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How can decision support tools improve your strategic planning?

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Strategic planning is the process of defining your long-term goals and objectives, and developing the best ways to achieve them. It involves analyzing your internal and external environment, identifying your strengths, weaknesses, opportunities and threats, and setting your vision, mission and values. However, strategic planning can also be challenging, complex and uncertain, especially in a dynamic and competitive market. How can you make better and faster decisions that align with your strategic plan and support your desired outcomes? One possible solution is to use decision support tools.

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Felix Adams

CFO/FD | Business Strategy & Scale | Exit Specialist | FP&A | M&A Integration | Finance Transformation | PMP | Private…
Isaac G.

Data Scientist | Strategist | Leader | Trainer | Mentor

1 What are decision support tools?

Decision support tools are software applications or systems that help you gather, analyze and visualize data, information and knowledge related to your decision problem. They can also help you generate, evaluate and compare alternative solutions, and communicate and justify your choices. Decision support tools can range from simple spreadsheets and dashboards to sophisticated models and simulations. They can be customized to fit your specific needs and preferences, or you can use existing tools that are designed for common or generic decision scenarios.

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Azeem Ahmad

Planning and Operations | Demand Planning & Forecasting | S&OP | Digital Transformation | Artificial Intelligence | KPMG | DELL
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In this age of cutthroat competition, businesses cannot afford to make costly mistakes and specially during the planning and forecasting stage. Having robust decision support tools help to evaluate the pros and cons in a timely manner to formulate the strategy. In my experience, AI has emerged as a major tool that can turbo charge this process.

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Jonathan Dunnett

I am passionate about helping people and companies change the world in a meaningful way.
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Start with understanding what decision you need, the types of data required, how best to represent it and how much time and effort you can (and should) dedicate to the matter. Use the appropriate tool (s), considering the job.

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Isaac G.

Data Scientist | Strategist | Leader | Trainer | Mentor
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In the current stage of economic growth, decision-making has become reliant on data. Therefore a decision supports tool objective is to provide actionable insight to facilitate decision-making.

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2 Why use decision support tools for strategic planning?

Decision support tools can improve your strategic planning in several ways. First, they can help you reduce the cognitive and emotional biases that often affect human decision making, such as overconfidence, anchoring, confirmation bias and framing effects. By providing you with objective and reliable data and information, decision support tools can help you avoid errors and inconsistencies, and enhance your rationality and accuracy. Second, they can help you save time and resources by automating and simplifying some of the tasks involved in strategic planning, such as data collection, analysis and presentation. By using decision support tools, you can focus more on the creative and strategic aspects of your planning, and less on the technical and operational details. Third, they can help you improve your collaboration and communication with your stakeholders, such as your team members, managers, customers and partners. By using decision support tools, you can share your data and information more easily and effectively, solicit feedback and input, and build consensus and commitment around your strategic plan.

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Felix Adams

CFO/FD | Business Strategy & Scale | Exit Specialist | FP&A | M&A Integration | Finance Transformation | PMP | Private Equity | SaaS Expert | SAP | Oracle | MD 365 Business Central
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Decision Support Tools have been invaluable by transforming intricate data into straightforward insights that sharpen our strategic approaches. These tools align ambitious objectives with realistic strategies, ensuring decision-making is shrewd and enables sustained growth even amidst intricate business scenarios.

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Isaac G.

Data Scientist | Strategist | Leader | Trainer | Mentor
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Making decisions require you knowing why. And to do that you need the understanding and appreciation of the why. A good decision supports tool provides you with the understanding and appreciation parameters of your why whilst providing you with opportunity to review your decision in real time.

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Asif Ahmed

Head of Early Stage, Tech & High Growth | Advising venture backed founders.
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One thing i've found helpful is to support key decisions with tools that provide access to live data. So often, we find decisions being made on data which is essentially out of date and/or obsolete. It is always important to be honest with whether the optics of having made a 'decision' is more important than spending the time on ensuring your data is setting you up for success.

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3 How to choose the right decision support tools for your strategic planning?

