Technology
and Tools have made gathering data and churning numbers a lot easier. The
common belief is more the data, better and faster is the decision making.
Agree? To some extent, yes!
If you
take a look around the sources of records within an enterprise you will find a
lot of them, some connected, some in silos & some no one even cares about.
Sure, big
data analytics and machine learning have come to our rescue to make sense of
these disjointed data sets but how efficiently is the final output used.
Answers are often soft murmurs and far less definitive.
Where lies
the problem?
What does
it take to make effective and impactful decision making?
How can we
make it a practice and course-correct with agility?
The matter
at hand is about having the flexibility to make decisions quickly and be able
to improvise those decisions in an iterative manner.
Today’s
business scenario is all about being “agile”. Be it agile project management or
agile decision making.
Business
owners and decision makers no longer prefer a big-bang approach.
It is
neither sustainable nor business friendly. In fact it can be highly detrimental
to the business itself, given the rapid technological advances allowing
competitors to catch-up quickly.
Hence everyone is always on their feet to take the plunge into the
next big venture – product, service offering, pricing models, new markets or
organizational changes.
How do you think one can follow agile decision making?
The first
steps must include taking an objective view of the facts at hand. Analyse it to
see specific trends and their coincidence with associated market changes,
demand surge or regulatory changes if applicable.
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