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]

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How Useful is Decision Management Platforms

One of the key benefits of decision management platforms is their ability to centralize and automate decision-making processes. Instead of relying on manual processes or outdated systems, decision management platforms provide a single, cohesive platform for making and implementing decisions. This can lead to increased efficiency, reduced errors, and quicker response times – all of which can give organizations a competitive edge in today’s market.

Moreover, decision management platforms offer advanced analytics and simulation capabilities that can help organizations make more informed decisions. By leveraging data analytics and predictive modeling, decision management platforms can provide valuable insights into customer behavior, market trends, and operational performance. This can help organizations make smarter decisions, minimize risks, and identify new opportunities for growth.

Another key advantage of decision management platforms is their flexibility and scalability. These platforms are designed to be highly customizable, allowing organizations to adapt them to their unique needs and requirements. Whether it’s automating routine decisions, setting up complex decision workflows, or integrating with other systems and applications, decision management platforms can be tailored to fit a variety of use cases and industries.

Furthermore, decision management platforms can help organizations stay compliant with regulations and standards. By automating decision-making processes and capturing decision logic in a transparent and auditable way, decision management platforms can help ensure that decisions are made consistently and in accordance with legal and regulatory requirements. This can reduce the risk of non-compliance and regulatory fines, giving organizations peace of mind when it comes to governance and risk management.

Despite these benefits, decision management platforms are not without their challenges. Implementation can be complex and time-consuming, requiring significant resources and expertise. Organizations must also carefully consider the costs and benefits of investing in a decision management platform, weighing the potential return on investment against the upfront costs and ongoing maintenance requirements.

In conclusion, decision management platforms have the potential to revolutionize how organizations make decisions and drive better outcomes. By centralizing decision-making processes, providing advanced analytics capabilities, and ensuring compliance with regulations, decision management platforms can help organizations become more agile, competitive, and customer-centric. However, organizations must carefully evaluate their needs, resources, and constraints before committing to a decision management platform to ensure that it truly meets their requirements and delivers the promised benefits.

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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