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.

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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

One of the key benefits of decision management platforms is their ability to automate the decision-making process. By using artificial intelligence and machine learning algorithms, these platforms can analyze large amounts of data quickly and accurately to provide insights that can help guide decision-makers. This can help organizations make faster, more informed decisions, ultimately leading to increased productivity and improved outcomes.

Another advantage of decision management platforms is their ability to provide a centralized repository of information. By housing all relevant data in one place, decision-makers can more easily access and analyze the information they need to make informed decisions. This can help reduce the time and effort required to gather data from various sources, making the decision-making process more efficient and effective.

Decision management platforms also offer improved visibility and transparency into the decision-making process. By tracking and documenting decisions made within the platform, organizations can better understand how decisions are being made and identify areas for improvement. This can help facilitate collaboration among team members and ensure that decisions are aligned with organizational goals and priorities.

Furthermore, decision management platforms can help organizations adapt to changing market conditions and customer preferences. By using real-time data and predictive analytics, these platforms can help organizations identify trends and patterns that can inform future decision-making. This can help organizations stay ahead of the competition and make proactive decisions that drive business growth.

Despite these benefits, it is important for organizations to approach decision management platforms with caution. While these platforms can provide valuable insights and improve decision-making processes, they are not a one-size-fits-all solution. Organizations must carefully consider their specific needs and goals before implementing a decision management platform to ensure that it aligns with their unique requirements.

Additionally, organizations must invest in proper training and support to maximize the value of decision management platforms. Employees must be adequately trained on how to use the platform effectively and leverage its capabilities to make informed decisions. Without proper training, organizations risk not fully realizing the potential benefits of a decision management platform.

Overall, decision management platforms can be a valuable asset for organizations looking to improve their decision-making processes. By automating decision-making, providing a centralized repository of information, and increasing visibility and transparency, these platforms can help organizations make faster, more informed decisions that drive business success. However, organizations must approach decision management platforms strategically and invest in proper training to fully leverage their capabilities and maximize their impact.

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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