Data Management Software Helps in Decision Making During COVID-19 Pandemic
Government leaders are empowering decision makers with data management software during the coronavirus pandemic. However, orchestrating change requires executive advocacy, along with the participation and alignment from a broad set of cross-functional participants to ensure the needs of the organization. As such, companies in the management decision solutions market are taking advantage of the fact that government leaders are taking decisions based on data and not intuition.
The upfront cost of adopting management decision solutions during the COVID-19 crisis can be an uphill task. Hence, stakeholders in the management decision solutions market are focusing on essential industries such as government organizations, BFSI, and healthcare to keep economies running. As such, end-use industries are realizing the need to deploy organizational transformation by prioritizing facts over intuition.
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Difficulty in Quantifying Data, System Design Failure Inhibiting Market Growth
The management decision solutions market is expected to expand at a robust CAGR of ~11% during the assessment period. However, limitations of this software such as difficulty in quantifying all data and system design failure are inhibiting market growth. Hence, companies should increase their R&D efforts to develop user-friendly software solutions.
While every year witnesses some fraudulent activities that make headlines, companies in the management decision solutions market are capitalizing on this opportunity to offer fraud detection software. ClearSale is gaining recognition for the same by offering its comprehensive eCommerce fraud prevention solution built on the technology of artificial intelligence.
Coherent, Fast, Flexible Pricing Software Streamlining Retail Workflows
There is a need for automated pricing management for omni-channel, mono-, and multi-brand retailers. The Competera Pricing Platform is being highly publicized as a cloud-based pricing software that suits omni-channel enterprise retailers from any industry. This explains why the management decision solutions market is projected to surpass US$ 11.5 Bn by 2030.
Competitor-centric pricing influenced by market fluctuations has triggered the demand for cloud-based pricing software. Intelligent pricing software are eliminating the need for regular re-pricing, constant manual check, and data dependence. Software developers in the management decision solutions market are increasing the availability for coherent, fast, and flexible pricing software that enable defined workflows and a transparent cause & effect analysis of every price change. Elasticity-based price setting driven by volatile demand patterns is being taken into consideration while developing pricing software.
Real-time Data Visualizations Growing Popular in Business Intelligence Software
Business intelligence software solutions are gaining prominence in the BFSI sector. TrustBankCBS is providing its business intelligence (BI) software solution that offers various analytics techniques and creates real-time data visualizations. Such software are eliminating challenges of multiple disparate systems and tedious task of integrating disparate systems, whilst maintaining uniform data repository. Companies in the management decision solutions market are increasing the availability of business intelligence platforms that identify patterns and analyze trends from historical data in the BFSI sector.
Easy-to-use interfaces, pre-configured scenarios, and domain-based practices are forming the foundation of business intelligence software for BFSI.
Cloud-based ERP Platforms Aid in Financial Management for Manufacturers
There is a growing demand for enterprise resource planning (ERP) software in the manufacturing sector. Oracle ERP Cloud Software is gaining popularity as an all-in-one solution for management of the organization’s business processes. Manufacturing companies are benefitting with such platforms, since they help to ensure regulatory compliance within the industry and government standards.
Process centralization, workflow visualization, and improved productivity with the ERP software are helping manufacturers for efficient budget and workforce allocation. Such trends are contributing to the expansion of the management decision solutions market. Several operations such as risk management, financial management, and reporting are being achieved with cloud-based ERP solutions. Innovative integration tools are being introduced in ERP platforms such as the accommodation of Microsoft Project and Microsoft Excel to improve processes.
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Management Decision Solutions Market: Overview
- According to Transparency Market Research’s latest research report on the global management decision solutions market for the historical period 2018–2019 and the forecast period 2020–2030, the management decision solutions market is anticipated to cross the value of US$ 11.5 Bn by 2030, expanding at a CAGR of ~11% during the forecast period. Rising need to improve operational efficiency and decision making through integration of intelligent platforms to monitor and control overall enterprise risk are driving the demand for management decision solutions.
- Increase in adoption of cloud-based deployment due to low total cost of ownership and flexibility in accessibility of management decision solutions are driving the market for small & medium enterprises
- North America is anticipated to emerge as the leading management decision solutions market, followed by Europe and Asia Pacific, during the forecast period
Focus on Data Monitoring: A Key Driver of Management Decision Solutions Market
- Management decision solutions help keep track of data such as basic employee information, performance assessment, social security numbers, financials, and other data. The software’s ability to provide customized solutions considering the current workforce dynamics exhibits its high growth potential. The solution majorly helps an organization in fraud detection, risk management, pricing management, and marketing management.
Key Challenges Faced by Management Decision Solutions Market Players
- Incompatible hardware and equipment, and data security concerns may restrain the growth of the management decision solutions market
Increase in Adoption of Management Decision Solutions across Emerging Markets
- In the current market scenario, North America dominates the global management decision solutions market. It is majorly driven by significantly high rate of adoption of management decision solutions within small & medium sized enterprises. The management decision solutions market in Asia Pacific is estimated to expand at a notable CAGR and cross the value of US$ 2.2 Bn by the end of 2030. The region is expected to generate prominent revenue opportunity of US$ 1,697.4 Mn between 2020 and 2030. Growing awareness among small & medium enterprises in Southeast Asia is expected to contribute to the growth of the market in Asia Pacific in the upcoming years.
- Germany, France, and the U.K. are key players empowering the growth of the Europe management decision solutions market. It is expected that these countries would be equipped with technology protocols and adoption of intelligent platforms for decision-making will increase. Therefore, they are anticipated to cumulatively represent 47.4% share of the market by 2030.
- North America has the biggest opportunity to deploy management decision solutions, as the region has the highest interest in adoption of business analytics and intelligence for decision-making. According to the Global Survey of Speech Analytics & Conversational Service Automation, in the year 2019, interest with regard to analytics and applications for conversational AI within enterprises was approximately 68%.
- The enterprise level intelligent platform market (management decision solutions market is the parent market) is estimated to expand at a CAGR of 10.5% during the period 2018–2026. Technology infrastructure development, advancements in algorithm, smartphones, and machine learning are the major reasons for the growth of the market in Asia Pacific.
