require more than Business Intelligence

Data visualization tools only support business decision-making. The process of making decisions is more complex than taking a look at the data and making a decision. Most decision-making scenarios require spreadsheet analysis, as visualization tools do not provide the right information. This is not a great advertisement for an independent BI solution however, it is a true truth for businesses looking to dramatically improve the efficiency and effectiveness of their decisions.

Take a look at the various stages of the process of decision-making

There are usually several steps to any operational, strategic, or tactical decisions:

The problem to be resolved is usually identified by the business requirement or need

Information from relevant research sources to help inform the decision

The evaluation of alternative options External and internal variables that can influence these options, as well as the outcome that could be a result of the choice

The best solution is the one that works.

The results can be studied to guide future decisions

Although the level of complexity for each stage may differ dependent on the type of decision taken, there are numerous factors to consider before making a final choice. Let's consider an illustration. A manufacturing company wants to increase the number of sales for a product. To do this, it might consider hiring sales representatives. How do they make the decision whether to go ahead with the recruitment? The management team might utilize a BI software to look at sales figures for various products, as well as the output capacity of the production lines, and then combine the data with their personal knowledge to determine if they want to recruit. You can obtain more info on decision making by visiting 20 sided dice site.

 

 

 

 

What Decision-Making Platforms can do to provide the foundation for better decisions?

Decision-Making Platforms, that integrate analytics planning, forecasting, and planning functionality in a unified solution, allow users to not only perform Business Intelligence style reporting and analysis, but also to utilize the same information for Enterprise Performance Management activities such as scenario modeling and planning.

The Decision-Making Platforms can be linked to the decision-making process described above as well as our manufacturing case study and discover why they are the missing link to bridge the gap between decisions, data and information:

Identification: This is the identification of the need in the business. In this case, the need to increase sales of a specific product.

Research: The decision-making Platform includes detailed Business Intelligence capabilities, which can be utilized to analyse data from across the business. This could include sales figures for products production, headcount, and other capabilities, which can be presented in dynamic dashboards and reports. Although it provides data that could influence the final decision of hiring, it is not sufficient. It is crucial to further analyze and understanding in order for it to be truly useful.

Evaluation The evaluation stage is where Decision-Making Platform's power is realized. It's also where the gap between decisions, data, and data can be solved. Because of their unifying design, Decision-Making Platforms can take the same data from Business Intelligence analysis and apply logic to it, giving the user the power to swiftly evaluate different choices by seeing their potential effect on the business.