We hear a lot of talk today about data-driven management. But is information really synonymous with business intelligence?
While data is primordial for the maintenance and leverage of companies, it is known that the way data is read and cross-referenced will define how assertive the decision making process is.
In this context, Business Decisioning is strengthened by the tendency to value and optimize the decision making process within companies in order to guarantee definitions with lower risks.
We compiled everything you need to know to establish Business Decisioning as a competitive differential for a healthy development of any company, managing credit or supply risks. Check it out!
What is Business Decisioning?
The larger the company, the more complex the flow of decisions and stakeholders involved. Consequently, the volume of strategic decisions to be made on a daily basis and the potential risk of them being influenced by numerous factors also increases.
Business Decisioning brings the decision flow into focus, giving it its due importance, while incorporating the best of modern technology to automate processes, reduce effort and human bias in deliberations.
It is important to always remember that, when mentioning the volume of decisions to be made, one can immediately associate it with operational definitions. The relationship is true, since the size of the company will directly influence the amount of processes along its operations chain.
However, Business Decisioning is not only about operational flow.
Optimizing the analysis focused on the company’s strategic definitions can be the differential for the company’s growth especially in the long term – allowing crucial decisions to be made in the right way, extracting the full business potential in each analysis.
In this context, data management, risk assessment, and business intelligence platforms emerge as a great alternative for corporations seeking a reliable data source, external to the institution, that is automatically fed and facilitates the decisions to be taken by the various teams.
The intention is that technology becomes part of the teams’ routine, digitalizing processes, automating analysis, bringing speed with intelligence.
This is what CIAL Dun & Bradstreet believes, which has the best platform for business decisions in Brazil.
With CIAL360, employees and managers can count on updated, secure and automated information that will make a difference in decision making – streamlining the process. The platform is able to boost the standardized and impartial work of analysts, generating analyses supported by the most complete commercial database in the world.
As such, part of the analysis is done directly through a decision engine, cross-referencing information from the largest global provider of business data.
Decision vs. time
Generally speaking, when analyzing the decision-making flow within a company, one of the variables that ends up not being considered as important as it should be is time.
It may seem obvious, but making the right decisions requires a lot of time for previous analysis.
The volume in which the decisions take place and the teams’ complicated routine, the dedication to the necessary analysis before defining the purchase and/or sale, the risks to be taken, ends up being compromised.
Another factor that directly influences the decision making time is the number of players involved. The more employees and managers need to be part of the analysis and deliberation, the longer this flow tends to be.
When the definition is strategic and includes other C-level stakeholders within the company, decision making also tends to take longer.
Besides other advantages, technology arrives to optimize the process, removing from the scene external influences that can prolong and facilitate a biased decision – either by the lack of a deeper analysis of the actor taking the deliberation or any other factor.
Having in hand a reliable external database in an automated flow, which can be accessed constantly, eliminates the need for each decision process to be treated as a unique event.
Advantages of Automating the Decision Flow
For companies today, the choice is not using technology for decision support, but how.
Having data at hand, especially when it comes to internal information, does not guarantee impartial decision making – since the aspects of this analysis will be defined by human criteria and all the biases carried by each individual.
Using automation tools for analysis in decision making can bring specific advantages according to each sector, as well as bring competitive differentials for the company as a whole.
Right decisions cost less.
Huge amounts of money can be lost or even companies can go bankrupt because of wrong decisions – especially when it comes to closing large supply contracts and B2B credit analyses.
Additionally, since time is money, optimizing decision-making processes can be an important competitive advantage over competitors.
Besides the security of having access to data that allow a correct analysis, CIAL360 Credit, for example, allows the process to be accelerated up to 3 times by automating the company’s standard flows. An excellent way for the company to grow quickly and intelligently, to really make good decisions.
Right decisions avoid conflict.
The transparency and security of automated external data prevents cognitive biases from directing the path to be followed – which can generate internal conflicts of interest, impacting production processes, sales and even the brand.
With the experience of more than 100 years in the market and partners in several countries, today CIAL Dun & Bradstreet can observe the constant use of its SaaS platform by its customers as part of the company’s routine – and not in isolation.
Companies that have already understood and see in practice how information and technology together are able to make them grow more, faster and smarter!