High technologies and artificial intelligence have actively entered our lives and have automated all aspects of the business, striving to make it independent of subjective factors. But is there still a place for human error in business?
More about human error in business
The manager or owner of the company regularly has to make strategic decisions in business: whether to invest or not, whether to sign a contract with a partner, whether it is necessary to start creating a new product. Such management decisions require careful preparation, detailed analysis, and consideration of a huge number of factors affecting the bottom line. In addition to business intuition, the manager has at his disposal a whole register of possible methods for making management decisions. But no one is immune from human error.
First of all, the task of reducing the influence of the human factor should be solved primarily by organizational measures. In addition, if we want to reduce the influence of the human factor, then, first of all, we need to organize or build relationships in the company and work regulations so that they can ensure control over the quality of work or services, control over the timely and proper execution of orders, timely identification of errors in the transmission of information. At the same time, an information system is a tool that will help to implement and control those organizational regulations, instructions, rules, technological processes that operate in the company.
The most common mistakes are entering the wrong information, entering the right data in the wrong place, entering the right data in the right place, but at the wrong time. There are situations when the wrong document is approved. Such factors can be eliminated by introducing information systems that, on the one hand, track the timeliness and sequence of operations, and on the other hand, allow reconciliation of data entered by different employees in different business processes.
How Data Room is related to the Human Error Side of Business?
For five years now, the trend of digital business transformation has been strengthening in the global market. This is not just automation of everything, but changes at the level of business strategy and all internal processes of the company. Digital transformation is, first of all, changes in customer experience, operational processes, and management vision.
ModernVirtual Data Room solutions make it possible to collect primary data, automate the management of technological processes, carry out operational management and plan the resources of the enterprise. In some cases, they can help in preparing materials for the manager to make a strategic decision. This is tactical-level automation. Today, artificial intelligence, cognitive technologies, and machine learning allow us to act at the level of strategies and can almost completely exclude a person and his mistakes from the management process.
Digital Data Room platforms can provide managers with the following possibilities:
- collect initial data and prepare analytical reports;
- conduct a comparative analysis and predictive analytics;
- model complex processes and make forecasts for development;
- manage external communications;
- control the effectiveness and legality of decisions.
So, digitalization of the company’s internal processes and regulations can greatly reduce the influence of the human factor on business results. Errors when transferring information between departments are eliminated, the manager’s time is saved for control over the quality of work and timely execution of orders. These IT solutions help to monitor the efficiency of financial operations and provide this information to managers promtly.