“If you don’t have a competitive advantage don’t compete” – Jack Welch
Making decisions on a daily basis has become a norm of organizations of today and making it without the backing of facts and data is “shooting in the dark.”Businesses cannot afford to continue making decisions without deeper insights especially in the current business environment where the competitors are a click away. Making use of wealth of data with the help of latest data mining tools and analytics is the much needed light in the darkness.
A process breakdown offers metrics and indices that helps us in real-time monitoring and analysis. The integration of external factors which are relevant to business types makes it handy for decision making processes. Predictive analytics with external factors and the internal performance metrics will help in making smarter management decisions. The tools arrived are complete management dashboard, predictive analytics and scenario simulators. A combination of all these with efficiency algorithms will make all the decision making well informed and backed by facts.