Making decisions is part of everyone’s life. A decision is always accompanied by an outcome, a path to follow and new obstacles to be confronted. Whether in personal or profissional life, analyzing the current scenario, studying the possible ramifications, raising the risks and evaluating the trends is part of the decision making process. With reliable information and good analysis, invaluable insights are generated that support an intelligent and secure decision.
In the business environment, the decision making process is increasingly shorter. To take advantage of opportunities, respond to market swings, innovate and stay competitive, decision making must be fast and effecient…It’s not enough to have reports on each area of the company, it is necessary to connect information, make specific analyses in accordance with the objectives of the company. Safe decisions are made when top level management have a deep understanding of the company, and this is only possible with constant updating, once the business and market transform so quickly. Business Intelligenge (BI) emerged exactly to enable this agility and security in the decision making process.
It is through the collection, organization, data analysis of diverse sources (internal and external) and contextualization of information, that (BI) brings various benefits to the business like, increasing predictability, prevent risks, identify problems in due time, facilitate the prioritization of projects, in addition to accelerating the decision making process. Business Intelligence (BI), provides top management with an ample vision of the direction of the company and also identifies patterns, trends and behaviors. With managers fitted with precious insights, the company can anticipate, become more competitive and better take advantage of more opportunities.
To generate more precise insights it is very important that the data which impacts the business be collected, confronted and analyzed. Moreover, the strategic objectives of the company must be clear, with attainable targets and KPIs (rates and performance) well designed to reflect the reality of the company. On these pillars are defined the business rules fundamental to the creation of information analysis panels. Even with a good BI system in place, it is important to have competent people to create these rules, organize panels, monitor information and generate insights. In this manner the vision of the organization and the factors which impact the business.
With the advance in technology, the BI systems are increasingly more user-friendly and enable quick access to information. The top management can verify the panels and analyses by means of mobile devices and even off-line. With strategic information, focused on the business objectives and well analyzed on the palm of the hand, the decision making process is secure and infinately faster. In Brazil, there is a very intuitive and efficiente BI system which already bears reports and insights made by specialists. Learn more here!
“Decisions are the unit of work in which BI initiatives should be applied”, said Thomas H. Davenport to Harvard Business Review magazine.
The role of Business Intelligence in the decision making process of companies, today, is essential. Without the adequate treatment of information and the agility of BI, there is no surety to arrive at trustable strategic decisions in the time that the market currently demands. Even though many businessmen still make important decisions intuitively, based on superficial data and their experiences, the tendency is that BI becomes increasingly more necessary for the survival and competitiveness of companies.