Business, like society, is currently overwhelmed with information. Much of it is contradictory, and seemingly little of it is substantiated, verifiable, edited, and fact-checked.
Multiple sources, some of which are spurious and questionable, are readily and freely available. Many utilise numerous channels to impart their wisdom, attitudes, perceptions, and values. Much of the information is self-serving.
It is difficult to make informed, objective, and appropriate decisions. Collectively, these factors are impacting and impinging on the productivity of businesses, government departments, the economy, and the marketplace at large.
Hesitancy is common, as 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!
The key message is to reduce and tidy up the clutter. 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 the 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.
We must be selective. Care must be taken to determine a limited number of preferred information matrices. 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 mutually compatible.
Externally developed, applied, and monitored business models often do not reflect or are consistent with individual entities’ cultures, and purposes.
In such instances, customisation 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 usually percolates to the top, with win-win simply being out of reach.
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.
Information overload is a huge burden that slows decision-making and reduces productivity, efficiency, and effectiveness, while often consuming resources for little or no material benefits.
Objectivity is a laudable goal, often compromised by the presence and influence of countless variables. Sadly, hindsight is only a virtue at specific times, typically post-decision.
Circumstances change, innovations evolve, and opportunities emerge. Each can and does 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, established preferred sources do not generate optimal answers, options and considerations.
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.
Sometimes, information sources can be assigned to specific issues, aspects and locations.
It takes a team to succeed. Focus, comprehension, and unity all contribute to addressing and redressing the issue of information overload within a business.
Individual staff members need not be encouraged to seek out further information. The key to remember is to seek and you shall find. It’s out there; however, it 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 your staff.
Information filtering limits the scope for foresight. Time and timing can determine the relevance and currency of information, which is a valuable lesson.
Artificial intelligence is an interesting and appropriate case study. Its advantages, benefits, and rewards are primarily determined by access to information. It can and does select sources and priorities and apply weight to inputs. That is part of its strength and its weakness.
Among AI’s most outstanding deficiencies are the human attributes of nuance, perspectives, emotions, values, beliefs, and philosophies. There are no shortcuts there. Intuitively, humans can, do, and should make value judgements about selecting and using information/intelligence. Now, that is smart — but not perfect!
Information abounds, and yet 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.
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