Monitoring and control
Decision-making
Measuring performance
Identifying new business opportunities
Monitoring and control
Businesses will compare actual performance against its predicted (budgeted) performance. Then they will act upon it.
Decision-making
When managers are ready to make tough choices (decisions) they need good, accurate and up-to-date information. If they act without relevant information it could lead to disaster, and failure.
Measuring performance
Organisations can compare their sales figures with their competitors or indeed against their own previous years.
Identifying new business opportunities
Organisations are always on the lookout for gaps in the market. They fill these gaps with suitable products or services to satisfy customer needs.
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