Monday, June 5, 2023

Decision-making, a ‘hell’ as common in CEO’s offices as at home

Which offer to believe during the discount season, which credit card is best for you, which product takes better care of your skin, is it better to save or invest, which fund provides you better returns, That department is your best option, Maybe it’s better to buy a new car, Is it prudent to take those overdue vacations, Is it time to have kids or move around the world, Is it the right decision for the company? We know decision-making is a little hell these days.

Surely at some point in your life, you’ve asked yourself these and a thousand more questions without really being sure of the answer. It’s normal, it’s happened to you and millions of other people, and it will continue to happen to you. Today it is easy to feel overwhelmed by the avalanche of data in front of us at all times to make decisions. People today want to use data to improve their decision-making abilities, but don’t know how or where to start.

Oracle, a company specializing in cloud solutions in Austin, United States, conducted the study “How Data Overload Causes Decision-Making Stress. A Global Study on the Decision-Making Dilemma”, in which they state that “Today we have more There is more data from more sources and in more places, however, making decisions has never been so difficult (…) The past is irrelevant.

“We must decide everything from when to start our day to where to invest our money, and we are urged to use and rely on data, especially in our professional lives. After all, why should we take the risk of speculating when everything changes so fast? While on paper this makes perfect sense, the reality is that the relationship between data and decision making is far more complex,” the document highlights.

And this happens at the organizational and individual level. Companies are revising their mid-quarter revenue forecasts because of “unpredictable economic conditions. Retail experts find it hard to forecast demand around the holidays. The volatility we’re immersed in in our personal lives means that we never know when is the right time to buy a car, house, or any other, product.

“We are living through a crisis when it comes to decision-making: We don’t know whether to trust our intuition or the data. In the corporate world, the decision-making dilemma lowers the risk tolerance of CEOs and investors which has a devastating impact on the economy. Not to mention challenges across all sectors of organizations, Oracle says, trying to decide what budget to hire, when to hire, how to serve customers, and Partne,r with whom.

To learn the hard facts about this crisis in decision-making, Oracle partnered with DKC Analytics and New York Times contributor Seth Stephens-Davidowitz to survey more than 14,000 people, including employees and business leaders, in 17 countries and found that 83% of people say the number of decisions they have to make daily has increased 10-fold over the past three years and 78% believe they have access to data from more sources than ever before. Bombardment of increasing quantity is being carried out.

In theory, data should help, but in practice it is having the opposite effect: 99% of people want to trust data, but 81% say the amount of data made decisions in their personal lives is too difficult and overwhelming. Making professional. It leaves people and organizations at a crossroads: 57% admit they face a dilemma and don’t know what decision to make more than once a day, and 75% admit This inability to take has a negative impact. on their quality of life.

Other key findings on decision-making

  • 70% admit they have put off making decisions because the data was too overwhelming.
  • 84% of business leaders who have experienced stress from business leaders have experienced decision-making stress and regretted, felt guilty, or questioned, and need a decision they made in the past year.
  • 92% of business leaders say that an increasing number of data sources hinder their organization’s success.
  • 81% of business leaders admit that their lack of trust in data is holding them back from making informed decisions.
  • 99% of business leaders agree that the right kind of decision intelligence can be critical to the success of an organization.

According to Oracle, “Data must be relevant to the decisions we make or we’ll stop using it.” It may sound dramatic, but 66% of people say the headache of collecting and interpreting so much data is too much for them. Too much, and 11% have already given up and say they’re going to take it up again. Intuition. This is a big problem, because people know that without data their decisions are less accurate (44%), would b less accurate (26%), and more subject to error (38%).

Looks like it’s time, the study suggests, for technology to do the hard work for us. The situation is so complicated that 45% of people, and 51% of business leaders, would rather not deal with any of this and have robots make the decisions for them.

“The message is overwhelmingly clear: our current approach to managing and analyzing data needs to change, especially in the business world. From attracting talent in a complex job market to winning over new investors in a difficult economic climate Benefits of achieving this range.

“Something changes and it is the way most organizations currently manage and analyze data. Business leaders need intelligence to make decisions, and the ability to transform data into information. and linking it to decision decision-making business leaders agree that the right kind of decision intelligence can be pivotal to an organization’s success, and its implications are too important to be ignored”, the document closes. Is.

World Nation News Desk
World Nation News Desk
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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