Be honest, do you consider yourself a great decision maker? I believe, with a few exceptions, that many people are not able to make optimal decisions. Why you might ask? Well, the answer is quite simple: people don’t have the time to collect and analyze all the available data and information that can be collected from information systems in your organization, suppliers, customers and other external sources. In addition, people’s capacity to process and store certain amounts of information is very limited. Just try to remember what you had for dinner two weeks ago. But don’t worry help is on the way, because in this blog I will list three important benefits of Decision Management that everyone should know of in order to improve your business outcomes.
Imagine you wake up one day and suddenly there is a completely new technology available that outperforms your product or service in every way and you didn’t see it coming. Sounds impossible, right? Well, scenarios like these are happening. Take for example taxi service Uber or navigation devices for in your car. In case of the latter, players like Garmin and TomTom dominated this market for several years, selling their products for hundreds of dollars each. However, that was before Google introduced Google Maps for Android phones including a navigation function. As a result, Garmin’s and TomTom’s market values dropped dramatically, 85% in only 18 months.