How Advancement in Technology Helps Top Level Management for Quick Decision Making?
Does the technology influence decision make of top-level management? Today, the business environment is changing ever faster and organizations must be more responsive to it. Companies want to be flexible, compensation schemes and control mechanisms are rigid. With the help of technology, managers will be able to make their organizations more responsive than they are today. Technology defines management focus, innovative business processes and behaviour pattern of employees and organizations as a whole. What we experience today in executive boards and business is quite different compared to a couple of years ago. Now technology makes it easier to collaborate with executive directors to make joint decisions. The current system enables the manager to set realistic project goals and freedom to shape their own organization. Commercialized information technology and events in our global markets influence our meeting agendas in top-level management. The advancement in technology helps top-level management for quick decision making. The features of these advanced technologies are:
- Active line, staff and management activities
- Oriented toward overall effectiveness
- Focus on the present and future goals
- Emphasis on flexibility
Artificial Intelligence in Decision Making
Artificial intelligence is a technology that vastly changes the way humans interact with the digital world and through other socioeconomic institutions. AI enables the top-level management in real-time data gathering and forecasting, AI system can help businesses make insightful decisions in:
- Opinion mining
- Problem solving
- Augmented data analysis
- Marketing and CRM planning
ERP in Decision Making
Enterprise Resource Planning is a new approach for many companies for intelligent reporting. ERP can extract critical data in a standardized format and re-run every month in a regular cycle. This eliminates the time to record, extract, manipulate, and reconcile data and then put into customized reports. It enables business users to do reporting on their own without requiring IT or other technical intervention. Most importantly it automates the reporting and helps to turn operational data. It changes the role of the finance team into the more value-added role of true strategists and analytical decision-making to drive growth and improve ROI.
- Adapt the best solution to your business: By reviewing the progress of the project regularly and as needed, CFOs and management accountants play an essential role in ensuring that the organization works towards the same goals.
- Monitor the performance of various departments: Top management must oversee the entire project, ensure that the various departments and teams involved across the organization are available.
- Ensure proper communication: Top-level management including CFO services make sure that the team is aware of the progress of the project. They oversee the deadlines and priorities of the team and provide suggestions accordingly.
MIS in Decision Making
MIS is another advancement in technology and it has the ability to change the direction of management. For instance, if the MIS reports show management teams who are struggling, more focus can be given to them or the management chooses to terminate or replace the poorly performing team. The MIS helps the top-level management to:
- Compare actual performance to expected performance
- Facilitate efficient and timely managerial planning
- Provide data about the performance of employees
- Organizational strengths and weaknesses are can be easily identified
Benefits of Advanced Technology in Decision Making
1. Retrieves isolated data
By installing an online information system, the retrieved data may be stored in a file, reviewed on the screen. The process of retrieval starts when a manager creates any query into the system through some graphical interface provided. It is also possible to submit daily piecework reports. It enables easy access to relevant data and information. It can monitor the overflow of data and settle day to day questions.
2. Analysis of data files
Information technology management involves processing, cleansing, transforming and modelling data with the goal of discovering useful information, informing conclusions and supporting decision making. It sets the trends and draws the conclusion for available information. Before making authorized decisions, portfolio analysis is conducted. Prior to this system, managers had to go through tedious manual analysis.
3. Aggregation of data in the form of standard report
In modern information systems, data aggregation discovers unusual patterns. The data is aggregated in databases in a manner so that it can be analyzed and the system brings the aggregated data to develop a solution in the form of a standard report. The system module incorporates the results into an expanded version. Understanding the common and variable features of data aggregation processes, it enables to improve the quality of the designed system.
4. Estimate the consequences of proposed decision
There is no question about the accuracy of relationships in the projected cash flow models, so the only way projected results can be an error is if estimates of business activity levels or money market rates are incorrect. So, the proposed decision adopted is based on adequate projected cash flow. The level of performance during using the information technology and value of information content is challenging and competitive from the perspective of management.
5. Decision making
Nowadays, modern managers require maximum quality and effective decision making. The complexity of the business decision-making process is conditioned by the complexity of business conditions. As an outgrowth of an information system, the system eliminates part of the clerical burden and assures that rate calculations are consistent and accurate. As result, the decision-makers can completely concentrate on the substance of their work. As a support to top-level decision making the application of computer systems increases efficiency in the decision selection.
Technology Implementation by CDA
The wave of Information technology has transformed the visions of organizations. CDA is looking forward to turning these visions into reality. We see glimpses of the future in the hands of creative technology. We are capable of evolving with the required circumstances and taking necessary steps to cope with. Our accounting system will help the team to carry out their activities and track the results of their decisions. By understanding the implications of technology, we formulate a set of constraints to be satisfied during design. We not just help your business with state-of-the-art technology but also take effective and timely decisions for the betterment of your business.
Also read, How Certificate of Entitlement Help Expo 2020 Participants in Reclaiming Tax?
CDA can assure their clients with techniques, skills, knowledge and formalization methods necessary for problem-solving and decision-making processes. We offer advanced technology-enhanced services such as Accounting Services, Auditing Services, Vat & Tax Consultant Services, Implementation of Accounting Software Services.
Call us now to get any kind of help in your business and financial management. Our expert team is adept in technology, embraces accounting and auditing services and can help to make quick decisions in your business.