Optimize decision making in your business in 5 steps

Decisions, decisions and more decisions! Every day managers face the challenge of making decisions that can dramatically change the course of a business. Making the right decision is a complicated task because we don’t always have the data we need to make a conscious decision. At a time when data is growing in numbers in organizations, it is very difficult to extract useful insights that help us choose the best course. In today’s article, we’ll see how you can optimize decision making in your business in 5 steps!

Correctly identify the problem that needs solving

Decision making, in most situations, aims to solve a business problem. Thus, for the best decision to be made it is necessary to identify its origin and list all possible solutions. This step seems basic but it is one of the most important and one of the most underrated. In-depth analysis of the situation will give us the data we need to know which path to choose. An improper decision can compromise business continuity.

Accept that there is not just one right answer

The choice that seems to be the ideal today may not be the most appropriate tomorrow. When it comes to deciding in business there is not just one right answer and decisions have to be made with the current business context in mind. The manager should place all possible answers on the table and analyze the pros and cons, taking into account that there may be more than one right answer for the same situation. And we advise that the decision be taken as a team, as this will involve your employees and this increases people’s motivation.

Use real-time monitoring software

It is very important to have a real-time business monitoring system that allows you to set business alerts to be alerted whenever an important situation requires immediate intervention. Multipeers is a BAM system that allows you to set business alerts that warn you whenever a situation requires your attention. This way you will always be aware of your business events and will be able to decide in good time. Many decisions are made based on reports that are a few days late, which causes the company to take reactive rather than proactive action. With Multipeers you will always be able to stay ahead of the competition and make the best decisions for the business.

Make future thinking

Most managers favor decisions that seem to bring greater returns in the short term, eventually forgetting the long term. Making short-term decisions means that the business can be compromised in the future. All decisions must be made after the impact analysis they will have in the short and long term. A decision that is useful at present but which in the future may pose serious problems should be avoided.

Do not postpone inadmissible decisions

We tend to postpone difficult decisions even though we know that sooner or later we will have to act. If you already know what decision you are going to make and the consequences it will have for your business, it is not worth delaying anymore. Business needs dynamism and it is through decisions that it evolves. With the right tools, you can make business-beneficial decisions.

Get to know the 4 types of Data Analytics and find how to use them in your business

It is no longer surprising that companies deal with a large amount of data, which makes it difficult to analyze them and consequently make decisions. It is now necessary to cross-reference data from a variety of data sources, gain insights, and analyze consumer and market information. In today’s article, we’ll cover the 4 types of Data Analytics that you can (and should) use in your business!

Descriptive analysis

This type of Data Analytics answers the question “what is happening now?”. Through the response, companies can analyze data on customer losses, sales for a particular product, and the outcome of launched campaigns. Descriptive analysis allows immediate decisions to be made with a high level of security, since the analysis is based on concrete and current data. The information coming from this type of analysis is usually displayed in graphs and tables, which allows the manager to have an overview of the processes monitored.

Predictive Analysis

Predictive analytics is an advanced form of Data Analytics that aims to answer the question “what will happen?”. It is a type of analysis that makes predictions through probabilities. This analysis is possible thanks to techniques like regression and progression analysis, pattern matching and various types of statistics. This type of Data Analytics is widely used in stock market and investment companies.

Diagnostic analysis

Diagnostic analysis will explain why something happened. This type of analysis will relate all available data and information to find patterns of behavior that may explain the results. It is an important analysis to find problems and above all to avoid repeating them in the future.

Prescriptive analysis

The prescriptive analysis is the analysis of premonition. It answers the question “what could happen if we take this action?”. This type of analysis is very important especially in the sales area. For example, “if we think about giving a 15% discount next month on the company’s lesser-selling product, the likelihood of increased sales is 40%”. The prescriptive analysis raises hypotheses about possible results of actions taken by the company. It is an essential analysis for managers, as it helps them to evaluate the best way to choose a certain strategy to solve a problem.

 

Analyzing the data is essential to meet the constant challenges of today’s competitive business world. It is no longer enough to analyze the events after these have happened: it is essential to always be aware of what is happening at each moment. Business monitoring systems such as Multipeers are essential tools in today’s business world because they allow us to analyze the second thing that is happening in the company, allowing you to act immediately without having serious consequences.