As Napoleon Bonaparte once said, nothing is as difficult as making a decision. And if not, just ask the leaders of any organization, who know that decision-making is often part of the strategic uncertainties of the business and is a key factor in the success or failure of any project.
As an entrepreneur or leader of any company, it is very likely that you have asked yourself at some point in time how can you improve your decision-making. Although you almost certainly make decisions every day, but are you sure they are effective? Are they really benefiting your business?
Keys to improve decision making
With current business models, the best source of knowledge for decision-making is data. Strategic uncertainties of the business can be minimized an even be eliminated thanks to the collection of information and especially to its analysis, because accumulating a lot of digital information is not much use if you do not make sense of it.
However, in order for the collection of information in your organization to have positive effects on decision making, it is essential that you consider the following:
· Always keep data updated
Knowing the company’s information is the key to making better decisions. But in addition to its quality, reliability and organization, it is also essential that it is current. This means that you must always keep data updated. It will be useless to know how much you sold two years ago if you do not know the figures for the previous year, for example.
· Analyze collected data correctly
Gathering information is the first step to know the state of your company and make decisions based on it, but if you do not analyze it, it will not do you much good. Keep in mind that from the data you can extract many conclusions, so you must filter and analyze the information to be able to make an accurate decision.
· Be mindful of time
You do not have unlimited time to make decisions. Therefore, as a leader of an organization, you cannot lose sight of time, because a decision, even a good one, if made late may not be beneficial to the business. Therefore, if you do not want to miss opportunities, you must know when it is the right time to step forward and implement an idea.
Data management technologies, what you need for better decision making
If you want to gather, manage, and analyze data from several sources, you need to invest in intelligent data management solutions. An excellent option is Microsoft Power BI, an easy-to-use tool that not only collects and processes valuable business data, but also transforms them into understandable information through tables and graphs.
Thanks to this process you will be able to have a better overview of all the company’s operations, its performance and its overall situation, which will facilitate your decision making, since you will be fully informed.