How CEOs Can Turn Information Overload Into Competitive Advantage
Executives are drowning in raw information and starving for valuable insights.
This a big problem because a lack of business intelligence degrades your executive decision-making ability -- a core leadership function.
As the volume of data exponentially increases, executives feel increased conflicted, confusion, apprehension, and physical fatigue.
This makes realizing operational goals and strategic objectives highly unlikely — which is not how we want to position for C-suite leadership and Board meetings.
Left unresolved, teams are left uncertain, anxious, and discouraged.
When executive leaders identify issues and take ownership, they enable greater understanding. Sharing how and why decisions are made allows everyone to feel more secure, calm, empowered, energized and fulfilled.
Operations are aligned, goals are more easily achieved and strategic objectives are realized.
As a kick-start, try these best practices:
➡ Understand the difference.
Information is voluminous and imposing. It represents the exponentially growing data set of — well, everything. It is, by definition, too much.
By contrast, Business Intelligence (BI) is a subset. Although smaller in size, it is exquisitely more valuable. Specifically, because BI consists of only the bespoke information relevant to your business plus analysis. This enables effective executive decision-making.
BI, by definition, is timely, relevant, actionable, and (most important) predictive. Although past may be prologue, you’re not paid as a history teacher. Executives leverage BI to determine next steps in positional advantage.
➡ Develop an internal process.
Although research & analysis may be outsourced, you still own your internal process. Consider these 4 steps:
🌟 Ask: Develop specific questions to frame understanding and enable good decision-making. Start along the lines of Porter’s Five Forces Model. (Read Micheal E. Porter's Competitive Strategy).
🌟 Get: What open sources and experts are available to obtain the relevant information?
🌟 Think: Apply some cognitive analysis. (Read “The Thinker’s Toolkit” by Dr. Morgan D. Jones).
🌟 Share: Distribute widely to enable informed decision-making at all levels of your organization.
While there is no magic solution, these proactive steps are a proven great place to start.
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