695 mid - 1 Assessing the effect of Decision support and...

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1 Assessing the effect of Decision support and Business intelligence towards the quality of decision making Jeevanreddy Thateparthy 156132
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2 Introduction : Data has become the driver of businesses and industry level decision making. Consider going to a bank for applying for a loan, they will ask for the social security number or any other number as given by the Government. This number is the doorway for all the financial liabilities that the person has, and also gives a fair amount of idea about the legitimacy of the person towards returning the loan. These are very basic level example of using data insights, decision support and business intelligence towards assessing a better quality decision[Jul101]. A single point that has to be made clear here is that business intelligence is towards using the right data and converting into right set of reports and standards that will ensure better decision making. Data driven decision making :
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3 This is an evolution that is seen from the point of view of the companies as the power of business intelligence and data management is realized. The data driven decision making simply stands for the point where the data and data insights are available at the spot of decision making[Sag12]. These are the maturity level of the evolution where in the data reports are not available in silos and the decisions are also not made in the same. The culture that buds in the company where the decisions are more towards experience based and intuition based and the value of data is not realized has to be changed. The data driven decision making is deemed important by many experts and hence regarded by many as the need of the hour.
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4 Importance of data : The importance of data is realized by the amount of relevant information that can be churned out of it. Data is practically lying everywhere throughout the value chain and hence can be extracted. With the advent of various technologies it can be given some appropriate shape and design. That will further enable the resources to use business intelligence and hence churn out the business relevant decisions out of it[Hay09]. The importance of data is that it presents the true picture in front of the company so that the corporate and the business can take better decisions. Factors empowering data : The advent of technologies has definitely increased the spread of the data crunching and the ease with which the business intelligence can be drawn from the data is immense. These technologies like high end business analytics tool like Hadoop, Big Data, SAP HANA etc. followed by data analytics and visual empowerment tool like Tableau, Qlikview and Microsoft Power BI have increased the level to which the data can be consumed in the company. This gives rise to not just data but powerful data and hence it will result in better results and assessment.
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