Solving the Problem of Data, Debate, and Decisions
Have you ever wished you had access to better data to back up your arguments in the boardroom? It seems sensible that any executive would want to have all the up-to-date information available before proposing an idea, debating an issue, or making a decision. On the flip side, not knowing all the facts may lead to unproductive disagreements among colleagues, decisions based on gut-feeling vs. actionable information, and unpredictable—even negative—business outcomes.
Indeed, the importance of making business decisions based on the latest data should be a given in this age of information and big data. But a report of 300 C-level executives in organisations from 16 countries around the world said that big data has made things worse, not better, for decision making. They say “information overload” is leading to delays in arriving at strategic decisions.
However, perhaps these problems are actually due to the way data is processed and delivered, and not to the data itself. If so, how can we use information technology to solve the problem of data, debate, and decisions to better support business growth?
ERP helps elevate the debate with greater insight
Research commissioned by Epicor reveals it is natural, even healthy, for senior management team members to have differing ideas. But it is nonetheless important to make sure these conflicts are not based on biased agendas that might hinder business growth, and are instead elevated to productive debates driven by timely, objective facts that are easily and efficiently accessed.
This is where ERP (enterprise resource planning) solutions come into play. The right ERP solution delivers consistent, reliable, accurate information and insights that make it easier to turn nebulous disagreements into intelligent debates. A new Epicor eBook, "Changing the Conversation: How Healthy Debate Drives Profitable Growth" highlights the profound progress that can be made when boardroom discussions are illuminated by real-time information that everyone can access from their ERP solution:
The level of debate changes completely if real-time business information is easily available to everyone sitting around the table. Instead of wasting time arguing about the accuracy of figures, the senior team can discuss how to implement a new idea based on facts, which they can all clearly see in front of them. This is a very different sort of conflict. Now it’s a battle of ideas for the best way to gain a competitive edge. The focus shifts to the smartest decisions that will lead to rapid and sustainable growth.
Once everyone has access to high-quality business information, the conversation is transformed. Well-informed debates empower the senior team to objectively assess new ideas, identify customer trends, and plan operational efficiencies that support profitable growth. They are also likely to lead to better decisions, more positive outcomes, and new, smarter ways of working that will help grow the business long-term.
To learn more about how you can leverage ERP to turn data into actionable information that informs healthy debate and drives better decision making, view this SlideShare and read our new eBook.
Posted by Martin Hill, Vice President Marketing for Epicor International