Assessment 1: graphical representations | Business & Finance homework help
Data management techniques and tools are used to support business decisions by providing timely and comprehensive access to data and information from across the organization. They enable organizations to identify, capture, store, analyze and report on vast amounts of data quickly and accurately. For example, executives can use enterprise resource planning (ERP) systems to get an up-to-date view of their company’s performance across the board. This includes financial performance, customer insights, supply chain operations, product pipelines and more.
ERP systems are a great way for executives to understand any trends in the business or potential opportunities that can be seized upon; allowing them to make timely decisions based on accessible facts. Additionally, Business Intelligence (BI) tools allow users to turn raw data into actionable insights through interactive dashboards so they can develop strategies efficiently where needed. This facilitates better decision making as executives have real-time visibility into their company’s performance – enabling informed analysis of risk factors before investments are made or initiatives set out.