Neurologists have proven that no decision can ever be independently made without emotion. Decision-making is obviously prevalent in the workplace, and executives are not immune to falling back on emotion and intuition when they act. The myriad mental trapsthat managers fall into when making business decisions include everything from anchoring—basing a decision off of an initial figure that may or may not be purposefully inflated—to over confidence—being overly confident in our ability to make estimates and forecasts. In fact, there are so many various ways managers can make a bad decision that it’s hard to decipher where to begin in training oneself not to make them. One way to avoid bad decision-making: the utilization of data and associated insights.
And today, data is more widely available than ever. Big data is no longer looked at as the great unknown; it’s a part of everyday business life, helping organizations gain more comprehensive insight than ever before. Without insights that help managers revolve through the stages of decision-making with irrefutable data, every company decision maker is a slave to their own culture and experiences.
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