DECISION MAKING

Decision Making

1.Decision Making using Information Systems3

1.1. Business Intelligence3

1.2. Decision-aiding technologies4

2. New Technologies and E-Commerce4

2.1. E-commerce and Supply Chain Management4

2.2. Formulation of an E-Commerce strategy5

3. Knowledge Management6

3.1. Knowledge Management systems6

3.2. Barriers in implementing Knowledge Management systems7

4. Managing Information System Development8

4.1 Identify requirements and the key people8

4.2. Ethical and Health & Safety needs of organizations9

Decision Making

Decision Making using Information Systems

1.1. Business Intelligence

Business intelligence is the set of theories and methodologies that are persisted by the business as they have to make sure that whatever the data they have, they can use that data in a meaningful manner and it can be used to extract some information that is useful for the course of the business. The main rational for using the business intelligence is that it has to be made sure that large amount of information can be identified and using this information, some new opportunities for the business can be unveiled. When Business Intelligence is used effectively, it can be a source of competitive advantage for a business (Melville, 2010, p.21).

The way Eco Friendly can use the Business Intelligence is that they can found the volume and the quantity of the tires that are used by the business in a given period and then making use of that data, they can get the exact estimate of what are their demands as far as tires are concerned and what price they need to buy the tire so that it can be useful for them. On the other hand, the Key Performance indicators such as the Total Return Ratio of the shipments, and the numbers of shipments that are dumped by the messengers is also needed to be looked at. Eco Friendly can make use of its internal interface to ensure that they can get the right set of information. With better coordination from the messengers, and making use of the business intelligence, the quality and the order in which the shipment has been received can also be looked at.

1.2. Decision-aiding technologies

As far as the decision making is concerned, it is very important that decisions are not taken by the intuition, but there must be some sort of calculation and insight behind every decision that is being taken by the management (Chen et al, 2009, p.46). It is also important to take some calculated risk during sometimes, but the management can be terribly mistaken if it is not weighing in the options and they are taking the decisions that are totally backed by “gut feeling”

In this regard, the decision aiding technologies are needed to be looked at and they must be brought on board to ensure that they are using the right set of tools when it comes to decision making. Some of the technologies that can be used in this regard are Personalized and Prescriptive Aiding. This is one of the more modern and contemporary approach that has been framed keeping in mind the needs and wants of the businesses and how they need to ...