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.

The advantages of automating logistics management

The logistics sector is one of the most strategic in a company and it is an area that requires more attention and care during the day-to-day. When this sector does not work properly, the entire productive process of a company can be called into question. Automation in this industry boosts results and brings several benefits to companies. In today’s article, we present the main advantages of automating the logistics management of your company!

Total process control

To automate the management of information in the logistics sector is to ensure that there is a large organization at all levels. Through real-time monitoring systems such as Multipeers, the company is able to know at every moment what is happening along the logistics chain, and can take immediate decisions that benefit the business. Employee routines become simpler because they can perform faster analyzes and do not need to search for information from a variety of data sources.

Reducing Costs

Reducing costs is a constant concern in companies. Greater control over processes allows for more conscious actions that will automatically lead to better and more advantageous decisions for company accounts. In addition, the replacement of manual processes with automated solutions, with the consequent reduction of errors and early identification of failures, contribute positively to the control of costs.

Integrated Information

An automated management system allows all company information to be concentrated in one place and this makes access to data easier for all employees. This rapid access to logistical information allows faster and more conscious decisions to be made, avoiding delays in the execution of tasks. The integrated information allows you to create reports in real time, allowing the immediate detection of any problems that compromise the workflow.

Higher efficiency

The correct partnership between man and the machine allows a higher yield in the day-to-day. It also allows for the elimination of excess labor costs, since it is easy to optimize the work of the employees. Automation in the logistics industry has this advantage, because tasks that previously required human intervention can now be performed automatically and much faster.

Quick identification of business opportunities

With the use of automated tools you can identify opportunities right when they arise, allowing you to stay one step ahead of the competition. A change in demand for a product, for example, could lead you to launch a specific campaign, which will increase sales and improve overall results.

 

 

 

How to transform your company data into relevant information?

Companies generate a large amount of data daily. These data will be the inputs needed for effective and conscious decision-making, so it is vital that managers are able to extract the most value from them. It is important for companies to define an integrated information strategy, otherwise the data will not have the required value. In today’s article, we leave you with some tips to transform your company’s data into relevant information!

Data vs. Information

First and foremost, you need to distinguish between data and information. Although they are connected, these concepts don’t have the same meaning. Data is all information and initially does not bring any value to the company, as they have not yet been filtered or interpreted. They are data with potential. Already the information is a set of data that have already been categorized and it is already possible to extract useful information. The important thing in this process is to be able to distinguish what can be used with relevance and what does not have any kind of value.

Get to know the state of your business at all times

The day-to-day of a manager is quite busy and it is humanly impossible to keep up with all the situations that happen in the business. It is very important to have a real-time business monitoring system that allows you to set business alerts so that you are advised whenever any important situation requires immediate intervention. Multipeers is a BAM system that allows you to define business alerts that warn you whenever a situation requires your attention. In this way, you will always be aware of the events of your business and will be able to decide in good time. Many of the decisions are made based on reports a few days late, which makes the company have a reactive and non-proactive action. With Multipeers you can always be ahead of the competition. This is one of the most effective ways to turn data into relevant information!

Create efficient planning

For more complex, and especially long-term, decisions, you need to carefully plan each step to be taken considering all the pros and cons of each situation. A very efficient technique is the 5W2H tool, an acronym of 7 questions, in English, that serve as a basis for developing good strategic planning.

  • What (what will be done?)
  • Why (why will it be done?)
  • Where (where will it be done?)
  • When?
  • Who (who will be made?)
  • How (how will it be done?)
  • How much will it cost?

Use KPIs to evaluate actions

Defining business indicators in a conscious way is fundamental to being able to analyze the business objectively. It is essential that the indicators analyzed show managers the way forward in order to correct errors and apply new strategies. KPIs should be simple so that the entire team is able to understand them. If you get too complicated a KPI, you run the risk of not being able to extract any useful information from your analysis. If employees do not understand the indicator, they can become unmotivated, which harms the company’s performance. A KPI should be analyzed frequently because only with constant monitoring can we understand if we are correctly executing the company’s strategy and generating value with our activity. You should always opt for indicators that can be measured easily and frequently so that you can make day-to-day decisions based on reliable and up-to-date information.

Use dashboards in your day-to-day business

A dashboard visually displays the most important information about the business. In case of using a tool like Multipeers, the information is updated permanently and automatically, so that you have at your disposal the most current information on everything that happens in the company. By using a dashboard, you can easily see if your business goals are being met. Linking KPIs with day-to-day activities is essential if individual and global goals are to be achieved more simply. The dashboard is a very important tool in that it presents the data and organizes it so that the manager can analyze them objectively and so that he can extract as much information as possible.

The Importance of 360 Vision for Your Business

A good manager should know everything that goes on in your business. Having a global knowledge of each of the areas of activity of a company is essential so that the best decisions can be made for the future of the business. In the hectic day-to-day business that management leads, it’s not always easy to keep up with all the business activities, but this lack of knowledge can be fatal to the company. Having a 360 vision is imperative to know all the employees with whom you work and all the activities that are carried out in the company. In today’s article, we address the importance of 360 vision for your business!

Better knowledge of Human Resources

When there is a great deal of knowledge about all the company’s employees, it is easier to keep employees motivated and retain the best talent in the company. It is essential that managers know the needs and motivations of their employees, since only then will they be able to offer them the necessary conditions to make them feel good in their place of work.

