Importance Of Decision Making In Business

Decision making is one of the most significant and important activities in a business. Decision making involves various processes which are influenced by technology. Information technology provides a business with a Decision support system (DSS) and Artificial intelligence (AI) system, the combination of these IT systems helps businesses create information through online analytical process (OLAP) to facilitate decision making tasks that might require significant effort and analysis.

Technology simplifies the way we make decision in a business. More and more companies are implementing information systems to manage their customer relationship (CRM). However, technology alone doesn’t solve anything. Information Systems poorly managed risk becoming

The purpose of a database is to record and store current data from users. A database is suitable for the traditional type of data storage method. For instance, a bank ATM uses a database to record their customers’ money transactions in real-time. A data warehouse, on the other hand, is a type of database but specifically designed for data analysis. It is used to store and summarize large volumes of historical data.

Benefits of data warehouses. A goal common to all businesses is to make better business decisions than their competitors. Once a data warehouse is implemented into your business intelligence plans, your company can benefit from it in many ways.

Better decision-making – Corporate decision makers will no longer have to make important business decisions based on limited data and hunches. Data warehouses store credible facts and statistics, and decision makers will be able to retrieve that information from the data warehouse based on their personal needs. In addition to making strategic decisions, a data warehouse can also assist in marketing segmentation, inventory management, financial management, and

Businesses can channel their vital resources and workforce to foster business productivity as they need not divert their resources to business intelligence (BI) gathering work. Since all BI gathering work is handled by the BI team, it results in cost saving, time saving and efficient reporting supporting improved business productivity. The BI gathering team can pull up vital information from customer interactions and present it in a manner that is easy to understand, communicate and execute. BI gathering teams ensure that detailed reports are provided to companies ensuring that all the crucial information is presented in a well-documented and presentable manner so that information can be used to efficiently manage the