My alma mater, Deloitte seem to have cottoned on to the importance of strategic decision making and issued a useful article on the topic. Their premise is that the CIO and CFO in collaboration are in a good position to improve decision making within an organisation.
I am in agreement with their premise – in fact any combination of executives with different perspectives is useful. Furthermore, as all my readers know, I am a huge supporter of visualisation as a way of combating complexity. My main point of disagreement with the Deloitte document is that I have not found that many CIO’s who are the experts in data (or other) visualisation techniques – although as head-honcho’s of the data, they perhaps should be.
The article also discusses behavioral issues in some detail and they have done a good job of categorising the type of heuristics that we use – either as individuals or in groups – that can cause blind spots and errors.
The document mentions that the decision process is one way of making better decisions. Although they do not give an example, the Genesis Strategic Decision Process has appeared in our blog and web-site a number of times and is easy to find if you are looking for your own process – alternatively drop me a line at email@example.com and I will forward you a copy.
My only other suggested addition to the article would be that to address the behavioral issues of decision-making, it is critical to obtain inputs from a wider group of people than simply the executive team. Be that seeking expert input or simply tapping into the wisdom of crowds. Simply getting the process right is not enough.
Overall – well done Deloitte. A useful article.
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contact me at firstname.lastname@example.org for a no-obligation discussion