When selecting a decision support tool for strategic planning, it is important to consider the nature and scope of your decision problem, your goals and objectives, the data and information sources you need, the criteria and constraints you will use, and your decision style and preferences. To do this, ask yourself: is the problem well-defined or ill-structured? Is it simple or complex? Is it deterministic or probabilistic? What outcomes and impacts are desired? What are the sources, quality, and availability of your data and information? How will you weigh and prioritize criteria and constraints? How do you process and analyze data and information? Answering these questions will help you narrow down your options and select the best decision support tool for your needs.

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Isaac G.

Data Scientist | Strategist | Leader | Trainer | Mentor
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Choosing a tool depends on the decision. For example if you are making a decision about improving productivity, you need to define what is productivity, what metrics will answer your definition of productivity and how do you get those metrics. And by answer the three questions you can define the tools that provide that information. Example will be analysing information already present and visualising it via Tableau or PowerBi

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4 How to use decision support tools effectively for your strategic planning?

Using decision support tools effectively for strategic planning is essential to get the most out of them. To do so, you should first define your decision problem clearly and comprehensively, understanding the context, stakeholders, objectives, criteria and constraints. Decision support tools can help you structure and frame your decision problem, and identify relevant data and information. Then, you should gather and analyze your data and information systematically and rigorously. Decision support tools can help you collect, organize and visualize data, as well as perform descriptive, predictive and prescriptive analytics. It is important to check the validity, reliability and accuracy of your data and information, addressing any gaps or inconsistencies. When generating and evaluating alternative solutions, decision support tools can help explore possibilities, compare solutions based on criteria and constraints, simulate outcomes of each solution, and perform sensitivity and scenario analysis. Finally, decision support tools can help communicate choices clearly and convincingly by creating reports, dashboards, charts or graphs that illustrate choices with their rationale. They can also solicit feedback from stakeholders to address any questions or objections.

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Isaac G.

Data Scientist | Strategist | Leader | Trainer | Mentor
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Decision-making requires gaining real time actionable insights because what is true yesterday can be false tomorrow. Therefore having a decision supports tool to capture, analyse and visualise real time information you can make effective decision. For instance, you can make a decision to open a branch of your business in an area based on previous economic factors but due to a good decision supports tool you can gain more insight on changing economic statistics and social issues, which can help you evaluate your previous position.

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5 What are some examples of decision support tools for strategic planning?

When it comes to strategic planning, there are a variety of decision support tools that can be utilized depending on your needs and preferences. For example, SWOT analysis can help you identify your strengths, weaknesses, opportunities and threats, while SMART goals can assist in setting specific, measurable, achievable, relevant and time-bound goals. Balanced scorecard is useful for translating your vision and mission into strategic objectives, measures, targets and initiatives. PESTEL analysis can help analyze political, economic, social, technological, environmental and legal factors that affect the plan. Porter's five forces is ideal for analyzing competitive forces that shape the industry. Ansoff matrix is great for evaluating growth strategies based on product and market dimensions. Decision tree can be used to map out a decision problem and alternative solutions. Monte Carlo simulation is perfect for modeling and simulating uncertainties and risks of decision problem and solutions. Cost-benefit analysis can compare costs and benefits of alternative solutions to select the one that maximizes net benefit. Lastly, multi-criteria decision analysis is effective for weighing and prioritizing criteria as well as ranking alternative solutions based on scores.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can decision support tools improve your strategic planning?

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2

3

4

5

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1 What are decision support tools?

2 Why use decision support tools for strategic planning?

3 How to choose the right decision support tools for your strategic planning?

4 How to use decision support tools effectively for your strategic planning?

5 What are some examples of decision support tools for strategic planning?

6 Here’s what else to consider

Decision-Making

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How can decision support tools improve your strategic planning?

1

2

3

4

5

6

1 What are decision support tools?

2 Why use decision support tools for strategic planning?

3 How to choose the right decision support tools for your strategic planning?

4 How to use decision support tools effectively for your strategic planning?

5 What are some examples of decision support tools for strategic planning?

6 Here’s what else to consider

Decision-Making

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