In many businesses, the use of data analysis tools, analytics software, or BI software is common practice. The implementation of these solutions typically arises from the necessity of replacing inefficient spreadsheet-based collation and analysis, with the purpose of gaining information that will aid in making better business decisions. These solutions typically work at a departmental or business level and present data in a visual format to discern trends and analyze outliers. In reality, dashboards and reports are not sufficient to provide decision-making support. Companies require the Decision-Making Platform to help bridge the gap between analysis decision and implementation. It can provide crucial information that might otherwise go unnoticed.


How effective decisions are more than Business Intelligence

Data visualization tools only assist in decision-making for business. The process of making decisions is more complex than simply looking over the data and making a decision. In many situations, further spreadsheet-based analysis is required since visualization tools don’t provide the relevant information in the first place. This is not a great advertisement for an individual BI solution and a true home fact for companies looking to significantly enhance the efficiency and effectiveness of their decision-making.


Check out the steps involved in the decision-making process

All strategic, operational and tactical choices are taken in several stages.


Identification of the problem to be resolved is usually is a requirement or need in the business

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

Assessment of alternatives, internal and external factors which could affect these options, and the potential outcome of the decision

The best option is the one that works.

The results of the review will aid in making future decisions


While the level of difficulty in each of these stages will differ based on the decision being made, there are always several aspects to take into consideration prior to making a final decision. Let’s look at an illustration. A manufacturing company wants to increase the number of sales for a product. To achieve this, they may think about hiring additional salespeople. How do they decide whether or not to proceed with the hiring? The management team could perhaps employ a BI tool to look at sales figures of different products, as well as the capacity of output on the production lines, and combine the data with their personal experiences to determine whether or not to hire. You can get more info on decision making by browsing roll a d20 website.





What are Decision-Making Platforms and how can they assist you to make better choices?

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


If we relate Decision-Making Platforms back to the decision-making process discussed above as well as our manufacturing example, we can see how they can fill in the missing link, and help bridge the gap between data and decision-making:


Identification: The need of the business is determined. This is the need to boost sales for the product in question.


Research Data: The decision making Platform includes detailed Business Intelligence capabilities, which can be utilized to analyze data from various sources within the company. These could include sales figures for a particular product or headcount as well as production capabilities, which are displayed in interactive, visually-focused reports or dashboards. Although it provides information that may influence the final decision of hiring, it is not sufficient. It is important to use additional analysis and knowledge in order to be truly useful.


Evaluation It is here where the power of Decision-Making Platforms is realized. It is also where the missing link between decisions, data and data can be solved. Thanks to their unified design, Decision-Making Platforms can take the same information from the Business Intelligence analysis and apply logic to it, providing users the capability to rapidly evaluate various options by analyzing their impact on the business.