Tuesday, October 4, 2016

The Monthly Decision Making Insight: Decision Making in Digital Way Oct. 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 most 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, and to 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 of making bad decisions?

Is Customer one of the Biggest Influencers of Decisions in your Enterprise? Being customer-centric means to really live on the mantra everyone is already familiar with: “Customer is King or Queen”, take a look at the business via outside-in customer’s lens, and build business capabilities to optimize customer experience. However, to what extent do you feel comfortable to make customers one of the biggest influencers of decisions in your organization?

The Value or Bias behind Decision Making? Business leaders and managers spend the significant time on making both strategy (long-term) and tactical or operational (mid or short term) decisions, and those decision effects will directly impact businesses’ top line growth and bottom line surviving. Some use gut feeling more often to make decisions, few are good at doing data oriented decision making. Sn order to decide smartly, what’s your perspectives of value or bias behind decision making??

How has Russell Ackoff's Work influenced on Decision Making? Russell Ackoff's work influences on management and decision-making through his work on systems learning. He saw effective decision making when people looked at an organization as a whole rather than single items. That means the effective decision making is based on understanding relationships between activities inside as well as outside an organization. For many business leaders, Russell Ackoff's work enhanced understanding of systems thinking, understood organizations as marketplaces: People in organizations tend to see each other as peers, superiors, or subordinates - while in a critical sense, they are customers and suppliers for each other. Understanding these dynamics enables much more effective analysis and design of organizations.

Tuning Digital Mindset: A Decisive Mind? At today’s digital new normal –uncertainty, complexity, velocity and ambiguity, the capability to make an effective decision becomes more crucial leadership competency. An effective decision can be defined as an action you take that is logically consistent with the alternative you perceive, the information you get and the preference you have. Digital Pros, how should you shape such a "Decisive Mindset"?

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