Decision-Making Tools

Decision-Making Tools to Help Increase Productivity and Free up Time

Automation of management processes has recently been in great demand. Of course, the classic tasks of the electronic document systems and video conferencing platforms, particularly the coordination of documents, are still relevant. However, more and more companies want to implement digital solutions for transparent and efficient decision-making.

Digitalization of managerial decision-making

The digital economy involves changing business models through the use of digital technologies. Accordingly, these technologies, their implementation, development, and widespread use act as catalysts for revolutionary changes in modern corporate governance. However, using digital technologies is possible in a unique environment, the so-called digital infrastructure, which ensures their implementation in business and management processes, operation, and further development. As one of the most important business processes, management decision-making is also undergoing changes due to the integration of digital technologies. In addition, a huge amount of information that arises and circulates in all business operations and accompanies each stage of making and implementing a board decision requires using modern digital tools and technologies that form a digital infrastructure.

Companies that use decision-making tools receive powerful information and analytical tool that provides guidance on the information necessary for making managerial decisions and is based on the entire amount of enterprise information received both from external sources and internal systems and documents. Software tools solve the tasks of managing arrays of information for automating business processes based on IT knowledge management. 

What are the best decision-making tools?

Let’s take a look at some common data processing and decision-making tools that increase the productivity of management bodies:

  • Data storage. Recently, there has been a sharp increase in interest in data warehousing technologies, driven by managers’ demands to improve decision support processes. The main goal of creating data warehouses is to make all data relevant to business management available in a standardized form, suitable for modeling, analysis, and obtaining the necessary reports.
  • Financial analysis programs. Along with purely accounting programs, financial management, analysis, and planning programs are gaining more and more space. The use of such programs is an indicator of higher business culture. 
  • Information exchange programs. One of the basic functions of the information system of an organization of any size is to ensure the exchange of information both within the organization and outside it. This problem is solved with the help of a software product, the main function of which is message forwarding. Even this can significantly reduce employees’ time communicating within the organization, during negotiations, meetings, etc.

Board software for easy decision-making 

Corporate governance can also take place on digital platforms that allow teams to operate according to a new business model, where the interaction of participants in the production chain takes place in a single digital environment, which, in turn, reduces transaction costs and effectively monitors the division of labor. Board management software is a perfect example of such a platform. The software organizes online board meetings, providing helpful tools for secure collaboration, well-protected data management, and efficient decision-making. 

Board software ensures the following valuable functions that simplify the procedure of decision-making:

  • create the agenda and minutes of the meeting directly from the meeting card, while all the necessary documents are attached to the card and are always “at hand”;
  • draw up documents from pre-filled templates – data is pulled automatically from the document card;
  • transfer decisions for execution in a couple of clicks – the system itself creates instructions from the protocol, all that remains is to send them to work;
  • control the current status of work directly from the meeting card.