Informativedecisionmaking ~ Future of CIO

Monday, October 18, 2021

Informativedecisionmaking

10:25 PM Pearl Zhu No comments

Business leaders and professionals need to capture the right information, predict the trends, prevent pitfalls on the way, and follow the right processes to overcome changes.

"Decision Masters” refer to the digital leaders or professionals who can leverage multidimensional thought processes, information and intuition, and 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.

Informative Decision-Making

Informationascluetomanagement Nowadays, information is the clue to run a hyperconnected and independent business. The tricky bit with information is that, depending on the level of granularity and aggregation, you can use it for multiple purposes. In fact, Information Management is a holistic business process of aligning the use of information through a multitude of management practices to improve business responsiveness and effectively.

Inbuildingdecisionmakingcapability ‘Digital business is becoming complex and uncertain, decision making is more often a complex scenario, especially for the large, strategic decision making. Therefore, it is crucial to take a systematic approach for improving decision effectiveness, leveraging both gut-feeling and analytics, logic and intuition, interdisciplinary knowledge and group contribution. Here are five pillars to build decision-making as a solid business capability to improve business responsiveness, agility, and competency.

InformationinsightEffectiveDecisions At today’s digital new normal -uncertainty, complexity, velocity, and ambiguity, the capability to make effective decisions becomes a more crucial leadership competency. There is fuzziness in the decision because there is fuzziness in conflicting criteria. 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. A decision is a plan to change something in your current situation. A"decision" has lots of connotations of finality. What seems to mark those good problem solvers out from others is their ability to frame issues, problems, and decision options and turn them into potential opportunities, tangible outcomes, and inspirational change & transformation. What are the logical steps in making effective decisions, though?

Ineffectivedecisionmaking With exponential growth of information and frequent disruptions, decision and problem-solving in complex businesses is difficult due to various reasons such as uncertainty and ambiguity of business circumstances, lack of priority, unconscious bias, outdated knowledge, or scarcity of business insight, etc. Business leaders and professionals need to capture the right information, predict the trends, prevent pitfalls on the way, and follow the right processes to overcome changes.

Integratingdecisionlogic In the world where change is significantly speeding up, business leaders couldn’t predict the future with a certain degree of accuracy. Decision-making is difficult due to varying reasons such as uncertainty and ambiguity of business circumstances, fear of failures, unsure about priority, unconscious bias, lack of knowledge or profound thinking process, etc. Thus, it’s crucial to take logical steps in achieving decision smartness.

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