Technology has made information available for decision-making ever more abundant and timely, helping to improve the speed and quality of managers’ decisions. Technology also makes it easier for people to collaborate, take and execute business decisions together. Organizations and large industries use communication technologies to inform employees about business decisions and to ensure that people implement those decisions.
Employees who make business decisions need quick access to information to formulate and justify their decisions. Information may include historical, corporate, customer records, market trends, financial data, and competitive profiles. This information can reside in different databases within an organization, so it can be very difficult for managers to get a complete picture. To solve this problem it is necessary to invest in a network data management system (such as an ERP for example) which allows organizations to store data in a Data Warehouse and dispose of them when required.
Technology can also improve the collection of information needed for business decisions. Generating network links between a central database and local outlets, for example, allows organizations to collect the latest sales data and make decisions based on the day’s information. Likewise, members of the supply chain can collect and share market and production data to make more accurate decisions about production levels and stockpiling.
Data alone cannot improve business decisions. Many information technologies (IT) believe that their responsibility is only to deliver a large amount of data and leave it on the desktop of the decision maker. Data without processing does not reflect the needs of managers, quite the contrary, tend to confuse. This situation creates a disconnect between IT and the business.
The decision-making process consists of a series of stages that include the preparation of decisions, the structuring of decisions, the making and management of decisions. The data requirements are different at each stage, so large volumes of raw data are unnecessary. Business Intelligence tools are available for free and allow (for example Rapid Miner) users to select, analyze and manipulate data that are needed at different stages of the process.
In many organizations, decision making is a group process, especially for projects such as the development of new products. Information Technology supports decisions in a group environment, allowing all members to access essential data in a timely manner. Work-groups can also use collaborative tools such as audio or video conferencing, to hold meetings among members in different venues as a way to speed up the process.
We can conclude that today the Information Technologies are essential for the success of a company so it is highly recommended to adapt, change and continue to grow.
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