In recent years decision makers in both the public and private sectors have made a number of poor calls. For example, AOL chose poorly when buying Bebo for $850 million and after it failed they recently sold it back to the founder this year for $1 million. Also, General Motors made terrible decisions about which cars to bring to market.
Why do businesses make so many poor decisions?
These decisions have generally been viewed as the duty of individuals, usually senior managers. The process employed, the information used, the logic relied on, have been left up to them. Information goes in, decisions come out and no one knows what happens in between.
It is time to take decision making out of the realm of the individual and organisations must help their managers employ better decision-making processes. Better processes won’t guarantee better decisions, of course, but they can make them more likely.
Business Intelligence Tools
In recent times, technological developments in the area of Business Intelligence have brought about simpler, faster and more efficient analytics. A BI tool’s ability to compile unstructured data from multiple sources and transform transactional data into management information that deliver clear and accurate insights is indisputable. Business Intelligence, all in all, has been proven to enable better decision-making.
To make better decisions, you need to examine the accessible components of decision making; which decisions need to be made, what data is supplied, key people in the process, and insights into the place.
Business Intelligence emerged twenty years ago as a tool for aiding decision-making. Originally seen as the preserve of analysts and C-level executives, it has slowly evolved into a more democratic medium as organisations have come to realise that decision makers at all levels and in all departments need access to timely, relevant information.
Business intelligence should deliver on three factors:
- Easy access to source data for reporting and analysis
- Easy-to-use and improved support for data analysis
- Easy-to-consume results
These features help businesses get more control over their data and achieve more from reporting and analytics. This way, managers are empowered to harness their data further to improve decision-making in a strategic manner.
To learn more about how to make better business decisions get in touch with the Blueberry Wave to find out how we can help.« Back