How to Improve Decision-Making to Increase Business Growth
The decisions you make in your business today are what shape its future, including how fast and far it will grow. So it stands to reason that if you want to increase and optimize your business’s growth, you need to improve and maximize the quality of your decision-making.
However, this can be easier said than done. While the digital age has produced a breadth and depth of data unlike anything the world has ever seen, the sheer volume and velocity at which it’s created can be quite literally overwhelming. Despite ongoing advancements in IT, distilling an ocean of data into meaningful information that informs smart decision-making continues to be a huge challenge for organizations. And the reality is that those who don’t master this challenge are bound to be left behind their competitors who do.
Research reveals deep concerns around growth and decision-making
A recent survey commissioned by Epicor and conducted by MORAR Consulting confirmed that decision-making as it pertains to growth is a major concern for businesses. For example, the research revealed five key risks that manufacturers believe threaten their growth ambitions—one being that senior executives may not be fully prepared for the challenges of managing a larger, more diverse business. This could be attributed to management not being able to get an overall view of the business and make good decisions quickly, as a lack of real-time, relevant information would force them to rely on gut-feel for decisions, leading to mistakes.
Additionally, the survey identified four key dangers that senior executives most wish to avoid when growing their businesses. Among them was a lack of visibility of business operations. No one person can personally have direct visibility of all that is going on in a large business. This can only be achieved by collecting, distilling, interpreting, editing, and presenting meaningful management-related information in a timely manner—and highlighting key issues in a way that is clear and actionable.
The solution for improving decision-making to enable increased growth
It’s clear that the key to maximizing decision-making in support of greater growth is having full visibility of the business, as enabled by on-demand access to the right information at the right time. A business software solution such as Epicor ERP delivers accurate and timely information that gives you the insight needed to improve operational efficiency and effectiveness. More accurate insight means better decisions more frequently—and better decisions mean faster growth.
Epicor ERP also brings consistency and visibility to performance metrics and key performance indicators (KPIs). It gives you the capability to perform in-depth analysis of critical KPIs providing more insight and detail so that you can manage spending, costs, and profitability more confidently. This can lead to more assured decisions, improved business agility, and sustainable competitive advantage that can result in quicker growth.
To discover more about how you can leverage the right IT system to improve decision-making and thus increase business growth, read our new eBook
Posted by Celia Fleischaker, CMO, Global Marketing at Epicor