Improve decision-making in business will be a series of half-day seminars Galway on Wednesday. The seminars, organized by the Institute of Management Accountants (CIMA), the challenges will be examined to make informed management decisions.According to a report CIMA, information overload, excessive bureaucracy and lack of confidence were cited as contributing to the overall poor business decision. More than three quarters (80 percent) of 300 senior executives Board of Directors interviewed for the report of that incorrect information is used to make strategic decisions, while 42 percent admitted that his organization had lost a competitive advantage due to slow decision-making.
About 36 percent said their organization struggling with information overload, and 32 percent said large volumes of data has actually made things worse. Almost a third, 29 percent, said the biggest obstacle to making decisions is more effective coordination problems caused by compartmentalized and bureaucracy. Roger Acton, Head of CIMA Ireland, said that organizations need to treat the decision as to critical processes to continuously improve and professionalize business.
"We are in the era of big data and common wisdom is that more is better," he said. "However, our research has revealed that big data is actually making life more difficult for people responsible for making in many organizations, as they are unable to extract the relevant information and turn it into a decision tree.
"With a deep knowledge of financial and non-financial factors value of the company, the role of accounting and finance plays an essential role in connecting the right information with the right people to achieve a competitive advantage for companies."
Speakers at the event Galway, which takes place at the G Hotel, include controller of Nortel Networks Gerry Staunton, chief financial officer of Ingersoll Rand (operations Galway) Michael Stratford and financial supply chain advantage to Boston Scientific Dermot Bohan . The second event in the series will take place in Belfast on May 18
