Exploration vs. Justification: Find the Right Balance in Your Business Decision-Making

Remaining “current” with decision-making competencies often proves difficult. In many organizations, processes can easily languish after their creation. This happens because they lack the updates needed to remain in step with market and competitive requirements. Such lag can place an organization at a disadvantage.

Active management of decision-making competencies is rare. In the current era of accelerated digital transformation, such a practice can lead to continued survival, competitive differentiation, and growth in key financial measures such as market share, revenue, and margins. For most organizations, the ante has been raised.

As a result, organizations regularly need to update their decision-making competencies to take advantage of new technologies, data sources, and industry-specific parameters (for example, transactions, business-model constraints, market requirements, and demand patterns). Leveraging business intelligence (BI)-driven business decisionmaking is one part of this process.
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