Why Decision-Making Platforms Are A Missing Link
A lot of companies use tools for data analysis, software for analytics as well as BI software as a standard method of operation. They are typically utilized due to the need to replace inefficient spreadsheet-based data collection and analysis. The objective is to gather insight that can help improve the business's decision-making. Typically these data solutions work at the level of a business or departmental and visualize datasets to help detect trends and look for outliers. In reality, reports and analytics dashboards are not sufficient to provide assistance in making decisions. The Decision-Making Platform is necessary for businesses to connect the gap between analysis and decision by providing essential insight that could otherwise go unnoticed or unutilized.
Why effective decisions require more than Business Intelligence
Data visualization tools can only can be used to aid in business decision-making because the decision-making process steps are far more complicated than just reviewing the information and making a decision. Most decision-making scenarios require spreadsheet analysis because visualization tools don't give the correct data. It's not the best way to promote an independent BI solution and a true home truth for businesses looking to significantly increase the effectiveness and efficiency of their decision-making.
Think about the phases of the decision-making process
There are generally several stages to any operational, strategic, or tactical decisions:
Identification of the problem to be addressed is typically is a requirement or need in the business
Research of relevant information to support the decision
Evaluation of alternative options Internal and external influences that could influence these choices, and the potential outcome of the decision
The choice of the most viable solution
The results of the review will assist in the making of future decisions
Although the difficulty of each of the above stages can differ depending on the kind of decision there are always many aspects to take into consideration before making the final choice. Let's consider an illustration. A company that manufactures goods would like to boost sales of the product it manufactures and is considering employing additional salespeople to do this. How does the management team decide whether to go ahead with recruitment? A tool for BI could be used by the management to study sales figures for various products as well as the output capacities of production lines. This data could then be compared with their previous knowledge to decide whether or not to hire. To discover additional information about decision making, you have to browse roll a d20 site.
What are Decision-Making Platforms that can provide the foundation for better choices?
The Decision-Making Platforms integrate planning, analytics, and forecasting functionality in a single application. This lets users perform Business Intelligence style reporting, analysis, and to use the same information to perform Enterprise Performance Management activities like planning and scenario modeling.
If we relate Decision-Making Platforms to the decision-making process we discussed earlier as well as our manufacturing example, we can see how they can fill in the missing link, and help bridge the gap between decisions and data:
Identification: The need of the business is determined. This is the intention to increase sales of the product in question.
Research Analysis: The decision-making Platform incorporates detailed Business Intelligence capabilities, which can be utilized to analyze data from various sources within the company. These could include sales figures for products, headcount, and production capabilities, which are displayed in interactive, interactive dashboards or reports. Although it provides information that may influence the final decision to hire but it's not enough. In order to be useful, it requires the application of further analysis or understanding.
Evaluation The evaluation stage is where the power of the Decision-Making Platform is realized. It is also where the missing link between data, decisions and data can be solved. Thanks to their unified nature, Decision-Making Platforms can take the same data from Business Intelligence analysis and apply logic to it, giving users the ability to swiftly evaluate different choices through assessing their potential impact on business.