Importance of Data for Decision Making

Data-driven decision making is an essential step in managing modern business processes. From a single cycle to an enterprise-wide transformation, project planning and execution must be supported by results to ensure maximum efficiency and minimized risk.

In fact, when it comes to the importance of data for decision-making, McKinsey reports that, “by 2025, most employees will use data to optimize nearly every aspect of their work.” Using analytics provides tangible support for future projects, allowing your organization to optimize processes and reap the benefits.

Analyze and use process data to:

• Identify risks
• Eliminate bottlenecks
• Improve productivity
• Streamline collaboration

Data-driven decision making leads to future benefits including:

• Enhanced risk management
• Strengthen strategic planning
• Quality of deliverable
• Improved timing
• Cost reduction

How can Work-Relay provide data to drive future decision making?

Work-Relay’s business operations management solution allows you to track business processes and their performance so you can use real-time data to drive decision-making.

Track process performances using the Gantt module to visualize the process timeline and view planned vs actual duration. Then, using Salesforce integrations and dashboard reports, view insights including time to complete steps and processes, process minimum, average, or maximum time, and average risk for project steps.

Take the Order-to-Cash process, for example. The essential O2C cycle commonly locks up revenue due to inefficiencies in the process. Take a look at the data provided by Work-Relay to adjust future processes, eliminate SOBs (Surprises, Obstacles, and Barriers), recover lost revenue and increase overall efficiency.

Given the importance of data for future decision making, it is essential to have an operations management solution to provide the analytics you need. Work-Relay helps create data-driven decision-making, allowing you to streamline processes. By being able to comprehensively view the results of your processes, your organization can adjust them accordingly to eliminate errors and ultimately improve cost and time efficiency.