Decision making is a core component in our daily processes and is a very important function of management. Management who are part of planning, organising and coordinating constantly need to make informed decisions to ensure that the business utilises their resources in the most effective way, objectives are achieved, and the business grows to reach its full potential.
Traditionally, management followed a time-consuming process where information had to be gathered, processed and analysed before any decisions could be made and due to human intervention, data may have been inaccurate resulting in corrupt data-based decisions.
Real-time data (RTD) is exactly what it says, its information that is available and usable almost instantaneously after being processed. Real-time data allowed to shift the art of success from acquiring data to accurately processing and analysing it.
We find ourselves in an environment that is constantly changing, and management should be able to make real-time decisions to ensure they remain competitive with the market. New technology gives management the ability to accurately process large volumes of information and it replaces the shortcomings of manual processes that optimise positive outcomes in a much shorter period.
When a person works with real-time data, they can make more accurate and more effective decisions, faster. It’s important not to focus on making quick decisions that may affect the quality of your outcome, but rather use technology to process data faster so management has more time to make informed decisions. With real-time data management, you are not forced to work with outdated and corrupted information but rather work with information that is valid and usable. This enables companies to analyse customer patterns, manage risks, drive company performance and ultimately leave the company with a competitive advantage over those that still use the traditional method.
To conclude, businesses need to be innovative to keep up with the constant changes in the business environment. Rather spend time analysing data than to collect and process it. Good data is an asset to any business, but the success of the business lies in utilising the data to make decisions that allow the company to stay ahead of the pack.
Please contact our Accounting Manager, Suné Claassen at email@example.com if you have any questions.