How can management reports improve decision making?

[shukla7789]

In our daily lives, we all need to make decisions constantly. What to eat, what clothes to wear, what to do, which route to take... In professional life, decision-making is also common and cross-cutting across the various business areas and has a major impact on the organization's progress. There is nothing better than management reports to simplify and optimize this decision-making .

The crucial thing is decision-making based on a systematic and comprehensive approach to information.

In order to make the best decisions, managers need a large amount of data that allows them to understand the evolution of the business and the best path to follow. To support this process, there are several tools that ivory coast whatsapp number database all types of indicators in management reports that allow them to quickly understand the state of the art of the organization.

The 5 steps to making the right decision

Every day, a manager needs to make decisions about a variety of issues. Whether simple or complex, all decision-making processes involve a 5-step process that builds a well-considered and effective action:

Problem identification - To make a decision, it is necessary to start by understanding the object of the decision, its nature and begin to delimit it and understand its scope.
Gather data and information - In order to understand a problem, it is important to gather as much information and data as possible to support the decision. In this process, it is important to talk to the people involved, understand the business data, analyze management reports, among others.
Identify possible solutions - After knowing the problem and gathering as much information as possible about it, it is important to find a set of possible solutions capable of resolving the issue under analysis.
Choosing the best alternative - Having identified the various options, it is important to analyze them one by one and choose the one that is most suitable for the reality of the organization and the problem identified.
Decision and monitoring - Once the solution has been chosen, it is time to implement it and monitor it in order to understand whether it is meeting the defined objectives and whether the identified problem is being resolved.

The importance of data analysis in decision making

In order to make the best decisions, it is important that managers, after identifying the problem, seek to surround themselves with as much information and data as possible in order to reduce the risk in their choices and achieve the best results for the organization.

WE Deming very succinctly summarizes the importance of data in decision making, stating that without data, a manager is just another person with an opinion.

Therefore, it is important that companies gather as much data as possible on a daily basis about their activity, the market and the economy in general, allowing managers to be equipped with the greatest amount of information.


Possible data sources:
ERP
CRM
Social media
Market research
Analytics tools (e.g. Google Analytics)
Competitor analysis
Between others

However, more important than having the information is to correctly analyze it and gain insights that allow you to understand the evolution of the business, the organization and the market and define campaigns and action plans to solve the problems.


Advantages of data analysis in organizations:
Greater security in decisions
Trend anticipation
Commercial advantage
Anticipate problems
Create differentiation from the competition
Increase in company results

Although all the data collection and analysis work can be done manually, there are several tools, such as PRIMAVERA's POE , that can facilitate this process and provide detailed management reports in just a few minutes.

Now you no longer need to spend hours preparing a report. With PRIMAVERA Office Extensions, you have the freedom to access all sales, HR and financial data in your usual spreadsheet, where you get ready-to-use and always up-to-date analyses.

With POE, you can shorten decision-making time and reduce the error rate and risk associated with the actions implemented. In a single solution, the reporting process is simple, fast and you can even create analyses easily!