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Although it’s unlikely that a single system will be able to handle all strategic decisions, the narrow intelligence that computers display today is already sufficient to handle specific strategic problems.
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Making the transition from management to leadership requires managers to exercise skills in strategic thinking — skills they don’t often get to practice in the action-oriented environment they know best. Managers moving into senior leadership must learn to embrace ambiguity and uncertainty and learn the importance of taking time to think things through.
With the emergence of a digital economy over the course of the past two decades, leading companies have learned that they must act faster to respond to customer needs and competitive dynamics. The fourth annual Big Data Executive Survey confirms that Fortune 1000 firms recognize that faster time-to-insight correlates with success and will be the driving force behind Big Data investment for the years ahead.
When faced with information overload, it can be easier to make good decisions if you’re able to remove yourself from all the details of the decision and consider the choices more abstractly. Research shows that such distancing, which can be either temporal or physical, can help people to filter out the less-vital details and enable them to focus on the gist of the matter.
Curiosity about the decision-making process has heated up, attracting academics from neuroscience, management, behavioral economics and psychology. Researchers have found, for instance, that a willingness to ask for advice on difficult problems can increase a person’s perceived competence, and that too many choices can cause people to make less-than-optimal choices. Here, we highlight six scholarly articles that have intriguing insights into the factors that can affect decision-making.
Good strategic thinking and decision making often require a shift in perspective — particularly in environments characterized by significant uncertainty and change. Managers can make better decisions by examining both broad market trends and less visible undercurrents. But the questions leaders pose sometimes get in the way of solving the right problem or seeing more innovative solutions. Here, the authors present six questions that challenge executives to incorporate broader perspectives.
As data analyses get more complex, how can companies best communicate results to ensure that decision makers have a proper grasp of the data’s implications? Research has found that letting decision makers gain experience on the outcomes of different possible actions by interacting with simulations helps those executives make better decisions. Simulations narrow the often a large gap between what analysts want to share and what decision makers understand, and more clearly illustrate complex statistical information.
Strategic thinking at the top of a company is more important than ever for business survival. But boards of directors have no clear model to follow when it comes to developing the strategic role for the companies they oversee. Should they supervise, cocreate or support strategy? A structured assessment of a board’s strategic responsibilities can bring clarity to its role in creating strategy, and boards should be prepared to change their role in strategy if the industry context changes.
If you devise strategy by thinking only about the positioning of your company’s product or service, you are missing a huge opportunity.
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