Explain how data management techniques and tools are used to support business decisions.

Assessment 1: Graphic representations| Business & Finance homework help

The data management tools and techniques are designed to help businesses make better business decisions. They provide quick and complete access to all information and data from the company. These tools allow organizations to quickly identify, collect, store, analyze, and report on large amounts of data accurately and efficiently. 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. It includes customer insights, financial performance and supply chain operations.

ERP systems can help executives understand trends within their company and identify potential opportunities. They allow them to quickly make decisions on the basis of easily accessible facts. Business Intelligence tools (BI) allow users to transform raw data into actionable insight through interactive dashboards, allowing them to develop efficient strategies where necessary. 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.

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