Leadership in today’s dynamic business environment requires identifying and reaction quickly to emerging trends, threats, and opportunities. The rate of change in the business environment is increasing at a much faster rate than ever before in history.
Great business leaders develop an intuitive style of decision making, using experience, skill, and personality to guide their organizations. But, in dynamically changing environments, instincts can be challenged. Learning to adapt quickly and becoming more data driven is often a difficult transformation for leaders. Learning to trust information systems and drive decisions that might be counter intuitive is hard.
The digital era has created the need for information solutions that gain better insight into customers, operations, employees, and financials. Driving decision making based upon data and analytics can improve awareness and overall performance.
Data Driven Decision Making
- More Consistent
- Able to sense trends and issues quicker
- More adaptable and responsive
- Considerate of cross-functional dependencies
- Identifies and quantifies risk
Robust information solutions, employing advanced business intelligence solutions are more insightful, with predictive capabilities that provide actionable results.
To adapt to the data driven processes, leaders be able to trust the information and analytics. Governance is essential to the success of robust data driven organization. Unlike bureaucratic governance of the past, modern processes require innovative centric governance that leads cross functional evolution of trusted, well-engineered solutions.
Good decision making requires better planning. Planning must become more adaptive and responsive to findings. Three to five-year plans are becoming obsolete before they have a chance to be implemented. Therefore, the cadence of planning must be accelerated. And plans must become more adaptive and responsive to change. Strategic initiatives must become iterative and prioritization of effort must be continuously assessed.
Essential to the effort management is being able to differentiate the difference for change to adaptation and change that causes chaotic and ad hoc behavior. Good management practices need to balance responsiveness with the need to successfully execute and deliver. This can only be done through evaluation with strategic alignments and objectives.
Business processes need to adapt to become more information driven, using data to focusing on performance efficiency and responsiveness. Embracing information as a driving factor for leading and manage business requires the next generation approach to business intelligence. By providing better insight into customers, operations, and financial aspects of business, data driven organizations can adapt quicker, gaining competitive advantage. By predicting potential triggers before impact is realized, leadership can adapt quicker and become more responsive to market demand.