Thursday, March 17, 2016

The CIO’s Digital Agenda XXXXX: Leveraging IT as a Business Decision Influencer

It's not necessarily information, but the business insight leads to the right decision making.

Fundamentally, the purpose of IT organization is to ensure the right information going to the right people at the right time and location in order to make the right decision. Indeed, IT is a key business decision influencer at an information-explosion era, but more specifically, how does IT make an impact on the business decision, and how can IT improve business’s decision-making capabilities and effectiveness?

Leveraging IT as a Business Decision Influencer

  • How to Leverage IT as a Business Decision Influencer?  IT spends a very large amount of professional time working on the "business" side of things to walk through structured approaches that lead to real decisions and properly resourced projects. Decision-making scenario is depending on problem context. A structured or an unstructured approach to management's decision making is depending on a problem context. An effective way for resource allocation and utilization is an important factor for a decision making.

  • Information vs. Decision Making At today’s digital dynamic, information is abundant and even explosive, the business has become over-complex also hyper-connected, what’s the correlation between information and decision making. If data-decision pair works fine to advocate analytics based culture; as information is the processed data; and knowledge is processed information, how about information-decision pair? It's not necessarily information, but the business insight leads to the right decision making. So how to measure information accuracy as well as decision-making effectiveness?

  • From Big Data to Decision Management:  Businesses enter the digital era of Big Data, with the business dynamic of velocity, uncertainty, complexity and ambiguity, how to make the right decision by the right people at the right timing also becomes a strategic imperative, because it will directly make an impact on business’s short term bottom line and long time prosperity. IT as an information steward of the organization, how to build a data-based culture and how to provide the right information to enable people making more effective decisions?

  • Decision Effect: Making a decision is one of the significant tasks for business leadership, however, the high ratio of strategic decisions have been made poorly and cause the catastrophic effect. How to avoid such decision pitfalls, to make effective decisions both strategically and tactically?

  • Timing, Group, and Decision Making  Decision making is perhaps one of the most important tasks for business leaders and managers, and there’re also many great debates upon this topic. From the old chestnut of "Isn't a gut reaction decision as good as a well-considered decision?” to the timing concerns: do decisions get worse with time? Do they stale date? Would a cognitive reaction to not making a decision lessen the decision's importance to a person so that it no longer mattered? Is there any truth to the statement "ignore it and it will go away," and to the emergent concerns: individual or group, which way is better for making effective decisions in the face of today’s complexity and uncertainty.

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