Tuesday, February 28, 2017

The Monthly “Decision Master” Book Tuning: Digital Decision-Making Styles. Feb. 2017

There are all sorts of decision-making styles depend on the decision maker's cognitive ability, knowledge, insight, or personality.

Decision Masters refer to the digital leaders or professionals who can leverage multidimensional thought processes, information and intuition, take a step-wise scenario for making effective decisions consistently. Decision Masters also refer to the businesses or organizations that follow a set of well-defined principles, leverage fine-tuned decision processes, efficient information management system, decision frameworks, tools, and metrics to enable people across the organization making effective decisions collaboratively.

Digital Decision-Making Styles

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?

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?

Participative Decision-Making? Decision-making is both art and science. Having all the facts to make the best decision is a utopia we would all like. But in practice, each person has their own cognitive strength, knowledge limitation, background, or experience. So besides independent thinking and structural decision-making scenario, we should always collect feedback and involve the right people for getting complementary insight in making better decisions. Technically, it is about leveraging the participative decision-making style for improving decision-making effectiveness and maturity?

The Hybrid Decision-Making Style The digital leaders and professionals spend the significant amount of time in making decisions. However, ineffective decision-making becomes one of the biggest root causes to fail businesses due to "VUCA" characteristics of the digital normality. The poor decision-making can cause the business dysfunction, employee disengagement, or customer dissatisfaction; the short time loss or the long term pain in the organization. The point is that there is no one size fits all formula for all decision making, there are all sorts of decision-making styles depend on the decision maker's cognitive ability, knowledge, insight, or personality. With the increasing pace of change and overwhelming information, can the hybrid style help to improve decision-making maturity?

Proactive Decision-Making: Digital leaders and professionals spend a significant amount of time at all levels of decision-making -strategic decisions, operational decisions or tactical decisions on the daily basis. Statistically, business decision effectiveness (especially large strategic decisions) is low, poor decision making is often caused by ineffective processes, lack of knowledge or resources, cognitive gaps, unconscious bias, or procrastination, etc. We live in the digital era with "VUCA" characteristics, decision-making is more science than art. So how to take a proactive and step-wise approach for decision-making, in order improving decision effectiveness and maturity.

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