7 Tips for Making Better Decisions for Your Business

Find the best tips to make the best decisions

Managing a company is making choices daily and knowing how to deal with the consequences of those choices. In the chaotic world of business, it is not easy to know which way we should go, but there are a number of tricks that help us to make the best decisions. Here are 7 tips to make the right decisions for your business!

Have an analytical thought

Making decisions involves a deep understanding of the context and the implications that the decision will have for the business. All scenarios should be analyzed taking into account the various variables involved in the process. Within this analytical thought, you should put into discussion the mistakes previously made in similar situations. Mistakes of the past are good teachers for the decisions of the present.

Review the data correctly

The data are the most important assets of your business and they have very important information for a conscious decision making. Software such as Multipeers, which allow you to analyze your business in real-time, are essential in today’s business world as changes happen at a rapid pace and managers need to keep abreast of what’s happening so they can make decisions on right time.

Accept that there is not only one right answer

The choice that seems like the ideal today may not be the best tomorrow. In business decision-making there is not just one right answer and decisions have to be made keeping in mind the current context of the business. The manager should put all possible answers on the table and analyze the pros and cons, keeping in mind that there may be more than one right answer to the same situation.

Consider the long term

Most managers favor decisions that seem to bring greater returns in the short run, eventually forgetting about the long run. Making decisions that only aim at the short term means that in the future the business can be compromised. All decisions must be taken after analyzing the impact they will have in the short and long term.

Listen to the opinion of others

Company employees should be involved in the most important decisions. Listening to their opinion is important because it will increase their sense of belonging. In addition, they live the business daily and will certainly have a different view on some aspects of the business, so their opinion is essential for a more effective decision making.

Be rational

It is critical not to be guided by emotions when you are making a decision. It is impossible not to get emotionally involved with your business, but when it comes to making decisions you should put emotion aside and act rationally, otherwise it may compromise the future of the business.

Don’t delay decisions

We tend to postpone difficult decisions even though we will have to act sooner or later. If you already know what decision you are going to make and the consequences this will have for your business, it is not worth putting off any longer. The business needs dynamism and it is through the decisions that it evolves!

5 tips from Gartner to analyze your data in real time

Get the tips from Gartner

Gartner is the world’s largest leader in technology advice and research and supports the importance of real-time data analysis for better decision-making. “Real-time analytics can enable data science teams to perform modeling, simulations, and optimizations based on a complete set of transaction data, not just samples,” said one Gartner analyst. In this article, we present you 5 tips from Gartner to properly analyze your data in real time!

Turn time-consuming operational decisions into real-time decisions

Operational decisions are repeated very regularly in a structured way. Changing slow decisions to real-time decisions requires new methodologies. Make data readily available so that operational decisions are based on facts that are happening at the time and not based on old data.

Make frequent changes to simplify processes

Review how decisions are made in your company and find ways to improve it. Let’s use the example of the template used to approve transactions by the company’s credit card. This model is developed once in historical data and is now used to evaluate credit card transactions in real time for several weeks or months. It’s important to monitor the results to ensure that the models work correctly. If they don’t work, you need to modify the rules and analyze often to get the best possible way to decide correctly.

Use business alerts

Business monitoring systems work continuously, 24 hours a day, 7 days a week. Software such as Multipeers track all events as they occur. You can and should set business alerts to be warned whenever something out of the standard considered normal occurs. In this way, you will be alerted via e-mail and/or SMS about the situations that require your attention. It ensures that you don’t lose any important information about the business and you have the possibility of acting immediately.

Be consistent with the operational method

The use of dashboards with real-time information about the company possibilities you to create a common operating framework for all employees. However, it’s possible to define which indicators each employee will receive so that he receives only the information necessary for the execution of his daily work. In this way, the company has a more organized and focused day-to-day life.

Consider decision-making as a discipline

The management of information for the correct decision making is the progress of the design of systems that make decisions. Decision-making systems are run through rule mechanisms, which are divided between software and people-real decision-makers. Look at this component as important to business success as a discipline, creating rules and working methods that allow you to analyze data correctly and decide securely.

Why should small and medium-sized companies invest in a management system?

Find out why small and medium-sized enterprises should invest in management software

Small and medium-sized company’s managers are not always able to deal with the bureaucratic part of the business and in these cases the best solution is to invest in management systems as this will improve the flow of operations. An integrated management system automates processes, contributes to the reduction of administrative errors, generates important information for the operations of the company and has a significant importance for decision making. We present in this article the main reasons why small and medium enterprises should invest in a management system.

Greater control over processes

Management systems centralize the information of all the processes coming from the different departments in just one place. In this way, there is a greater control over everything that happens in the company and there is no need to search for information in different data sources.

Flexibility

Small and medium-sized enterprises have a greater ability to adapt to market needs and conditions imposed by potential customers. Management systems allow you to make the necessary adjustments to maintain the flexibility of the business.

Increase in sales

When companies use Excel files to control the budget, the probability of forgetting to update the file is really high. A management system has mechanisms of automatic verification, eliminating this forgetfulness. The management system creates daily reports.

Avoid uncontrolled situations

The increase in the volume of transactions and an inadequate management system associated with it can lead to a total disruption, reaching the operational collapse phase. With a management system, actions are controlled and actions can be taken in a timely manner to avoid extreme situations.

Greater process fluidity

In the manual process it’s necessary to follow a series of steps until closing a sale in the computer system. By using a management system, everything is done in an automatic and synchronized way, giving a greater fluidity to the processes and eliminating the time spent with it.

Having a proper management system is an essential step in running a business effectively and objectively. When it’s time to choose the management system for your company, keep in mind that this should be updated frequently so as not to run the risk of becoming obsolete quickly. With a properly functioning management system, all your business information will be available quickly and easily to consult!

 

How Technology Has Changed Decision Making

Learn how technology has influenced decision making

The large amount of information that currently exists is a concern for companies, which increasingly find it difficult to manage this information and manage it in order to take the better decisions.  In the old days, technology was used only to automate tasks and to reduce the need for human work, but today it enriches the entire organizational process, optimizing activities, eliminating communication barriers, among other advantages. Management software has played a key role in helping managers to make assertive and conscious decisions. In this article we talk about how technology has changed decision making!

Real-time information: the possibility of accessing the information in real time changes everything because it’s the guarantee that we are always working based on the most current information that exists. Decision making is made easier because there is no need to consult old reports to decide what to do next. With information so accessible, the likelihood of making decisions is much lower, which certainly increases the efficiency of companies.

Creating Business Alerts: Real-time information management software such as Multipeers enables you to set up business alerts that alert managers to abnormal situations that require your attention. This fact makes it possible for managers to carry out their day-to-day tasks in a quiet way because they know they will be alerted when something abnormal happens. This allows corrective actions to be taken immediately, ensuring the rapid resolution of problems.

Mobility facilitates follow-up: Being able to track the status of the organization through the tablet or smartphone is essential for an effective proximity to the business. More and more we use mobile devices and we manage many of the operations through them (reading and sending emails, doing banking transactions, among others). The availability of real-time information for mobile devices allows us to be always attentive to everything that is important in the organization, so that there is no loss of time in decision-making.

More dynamic management: the data available in real time allows instant analysis and decisions are more conscious and efficient.

Immediate perception of the problems: real-time information informs us about the state of things, which allows us to know in good time what is going wrong, so that we can solve the situations. With this new management model, it isn’t necessary to use old reports to find out why something went wrong, because we are alerted immediately.

Technology has changed the way we live and the way we work. With technology, it’s easier to access information and, consequently, to make better decisions that allow the company to achieve success!