“You don’t have control over your situation. But you have a choice about how you view it” – Chris Pine, Actor.
Decision making is never easy. No matter how many tricks you have up your sleeve, you’re bound to lose a little sleep over the big decisions. Organizations use data to drive critical business decisions and enhance their business performance; however with multiple data sources it becomes essential to transform this data into value-added information.
In an interview with WHU Inside Business, Matthias Hartmann, General Manager at IBM Germany shared his personal tips on decision making in difficult situations. He mentions that we live in a world where information flows at a fast pace, and we need to listen to people and understand what is behind the data in order to analyse it effectively.
In addition to his first point, Mr. Hartmann also mentions how speed is of the essence in times of real decision making. He shares his personal example wherein he was able to make decisions based on 80% data availability, as opposed to waiting to get the entire data.
As more organizations and individuals move towards a data-based decision making approach, it becomes necessary to become familiar with analytical tools and techniques that will arm them with the ability to leverage data for decision making.
***Disclaimer: The views in this article are conceptual and reflect the personal views of Matthias Hartmann. In no way is this article related to business practices and views on decision making at IBM.***