5 ways to use credible information to make good decisions
You are only as strong as your weakest link, how fallible is the chain-holder?
Your business is the chain. You are the chain-holder. So, your ability to sort through a wealth of information to make effective decisions is crucial.
Here are 5 methods you can use to find credible information:
1- Analytical Reporting Tools: Knowing at what load the chain breaks can be quite useful when making business decisions. Tools that help with due diligence, country or regional risk assessments and counterintelligence can provide the necessary information. You will sound credible to your team, management, decision-makers etc. Decisions supported by accurate data lead to commercial growth.
2- Investigation Mentors: To achieve peak performance in sports, you need a coach – pretty simple right? Using that same logic – to make better decisions and achieve commercial growth, you need understandable insights from people who have several years of experience within the industry. They won’t necessarily label themselves as mentors but the wealth of knowledge they have can help you leverage digital insights which would take you more time, money and resources if you did it on your own.
You can contact some experienced investigation mentors here and have a chat via free consultations.
3- Data Cleansing: We all know there is a large amount of data out there. But, to make effective decisions, you need accurate and relevant data. This is where data cleansing comes in – this refers to the process of removing, updating and rectifying corrupt or inaccurate data within a database. When this is done, the data left behind is of a higher quality. Having higher quality data saves time and resources because you might be working with outdated data. This also means you have access to data that is GDPR compliant and you’re interacting with the right people within the industry.
4- Revisit and Re-evaluate Decisions: We have unconscious biases and deal with cognitive dissonance regularly. Our brains jump to conclusions, seeing the data we want to see rather than what is really there. We are often resistant to considering a different approach. Revisiting initial decisions and rationale at key checkpoints in our decision-making process can often produce more effective decisions than simply running with it from the start because it allows for re-evaluation and reflection. Step out of your usual decision patterns and look at the information again objectively. It may feel like you’re taking two steps back to move one step forward, however, in the long-run, you will be moving faster in the right direction.
5- Evolve and Question Decisions: Be sure to continually examine and question decisions. This is not to say you constantly second-guess yourself but to ensure you’re comfortable with the wealth of insights. If the landscape around you is changing but your analysed data isn’t, your decisions might become outdated. To take control and hold the chains of your business, it’s important to refresh and evolve strategies and decisions.
As a chain-holder, you wouldn’t want to hold a chain that would break. You would want a chain that maintains integrity and trust. By following the 5 ways above, the chain (i.e your business) can grow more links without compromising on quality and performance.
About the Author: Kathryn Caudrelier is the Director of Intelligence at Millbank Solutions, a leading supplier of corporate intelligence services.