Decisioning as a competitive advantage
By Ernest Falkner III
Zillion Dollar Thinking
Companies, organizations and individuals make decisions daily. Insurance, cars, rent, perks, advertising, technology, and so on. But, in today’s economy, how many are making a conscious decision about decision-making?
For example, the BP fiasco was chronicled right down to the essence of the problem — the lack of decisioning at almost every level. And look at the cost. The time has finally come — and hopefully not too late — for many companies and individuals to apply the word “how” to this often overlooked issue of decisioning.
The “how,” when applied to objective decisioning, could completely refurbish worn out and status quo approaches in many of today’s challenges. The trend that continues to be seen is not an understanding of the problem, or the ability to come up with some solutions. Instead, it is the consistent lack of a model for how the process is established and adopted as a standard within the organization.
Here are some key statements from a consensus of experts on this subject:
- ”Develop decision-making as a core competency.”
- “Improving decision-making can become a competitive advantage.”
- “When you look at successful organizations, they all share one common trait — they make good decisions. When you look at mediocre or failing companies, they all seem to have made bad decisions. Yet surprisingly, few companies actively cultivate decision-making as a skill set for their leaders and managers. When they have, the results have been extraordinary.”
- Is it an opportunity or problem area for our operation?
- How deep is our commitment, or lack thereof, to achieving it?
- What is the best possible solution in our situation?
- What will be our specific actions and accountabilities?