Choosing the various decision making models

Posted by AxelPrice on July 30th, 2014

Do you feel that you take perfect decisions for your work? Are you confident of optimally deciding in every situation and doing justice equally for all? No matter how quick and exact you are in assessing your company goals, every company is in dire need of a proper decision management process, which makes use of superior decision making tools and reaching at a rational standpoint. Though the process is likely to differ across units for variations in cultural patterns, yet the basic method is more or less the same. Since making decisions is largely a self dominated action, companies have increasingly started relying on decision making models to help them sail smoothly.

Since decision making is critical in the analytics process when making insights found in data and also while making performance-enhancing changes, the focus now lies on decision making models. These models are greatly accepted by the dispersed decision makers in this industry, who also feels that managing decisions is equally vital to ensure accountability and transparency. Take a look at the various models:

Digital Insight Management

This model mostly revolves around existing investments in Digital Analytics and Optimization. From overcoming organizational barriers to communicating insights effectively, this model focuses on areas like analytical understanding, clarity in owning data and decisions, effective team collaboration, clarification of requirements from the beginning and accountability for decision making and action taking.

When working with this model, the ownership for analytics must be defined clearly. If one cares to learn from past experiences, establishing clear expectations for using data and information and even building a consolidated view of it is possible. Finally, analytical workflows must be defined and supported so that one can quantify and share the analytics driven success.

The Lean Analytics Cycle

Among the decision making models, lean analytics cycle was developed keeping in mind start-ups and other companies who would act quickly, learn continuously and consistently improve in a fast paced market. Mostly, this model emphasizes on companies that concentrate in critical business decisions, creating the best measurement framework, emphasizing the value of testing, analyzing results and continually re-evaluating top business priorities. An interested client can carry out the cycle if he or she searches for improvements, forms a hypothesis, creates the experiments and measures the results by taking necessary actions.

RAPID

Created to help organizations know the process of decision making and in the highest quality that helps to deliver strong performance and learn from past decisions as well, this model has its own priorities. From defining roles and responsibilities to strategic planning and prioritization of decisions, appropriately balancing control and creativity to keeping an eye on action, speed and adaptability, RAPID is the way to go. When implementing this model, the organization must be scored, key decisions must be focused don, organizations should be built and decision capabilities must be embedded.

Choosing the best model out of these three depends on company requirements. But whichever is opted for, the decision management process must fulfill the purpose for which it is chosen in the first place.

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