A lot of companies use tools for data analysis, software for analytics as well as BI software as a common practice. These solutions are often used due to the necessity to replace inefficient spreadsheet-based data collection and analysis. The goal is to gather insights that can aid in improving the efficiency of business decision-making. These solutions typically work at the level of a business or departmental and display data to identify trends and examine outliers. But the reality is that information from reports or analytics dashboards is not enough to deliver the necessary support for decision-making. Companies require a Decision-Making Platform to help bridge the gap between analysis decision-making and implementation. It can provide crucial information that might otherwise go unnoticed.

Business Intelligence is not enough to make informed decisions

Data visualization tools can only can be used to aid in business decision-making, because the decision-making processes are far more complicated than simply reviewing reported information and making a choice. In many decision-making scenarios, further spreadsheet-based analysis is required since visualization tools do not provide the required information in the first place. This is not a great advertisement for an independent BI solution and a true home fact for companies looking to enhance the efficiency and effectiveness of their decision-making.

Consider the stages of the process of decision-making

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

The problem that needs to be addressed is typically is a requirement or need in the business

To make an informed decision, it is recommended to study pertinent information

The evaluation of alternative options External and internal elements that could influence these options, as well as the possible outcome of the choice

The choice of the most viable solution

The results can be studied to help make future decisions

While the level of difficulty in each of these stages may vary depending on the decision being made There are always a variety of aspects to take into consideration before making the final choice. Let's consider an example. A company that manufactures goods would like to boost sales of a certain product and is contemplating hiring additional salespeople to achieve this. How can they decide whether or not to proceed with the hiring? A BI tool can be used by management to analyze sales figures for various products as well as the output capacity of production lines. This information can then be combined with their experiences to decide whether or not to hire. To learn more details about decision-making, you must check out 20 sided dice site.

What are Decision-Making Platforms ? And how can they assist you to make better decision-making

The Decision-Making Platforms combine planning, analytics, and forecasting functionality in a single application. This allows users to execute Business Intelligence style reporting, analysis and also allows them to use the same data for Enterprise Performance Management activities like planning and scenario modeling.

If we link Decision-Making Platforms back to the decision-making process mentioned above as well as our manufacturing example it is clear why they provide the missing link, and help bridge the gap between data and decision-making:

Identification: This is the identification of the business need. In this case, the need to increase number of sales for a certain product.

Research: The decision-making Platform incorporates detailed Business Intelligence capabilities, which can be utilized to analyse data from across the business. This could include sales figures by product or headcount as well as production capabilities, which can be presented in dynamic dashboards and reports. This provides background information that could affect the final decision of whether to hire however, this is not enough. It is crucial to further analyze and understanding in order for it to be truly useful.

Evaluation The evaluation is where the true power of the Decision-Making Platform is realized, and the missing link between data and decisions is overcome. Because they're unified, Decision-Making Platforms have the ability to analyze the same data as the Business Intelligence analysis, apply logic to it, and allow the user to rapidly evaluate the different options to see their impact on business.

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