Technology has revolutionized industries, enhanced our day to day life, and transformed business processes and the way companies interact with their clients, so it was only natural that technology would influence the way businesses make decisions as well. In this context, by leveraging technologies, companies have been able to take their decision-making process to the next level, and reach better, more informed decisions, that translate into major benefits. From improved performance and streamlined operations, to the opportunity to address clients’ needs and exceed their expectations, the advantages that businesses have been enjoying as a result of making these superior decisions, have encouraged them to incorporate technologies even more into the decision-making process mix.
So, allow us to break down this process and see exactly where innovative technologies fit in, and how companies have managed to successfully make use of various tools and technologies such as artificial intelligence, machine learning or data analytics, in order to perfect decision-making.
First however, we must draw attention to the importance of planning, as businesses should carefully asses their current situation and clearly determine their objectives, before making any definitive decision. Once they have identified the issues that they wish to fix, or the upgrades that they see fit, and have set a reasonable timeframe for such improvements, it is time for the next step, that revolves around data. More specifically, companies need to collect and analyse as much information as possible, that typically resides across multiple databases, so that they can make data-driven decisions.
And this is where artificial intelligence and big data come into play, as an answer to all of companies’ difficulties, that gathering and making sense of large volumes of data usually entail. In this regard, AI-powered tools and big data technologies are able to assist businesses in processing significant amounts of data, whether it comes from financial records, market trends, product usage data, customer records, or other sources, in a short period of time. This enables companies to make superior decisions faster, and therefore enjoy benefits such as those surrounding the increased customer satisfaction and the ease with which data is being managed.
Data requirements however, are quite different for each step that the decision-making process includes, so various tools are needed throughout it. Decision preparation, decision structuring, decision making and decision management represent phases of the decision-making process, that decisions must undergo before companies can make sure that it best suits their needs.
Moving forward, another prerequisite for the adoption of superior decisions is that which refers to an efficient communication between companies’ departments, for decision-making represents a group effort. And technology offers the right solutions yet again, as technological collaborative tools give businesses the opportunity to ensure a seamless communication between the departments involved in the process. What’s more, by turning to such tools, companies are able to build a culture based on trust and transparency, in which employees feel included in decision-making.
But collaborative tools are not the only technology-powered means by which companies can assist their employees in reaching better decisions, automation can also lend a helping hand in this direction. In this sense, by automating tedious, repetitive tasks, businesses are able to free up specialists’ time, who will, in turn have the possibility to dedicate more energy and effort towards the decision-making process.
Finally, we must also mention virtual reality, a disruptive technology that has been successfully used by companies seeking to make advanced decisions. To reach the latter, businesses have chosen VR solutions, with the help of which they have been able to take various scenarios into account and view the potential outcomes of different decisions. This way, companies can make truly informed decisions and even plan ahead, as they can visualise the changes that will be taking place throughout the company.
The decision-making process has proven to be quite a challenge for many companies, as it is not one to be taken lightly. The right decisions have the power to set businesses apart from their competitors, therefore finding ways to enhance the decision-making process, has always been a priority in companies’ agendas. Luckily however, big data, artificial intelligence, virtual reality, and data analytics, are here to assist businesses in improving the decision-making process, having already demonstrated their potential to reveal the best solutions and strategies a company can adopt.