A recent survey of Signal AI, which offers a decision augmentation platform infused with AI, interviewed 1,000 C-suite executives in the U.S. for the study. The report found 85% of respondents estimate upwards of $4.26 trillion in revenue is being lost because organizations lack the ability to make the best decisions and fast.
What are the biggest barriers to decision making?
44% Overwhelming amounts of data
21% Not enough time
16% Stakeholder alignment
19% Implementing the Solution
While deep learning is extremely valuable, and algorithms are fast, tunable and mathematically agile, they will not provide for pragmatic reasoning and contextual awareness.
New research shows that you can learn to be a better decision maker by watching other people navigate their choices. Good decision-making requires incredible self-awareness and pragmatism to combat biases, group think, hyperbolic discounting, anchoring, and our tendency not to rethink the painful problem space before jumping to rewarding solution.
Finally ask yourself “Is this a non-reversible decision?” If it is, always seek counsel from a few trusted outside subject matter experts.