The business of decision making
Jaideep Kewalramani
LinkedIn Top Voice Artificial Intelligence | Entrepreneur | Growth Acceleration | Speaker | Startup | Angel | Non-Linear Transformation
I am amazed with how many businesses fail to quantify the value of decision making. A lot of time and resources are spent on arriving at decisions. One study shows that senior executives spend nearly 50% of their time directly or indirectly on decision making. Needless to say, to get to those decisions their teams spend valuable corporate $'s and resources in framing the decision question, evaluating alternatives, building models and presenting all their findings.
Because decisions deal with uncertain futures, it will be ideal, as and when the future unfolds, to assess the return on investment (RoI) on all the resources spent on arriving at that decision. The quantification of decision making should help corporations determine the efficiency of the entire approach and processes they follow. Decision making should be seen and managed just like any other business process in an organization.
CEO, Atrion Consulting Solutions Ltd. Digital I Entrepreneur I Technology I Consulting I Transformation I Global Exp
8 年Also, decision making is relatively a comfortable task and putting it into action is no easy task.
Global Healthcare IT Consultant and Director Delivery | MBA in Information Technology
8 年When you have qualified and experienced expert in your team... You must believe him and go with his decision. Other wise do not take them as domain expert... So when you have decided to get the decision makers and leaders, do keep faith on your decision...??
CTO, Co-Founder - EzDataMunch
8 年Very true Jaideep. I believe, a lot of time is spent in understanding the underlying data to make decisions and in my experience if you can improve the data analysis capabilities within an organization that can save thousands of $ for executives in the decision making process.