Monday, July 11, 2016

The Monthly Decision Making Insight Decision-Making Scenario July, 2016

Decision making is the arena across the art and science; gut feeling and data-driven, confidence and humility.

Making a decision is one of the significant tasks for business leaders and digital professionals. However, the high ratio of strategic decisions has been made poorly and cause the catastrophic effect. How to avoid such decision pitfalls, digitize decision-making scenario, and make effective decisions both strategically and tactically?

Decision-Making in Digital Way One significant effect of digitization is increased velocity, complexity, unpredictability, and a need for a faster response to changes in business and industry based on effective and efficient decision making. How is that possible? What’s the digital way to make the right decision? And how to avoid the pitfalls to make bad decisions?

Five-Step Decision-making Scenario One of the most important tasks for management is to make decisions, however, across the sectors, many business leaders still make “gut feeling” only decisions all the time, what’re the logical scenario to make effective decisions? Technically, how shall you weigh in the data and gut feeling to make the effective decision at the right time?

Data or Process, Which is More Critical in Decision Making? Decision making is a daily challenge for most business leaders because organizations become over-complex, hyper-connected, uncertain and ambiguous. What is more important to effecting good decisions within your organization? A sound process? Or the "best" (reliable and relevant) data? What’s your best scenario to make effective decisions?

What's Your Decision-Making Style? Decision making is both the art and science. It takes both analytics and intuition; philosophy and methodology, substance and style. In order to make the best decisions, it is better having a mix of decision-making styles in the room. Can you spot the different types? Do you aim for a balanced representation of styles?

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 about information, but the business insight leads to the right decision making. So how to measure information accuracy as well as decision-making effectiveness?

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