Remember when some organisations spoke about 20/20 vision in 2020?!
It’s been difficult to see far ahead this year – and decision-making has been harder than ever.
Wave after wave has hit us. COVID, royal commissions, international trade relations, US Presidential Election, BREXIT, etc! Life seems to have changed for good, but through this we have great opportunity for growth.
I’ve paused to reflect on lessons for business and the rest of life. Some themes have been:
- How we use information
- Who we trust
Our decision-making effectiveness are greatly influenced by how we operate in these areas.
Despite the abundant data at people’s disposal – being properly informed has been a major challenge. And sometimes the abundant data has not been managed well. Think of the US electoral maps showing states as red or blue (and looked ‘in the bag’). Many people interpreted on face-value, claims were made, and later a swing from one party to another, occurred. The impact of misinterpretation, and many other examples, has been dramatic.
Sometimes people / organisations have been myopic and not recognised the trends. Clearly there are some regions which managed the risks very well. What can we do to improve our organisations?
Some good practices we can adopt include:
- Make reports and insights easy-to-understand using Gestalt Principles are valuable. (We shouldn’t need to be election experts to correctly interpret an election geo-map.)
- Don’t draw conclusions too early (think of the 2020 US election when the Republicans assumed they had effectively won).
- Trust the data that should be trusted and improve data as required (think back to the 2016 US election when the Republicans got too comfortable with the polls).
- Automate and streamline data collection and reporting where viable. There’s a lot more potential for organisations in 2020 than many people realise.
Many organisations can improve, as recent studies highlight
- 87% of organisations in the study had low analytics maturity (Gartner).
- Analytics skills are concentrated to a few employees (Harvard Business Review).
- Decisions often require too much effort (Bain & Company).
Good news is that avoiding these traps can be easier than people expect.
This month we are making a special offer! My team can setup a reporting/BI platform within days and support your journey towards more effective decision-making.
Get started by clicking the button below.
Until next time,
Anthony Butler and the Emergent Consulting Team
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