Strategic decisions are the decisions made in relation to strategic goals. Strategic goals are the long term goals of the company. It is what the company hopes to achieve in the future. These goals are set by top management and are set for the whole organization instead of just a particular department or division. These goals are achieved through strategic planning.
This is an action plan that shows the step by step activities that need to be done by the company in order for the company to achieve its long term goals. This shows how tasks need to be assigned and how resources need to be allocated. A strategic plan is a long term plan and is normally about one to five years long. Business intelligence companies use a variety of software’s to analyze an organizations raw data which can help in the strategic planning process. It is made up of many different activities like online analytical processing, data mining, querying and reporting etc. This is used by organizations to cut costs and make better business decisions. The restaurant business is one type of industry that will use this. It can give businesses leverage when negotiating because this makes it easy to show the value of relationships with the customers and suppliers in quantitative terms.
Business intelligence solutionfor data mining can give your business a competitive edge. Data mining is the process of going through all the data that you have collected and putting them together so that you can get more productive information. Things like database marketing which starts by collecting information about your customers when they sign up for newsletters. You should look at what type of things they are discussing over social media and you should make goods and services that will cater to their needs so that these products will sell themselves. Data mining can also be used for inventory planning. It will tell you when a product is popular so that you can keep extra in stock and it will tell you when a product is not popular so that you won’t have to waste money on buying loads of tat product and keeping it in stock. Visit http://www.wisers.com/en/products_services/wise_enterprise for further information regarding crisis monitoring.
Advantages of planning
Planning will lead you in the right direction and will provide an action plan. Planning will also keep you and your staff focused. Planning will allow you to spot mistakes early and rectify them early. Planning will also make you set tasks and you can review it to see how much you have completed. You can make on the spot decisions by referring to your plan.