Post by simranratry20244 on Feb 12, 2024 1:32:53 GMT -5
Investments, sales, acquisitions, mergers, market expansion or changes in the organization, its management or infrastructure are some of the situations that drive business decision-making . Behind each of these processes in which all the possibilities are presented, the least interesting alternatives are discarded and one and only one of the viable options is chosen, the one considered to have the greatest probability of success; There is a need for objective, consistent and reliable support, which only quality data can provide. Photo credits: istock Nomadsoul1 It is true that a decision can be made in a tenth of a second, in the end they all boil down to a "stop" or a "go" , but behind good decisions there are always: An effort to understand reality, that of the business and all the circumstances that surround it. An analysis of variables , which is practiced from the perspective that gives the global and unique vision. A level of risk tolerance, which determines how far you can go. Reporting and quotes are tools usually used in decision-making processes , especially when it comes to aspects of strategic importance, which require quick determination or in which different business partners or users from different areas within the company are involved.
Precisely because of their assiduousness, they must be controlled more carefully. Reports, Excel and decision making: a difficult balance to maintain Comparisons, predictions, what if analysis or simulations are some of the methods that support the generation of reports, or budgeting, when they are aimed at making business decisions . However, no matter how innovative the software solutions used are, how Colombia Telemarketing Data precise the methods used in the decision-making process are, and how expert the professionals are in charge of choosing the best option for the future of the organization, there will always be a weak point, which coincides with the most valuable asset of the company: its data. And the way of working with data, the methods used for its collection, storage, maintenance or processing has been adapted to the available resources without evaluating or contrasting them with the true business needs. An example of this is the proliferation of multifunction Excel sheets that are equally used to format annual planning, to collect data about clients or to serve as a starting point for analysis.
The problem is that this tool was not conceived to cover strategic business needs, nor to support decision-making in complex environments, much less to support the volumes of data that are required today for any routine operation. Therefore, when budgeting, reporting and, ultimately, decision making is based on Excel, problems begin to arise related to its lack of consistency , which is evident in the following aspects: Gaps, duplications, errors in formulas, deletion of columns or rows, missing links or changes in the order of tabs. Consolidation errors, which respond to an overload resulting from working on multiple Excel sheets simultaneously. Human errors in data entry that are overlooked and very difficult to detect and repair. Selection of the wrong Excel, because it is outdated, refers to other parameters that are not those sought or is subject to an area other than that which requires the information. Difficulties when exercising effective control over the content of Excel, promoting its updating or carrying out a verification of the formulas or data they present. In other words, voluntarily introduce unreliability in decision making , as another variable.