Real-time analysis

Business life happens now, every moment, and it is essential that you know what is going on with your business. Decisions based on a few days’ reporting are always reactive and risk being overtaken by faster competition to act. Knowing everything that goes on in real time with your business is essential so that you can make timely decisions and have a proactive stance in the market.

Easier decision making

When there is effective knowledge about everything that goes on in the business, it becomes much easier to make the right decisions for the company. Only with an overall knowledge of the state of the company is that managers are able to consciously decide so that the company can grow in a sustained manner.

Continuous improvement

A 360 view allows you to search for constant improvements. Constantly analyzing everything that goes on in the company allows mistakes to be found more easily and improvements are made in business processes and these improvements will be reflected in the company’s overall results.

Extra tip:

BAM tools like Multipeers make decision making more effective because they prevent errors from occurring since they eliminate the need to collect data from many platforms. Because they have a simple and interactive interface, all information is presented in a practical and interactive way, providing all the information in one place, giving the manager all the data he needs to make the right decisions.

Crisis Management: Preventive Measures to Save Your Business

All companies fear going through periods of crisis. However, they do not always worry about having crisis management plans, because their thinking is “only happens to others.” In fact, all businesses are predisposed to to going through more troubled financial times and it is essential that they have a crisis management plan to eliminate the problem as quickly as possible or to minimize its effects. In today’s article, we introduce preventative actions to save your business!

Analyze data and identify problems

The first step is to recognize that there is a problem that needs to be spoken. It is essential to assess its severity since only this we can determine the urgency of corrective actions. Managers need to constantly analyze available data in order to detect management failures, need to change strategy, diversion of production, and other problems that can lead to a crisis. Identifying mistakes made in the past allows us to avoid the same mistakes in the future.

Have a crisis manual

When a company goes through a period of crisis, it needs to make quick decisions. It is very important that you have a written communication plan that is nothing more than the crisis manual. This document informs about the vulnerabilities of the company, explains how to act and who is the responsible person to communicate in this period. The crisis manual should include releases so that communication in times of trouble is faster.

Do not ignore the situation

If you detect any sign that something is wrong, you must act immediately. Ignoring the situation will only complicate it, which will have more serious consequences in the future. It is necessary to make an early diagnosis and investigate the origin of the problem, because the faster the measures are implemented, the more likely the company has to exit the crisis without great consequences.

Eliminate Unnecessary Spending

It is fundamental that companies are always attentive to all expenses, but at the moment of crisis this attention must be redoubled. Identify the highest and most unnecessary expenditures, the least productive employees, general expenses, travel expenses, among others. Eliminating these expenses in a healthy time of the company will allow crisis situations to be delayed or even eliminated. However, you should also be careful not to eliminate spending that are necessary for the proper functioning of the company, as this can pose an even bigger problem.

Get real-time information

Bad decisions can destroy a business, so it is vital that managers have reliable and up-to-date information. Real-time business monitoring software like Multipeers is increasingly a necessity in business. Only with updated information managers are able to make assertive and effective decisions for the proper functioning of the company. Lack of information is often the biggest responsible for less good times in companies, so it is essential to choose a good business monitoring system.

 

Analyzing data in real time is increasingly a reality in companies around the world. Business happens at a very fast pace and it is essential that you know what is happening in your company to make the most appropriate decisions for your business. Download our e-book and learn how a BAM tool can help you manage!

[Free e-book] BAM: The importance of real-time information for meeting objectives

The business world works at an extremely fast pace, which means that it is imperative to be constantly updated about what is happening in organizations, otherwise you will lose business opportunities and won’t detect problems in a timely manner. The globalization of access to information and the constant development of information technologies have contributed to the existence of products such as Multipeers. Capturing data for the creation of dashboards where the current state of a company is found is increasingly necessary for the control of operations and consequent maximization of results.

Why is it necessary to act in real time?

Markets are becoming more competitive and consumers, as they are more informed than before, are increasingly demanding and are looking for solutions in a practical and fast way. Nowadays, everyone “lives running” so that acting late in the business sector can lead to irreversible losses in profits and competitiveness. A company that makes its decisions based on reports with a few days will always have a reactive and non-proactive presence.

What is a BAM system?

A BAM tool consists of monitoring the company’s business processes through management indicators. Managers track all processes in real time through a simple and intuitive dashboard that can be defined as the global management cockpit of the company or organization. Through the implementation of a BAM system, managers can cross performance information and through this crossing can find production failures, for example, and act immediately, ensuring that these failures will not have harmful consequences.

Multipeers as a BAM system

In most companies, decision-making is based on reports, intranets, and e-mails that require the user to search for information. Due to this reality, many companies lost business opportunities because they didn’t have timely information. Likewise, on many occasions decisions have been made on the basis of outdated information, rendering them ineffective and wrong.

To combat this difficulty, Multipeers comes with the objective of delivering relevant information about the business in real time directly to their devices (desktop, tablet or smartphone). By using Multipeers, you don’t need to spend time looking for information, making processes and decision making much more agile and effective. In a simplified way, Multipeers assumes itself as a global, automated and real-time management cockpit.

Download the ebook “BAM: The Importance of Real-Time Information to Achieve Goals” and find all you need to know about business monitoring and meeting goals!