Business, like society, is currently overwhelmed with information. Much of it is contradictory. Seemingly little of it is substantiated, verifiable, edited and fact checked.
Multiple sources, some of which is spurious and questionable are readily and freely available. Many utilise numerous channels to impart their wisdoms, attitudes, perceptions and values. Much of the information is self-serving.
Concluding informed, objective and appropriate decisions is difficult.
CONSEQUENCES
Collectively, these factors are impacting and impinging on the productivity of businesses, government departments, the economy and the marketplace at large.
Hesitancy is common. So too is inertia, procrastination and demands for more reports, meetings and contemplation.
Risk tolerance has been compromised or sidelined. What has happened to the philosophy:
JUST DO IT
Key message. Reduce and tidy up the clutter.
TOO MUCH INFORMATION
The prevalence of “too much information” in the digital era has promoted the wish to avoid making the wrong decision. Concluding and implementing the right decision is, seemingly, a stretch for many business leaders and management teams.
There is a substantial need for the information, documentation and implementation of a structured, disciplined decision-making template.
In first instance, it is important to recognise, accept and respect that there is no perfect information or intelligence. Subjectivity will be inherent in most instances and circumstances.
BE SELECTIVE
Care needs to be taken in the determination of a limited number of preferred information matrixes.
For example, enquiries, contacts, conversion ratios, sales volumes, profit margins, capital, fixed and variable costs, market share, repeat business and price elasticity – demand measures are not necessarily uniform, integrated or, indeed mutually compatible.
Externally developed, applied and monitored business modems often do not reflect or are consistent with the philosophy, cultures of purposes of individual entities. Customisation in such instances is questionable, if not impossible.
The moulding of one – business or business model- is often to the detriment or compromise of the other.
Self-interest often percolates to the top, with win-win simply being out of reach.
APPLIED DISCIPLINE
In a sea of information, perceptions, beliefs, perspectives and contentions it is advisable, if not imperative, to identify, embrace and deploy a restricted number of data sources and bases.
Collectively, they will not be perfect. Gaps may become apparent, and contradictions identified. Alternative and complementary inputs can be added, not in pursuit of or hope for universal truth, but for manageable and monitorable templates and frameworks.
Information overload is a huge burden that slows decision making, reduces productivity, efficiency and effectiveness, while often consuming resources for little of no material benefits.
Objectivity is a laudable goal, often compromised by the presence and influence of countless variables (read: moving parts).
Sadly, hindsight is only a virtue at certain points in time, typically post-decision.
RECOGNISE ALL SOURCES
As important as the act of selectively identifying, isolating, analysing and deploying select sources is, it is advisable to note, retain and have ready access to those sources which will not be utilised.
Circumstances change. Innovations evolve. Opportunities emerge. Each can and do regularly enhance the value of differing insights and overviews. Astute use of such can reduce (not eliminate) risk and embellish the prospects and avenues for such.
At times optimal answers, options and considerations are not generated by established preferred sources. That is one reason why secondary information channels should not be discarded or ignored.
Ideally, they should be prioritised, categorised and filed for possible future reference and use. Such disciplined structures outrank informal, unstructured and casual approaches.
In some circumstances information sources can be assigned to specific issues, aspects and locations.
TEAM FOCUS
It takes a team.
Focus, comprehension and unity all contribute to addressing and redressing the issue of information overload within a business. A common bond and set of perspectives simplify processes and expedites favourable outcomes.
Individual team-members need not be encouraged to seek out further information. KEYPOINT: Seek and you shall find. It’s out there but …… does not necessarily contribute to better, more informed discussion making and performance.
Many and differing eyes can generate additional paradigms and intelligence. That is, old information looked at through new perceptions creates new information. Involve team-members.
Often intelligent analysis of information upgrades its relevance and value. Enough said.
FORESIGHT
The filtering of information limits the scope for foresight. Time and timing can determine the relevance and currency of information. That in itself is a valuable lesson.
Consider the evolution, if not revolution of social media, bitcoin, nanotechnology, digitisation and artificial intelligence. Their individual impacts on life, society, commerce, defence and geo-political dynamisms have been, are and will be immense.
Artificial intelligence is an interesting and appropriate case study. Its advantages, benefits and reward are largely determined by access to information. It can and does select sources, priorities such and applies weight to inputs. That is part of its strength and its weakness.
Among AI’s greatest deficiencies are the human attributes of nuance, perspectives, emotions, values, beliefs and philosophies. No short-cuts there.
Intuitively, humans can, do and should make value judgements on the selection and use of information/intelligence. Now that is smart – but not perfect!
DECISION TIME
Information abounds. Intelligence is in relatively short supply. Therefore, take the time and care to delineate the two, often, further information is not required. Indeed, reflect on the maxim:
Less is More.
Barry Urquhart
Consumer Behaviourist
Marketing Focus
M: 041 983 5555
E: Urquhart@marketingfocus.net.au