All the data in the world may not amount to much of companies fail to make the most of their information.
When users collect and process data, they have to be able to think about it and do so quickly. Any hesitation to act based on the contents of an organization’s data could cause an organization to fall behind in an increasingly competitive marketplace.
This act is called analysis-paralysis, and was recently listed in a Bloomberg article as a bad habit data managers must break. Thomas Redman, the article’s author, explained the ramifications of this indecisiveness.
“Analysis-paralysis plagues people and companies that don’t deal well with uncertainty,” he wrote. “They can fall into the trap of seeking ‘just one more bit of confirmation’ before deciding. They delay, delay, delay, seeking to make the perfect decision. They don’t realize that not making a decision is a decision in itself and can have consequences. Delay too long and the competitor may introduce that new product line first, a great candidate may go elsewhere and an investor may withdraw its offer.”
While quick decision-making certainly requires effort from the individual tasked with analyzing the data, the process can be improved with the help of custom database software. Having the ability to collect, process, store and report on information in real time will alleviate the risk of waiting too long to make data-based decisions. This can improve the overall state of an organization by allowing it to stay ahead of its competition, rather than falling behind.