From Paper to Pixel: The Evolution of Business Decision Making
It was already predicted by the McKinsey study in 2022, where it anticipated the transformation in data-driven business decision making by 2025.
“By 2025, companies and their employees will be turning to data every day to support their work, so they can focus on business decision making. Connected devices that collect and transmit data and information, often in real time.” It seemed like the distant, futuristic future full of screens and financial movements that fictional movies usually showed, of a distant 2030 in 90’s movie productions with curious suits, black sky and dense, with flying cars.
But no, it was just a prediction of 3 years ago, in which it is a quite specific and detailed actuality.
It is a reality, companies can project themselves decisively with the precise behavior of data, generating greater profitability and business growth, in addition to minimizing risks by protecting data, identifying trends or market crashes and identifying vulnerabilities of the system itself. In this way, it helps to understand the current situation, understanding why and where failures have occurred, in order to correct with predictive analysis, and with the help of machine learning, to predict future situations or trends.
Why are some companies slow to adopt technology to support business decisions?
The use of technology and artificial intelligence probably scares some, but it is a reality that companies that have not had growth have not taken advantage of the current ally and continue to have difficulty in collecting data because of manual processes, which doubles the work time, delaying results.
Markets are fluctuating, decisions have to be made quickly and do not wait, as the environment is quite volatile.
While tools like Power BI make it easy to create dashboards to understand behavior and streamline business decisions, data quality and reliability are paramount. Poor data leads to catastrophic decisions. Therefore, it is crucial to validate data quality and rely on robust analytics services.
In this data-driven landscape, business intelligence becomes the engine that drives strategic decision making. Those companies that take a proactive approach to BI, integrating predictive analytics and machine learning, will not only survive, but thrive in the changing marketplace of 2025 and beyond.
Angélica Bortfeldt
Ecovis Colombia S.A.S.
infocolombia@ecovis.co