It is one of the paradoxes of our times, that despite having access to almost unlimited and instantaneous information, we are no more effective at making business decisions now than we were 50 years ago. If anything, the sheer quantity and immediacy of information these days leaves quite a few decision makers wondering what the best course of action should be.
Is your company's decision-making system allowing you to make key business decisions as fast and efficiently as your competitors?
A robust and well executed decision-making process will enable a team to attain peak performance and usually includes some of the following key attributes:
Reason. Is there clarity within the organization as to why any specific decision is being made? Can all team members clearly explain the purpose of the decision and the expected outcomes?
Transparency and consistency. Does the criteria used in the decision-making process reflect weighting and underlying values which are evident from the data being used? The data being considered should be clearly actionable.
Scalability. Can the decision-making process continue to be used as the business grows?
Efficiency. Is the decision process one which enables rapid response and quick decision making if necessary? Can decisions be made in real time? I have recently worked with a team which has perfected this attribute. It has a keen understanding of the balance between an ideal decision using all of the facts available, and a decision which has to be made in a fast paced environment based on sufficient, but not all of the facts.
Commitment to Action. Once a decision has been made, can the team move ahead with execution and/or implementation without hesitation or further follow up.