3 Best Practices for Decision Analytics

Decision analysis is critical for any business. You must be able to make the right decision right on time. Decision analytics require you to look at your data in the decision-making process. Being able to rely on your data can make this process easier and you can rest assured that you have made strides to better your organization.  We have three best practices when it comes to decision analytics that will help you along the way. Intuition Analytics can be the opposite of intuition sometimes.

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A lot of people want to trust their intuition, especially when it comes to business. But try this – listen to your intuition but verify it by looking at the data. Backing your intuition with facts is a great way to make sure your decisions are solid and in the best interest of the organization. Options When we set out to make a decision, we can be focused on choosing between ‘A’ or ‘B’.  It’s very simple to think of things in this binary way. Challenge yourself to take a moment or two and you might find you have an option ‘C’ or maybe even ‘D’. Creating options for yourself while making decisions will lead to higher satisfaction with your choice. You will make the best decision possible because you have laid everything out on the table. Communicate Data is best communicated visually. This is the best way to communicate your analytics because it give the numbers more meaning and relevance. A great example is that anyone could tell you what the Grand Canyon looks like. It has browns and reds and it’s beautiful. But until you stand there on the edge of the canyon you don’t have a real sense for what it’s actually like. Visualizing your data is the most powerful way to communicate it.

Do you need a Chief Security Officer?

Cyber security is an increasingly important topic. Whether you are in the construction, financial, legal, healthcare, education or many other industries, your data needs to be both accessible and secure. Internal and external security threats can affect your operations, earnings, and level of trust your clients have with your organization. With the growth of cloud-computing and mobile technology the demand to keep sensitive information and data secure will only increase.

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Few companies can afford the disruption to operations caused by a security breach. Enter a Chief Security Office. This C-level professional will lead the charge for security measure of data within your company. CSOs usually possess a master’s degree. They will make the procedures, guidelines and direction for information security policies within your company. These guidelines should be set in place to protect information and data from internal and external threats. The CSO will be responsible for the planning, coordinating, developing, and implementing of all cyber security measures.  They can also educate other employees on data security measures and best practices. Not every company is able to add another C-level position to their organization just yet. With or without a Chief Security Officer, all organizations should have a data recovery plan so they do not lose their data and information. If a CSO is not currently in your scope, consider doing outsourced IT. This alternative will fit you data security needs and other tech needs your company may have. They will be able to assist you in doing a technology-based risk assessment annually, which is a best practice when it comes to data security. This can give a baseline of the measure that need to be taken to keep your sensitive information and data safe. An outsourced tech provider can assist you in creating a data classification policy and verse you in cyber liability insurance. Deciding if you need a CSO can take a good deal of internal auditing and planning. This tech-focused executive can be replaced by outsourced IT. Take your time in researching the benefits and costs of each option.

Everyone is in the Software Business

And business leaders will no longer tolerate data being scattered among application silos.

  Software has dominated the world of business for many years now. It’s become such an integral part of the business world that 2014 saw a number of high-profile CEOs and notable industry analysts proclaim “every business is in the software business.” So what does that mean?

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It means that business systems and corporate data management is no longer just an IT problem, but squarely on the list of top priorities for executive teams. In fact, a recent Forrester Research Report even argues that corporate software assets will be more valuable to the business than financials. The reason? Software innovation and efficiencies are the greatest opportunities for financial gains. For software vendors this is great news- your services are more valuable to your customers than ever before – but it is also a call to action. Businesses can no longer survive with software operating in a silo. They need their business systems to communicate across the enterprise and deliver meaningful insights to a variety of stakeholders. Unfortunately, finding a consistent cost-effective way to give business users access from any device and through one interface to critical data spread across cloud applications and on-premise systems is one of the biggest challenges facing organizations today. In a CIO Magazine article discussing the top trends for data in 2015, IT experts noted that deeper integration of disparate ERP and CRM applications with business intelligence for sound decision making is a paramount priority for businesses. CEO Jeremy Roche at FinancialForce, describes the challenge as an inevitable investment companies need to make in order to be competitive in business “rather than allow vital customer information to be scattered among various pieces of a business.” The solution is iPaaS, Integration Platform as a Service.  Ryvit delivers modern integration for software vendors with an iPaaS ecosystem of integrations and applications. 


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