Decision Management Platforms Statistics


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Decision Management Platforms Statistics 2023: Facts about Decision Management Platforms outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Decision Management Platforms, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Decision Management Platforms Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Decision Management Platforms Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 19 Decision Management Platforms Statistics on this page 🙂

Decision Management Platforms “Latest” Statistics

  • 60% of respondents said the finance department is important in data management and governance.[1]
  • 41% believe that IT departments manage and oversee data, while just 10% believe that the IT department is solely responsible for this.[1]
  • Business Intelligence Competency Centers (BICCs) are far more likely to be responsible in best-in-class firms (52%) than in average (40%) or laggards (28%).[1]
  • Although 79% of respondents have a defined, standard set of KPIs in their firm, only 36% use them consistently across the organization.[1]
  • 69% of respondents believe that increased engagement and cooperation would improve their company’s performance.[1]
  • Direct, human connections through in-person meetings (88%) and conference calls/web meetings (68%), are two of the top three ways to work.[1]
  • According to a PwC survey of over 1,000 senior executives, data-driven firms are three times more likely to claim major gains in decision-making than those that depend less on data.[2]
  • According to some surveys, more than half of Americans rely on their “gut” to determine what to believe, even when presented with evidence to the contrary.[2]
  • Google gathered data from more than 10,000 performance reviews and linked it to employee retention rates as part of one of its well-known people analytics programs, Project Oxygen.[2]
  • According to NewVantage Partners’ 2018 study of top executives, 73% of respondents indicated big data efforts had provided demonstrable benefits.[3]
  • According to IDC research, worldwide spending on big data will reach $215 billion in 2021, a 10% rise from the previous year.[4]
  • Brick-and-mortar banks are acknowledging that around 75% of their clients prefer their FinTech competitors because they provide speedier and easier-to-use goods and procedures.[4]
  • According to Statista, the productivity software industry, which comprises office and collaboration apps, is expected to reach roughly $62 billion in 2020, with revenue expected to grow at a CAGR of 6.8%, reaching $85 billion by 2025.[5]
  • 94% of IT executives feel manual SaaS management practices lead to bad SaaS investment decisions.[5]
  • Only 3% of IT leaders have comprehensive and real-time insight into their SaaS products, according to a Productiv study.[5]
  • According to a Statista assessment of worldwide LinkedIn audiences by gender, as of 2021, 56.6% were males and 43.4% were females.[5]
  • From 2019 to 2026, the worldwide ERP software market is expected to reach $78.40 billion, rising at a CAGR of 10.2%.[5]
  • A 2010 McKinsey research of over 1,000 big company investments found that when companies sought to reduce the influence of bias in their decision-making processes, they obtained up to 7% greater returns.[6]
  • According to Qlik’s most recent data literacy study, just 11% of those polled are completely confident in their ability to work with and communicate with data.[6]

Also Read

How Useful is Decision Management Platforms

First and foremost, decision management platforms provide companies with a centralized hub for all decision-making processes. This allows for improved collaboration among teams, better communication, and a more holistic approach to decision-making. By centralizing all data and processes within a single platform, companies can eliminate silos and break down barriers that often hinder effective decision-making within organizations.

Furthermore, decision management platforms offer advanced analytics and automation capabilities that can help companies make more informed decisions in real-time. These platforms can analyze vast amounts of data quickly and accurately, providing companies with actionable insights that would otherwise be difficult to uncover. By leveraging data analytics and automation, companies can make smarter decisions faster, ultimately driving business growth and profitability.

Additionally, decision management platforms enable companies to create and track key performance indicators (KPIs) to measure the effectiveness of their decisions. By establishing clear KPIs, companies can monitor the impact of their decisions and adjust their strategies accordingly. This level of transparency and accountability fosters a culture of continuous improvement and innovation within organizations.

Moreover, decision management platforms can help companies stay compliant with regulatory requirements and industry standards. These platforms often come equipped with built-in compliance tools that ensure companies adhere to all relevant regulations and protocols. By automating compliance processes, companies can minimize the risk of costly penalties and fines, while also enhancing trust and credibility with stakeholders.

Despite the numerous benefits of decision management platforms, some may argue that they come with their fair share of challenges. Implementing a decision management platform can be a complex and resource-intensive process, requiring considerable time, effort, and financial investment. Companies must also ensure proper training and support for employees to effectively use these platforms to their full potential.

In conclusion, decision management platforms offer a wide range of benefits for organizations looking to improve their decision-making processes. From centralized data management to advanced analytics and compliance capabilities, these platforms have the potential to revolutionize how companies make decisions and drive business success. While there are challenges associated with implementing decision management platforms, the rewards far outweigh the risks for companies willing to invest in their future. With the right strategy and commitment, decision management platforms can truly be a game-changer for organizations looking to stay ahead in today’s competitive business landscape.

Reference

  1. bi-survey – https://bi-survey.com/data-driven-decision-making-business
  2. hbs – https://online.hbs.edu/blog/post/data-driven-decision-making
  3. ohio – https://onlinemasters.ohio.edu/blog/data-driven-decision-making/
  4. softjourn – https://softjourn.com/insights/data-driven-decision-making
  5. webinarcare – https://webinarcare.com/best-decision-management-platforms/decision-management-platforms-statistics/
  6. datapine – https://www.datapine.com/blog/data-driven-decision-making-in-businesses/

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