Blog and News

28 March 2022

How Can Slow Decision-Making Affect Companies?

The number of decisions that companies have to make in business processes will increase dramatically as uncertain competition and market demand continue. To make reasonable and appropriate decisions, companies rely on data. Without data, companies will find it difficult to make the right and fast decisions. Slow decision-making will significantly affect the company and threaten the company with a crisis that may occur later.

Challenges in Making Decisions

The fundamental reason for slow decision-making is that every decision requires a complicated deliberation process. During this process, several challenges must be faced, including:

1.      Uncertainty

In general, the more uncertainty in a decision, the harder it is to draw conclusions. Uncertainty in decision-making can take many forms, one of them is the uncertainty of the possible outcomes from various decision choices.

2.       Overchoice

When overwhelmed by the sheer number of possible outcomes, companies experience the hassle because too many choices result from these possibilities. If so, the company will need more time to compare each of those options.

3.       Complexity

Complexity occurs because many things must be considered before deciding, even a choice. Usually, companies cannot manage priorities and make decisions quickly. Thus, the process becomes more complex, uncertain, and difficult to decide.

 

Companies have to waste a lot of time, money, and effort if they take too long to make decisions. Therefore, companies must be able to make the right decisions quickly. Besides that, slow decision-making can also impact the company’s unpreparedness in dealing with a crisis due to confusion. To speed up the decision-making process, you should not wait for the ideal time and have too many doubts. You must be able to trust the instincts that have been there since you found the company. There is no right or wrong instinct. Its final outcome depends on several factors, including the situation at hand. Before making an intuitive decision, you need to examine current affairs. One way to do this examination is by using company data.

Optimize Your Decision-Making Process With the Enterprise Analytics Solution

Companies must carry out a thorough analysis to make decisions based on data. Companies need technology that allows employees to evaluate and analyze data then turn the data into actionable decisions. Enterprise Analytics Solution is one of the solutions that companies can use in optimizing data-driven decision-making. Enterprise Analytics Solution will allow you to generate results faster, reveal more in-depth information, and offer a choice of unique and best business decision solutions based on analysis results. With this convenience, companies can avoid various challenges mentioned above.

 

Implement Enterprise Analytics Solution with PhinCon, a subsidiary of Phintraco Group with more than 270 professional staff ready to support the implementation of your company’s technology solutions with 24/7 service.

 

Contact us via email to [email protected] for complete information about the enterprise analytics solution.

 

References:

https://effectiviology.com/why-its-hard-to-make-decisions/

https://www.teradata.com/Products/Applications/Teradata-Analytics-for-Enterprise-Applications

https://adamstrong.net/slow-decisions-making-ruin-business/

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