Emerging impediments to managerial decision-making
Understanding the forces that are shaping the business environment is key to making the right corporate judgement call.
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FROM drawing up strategy plans to executing operations, raising capital to planning budgets, defining products and structuring sales channels, corporate management decision-making has always been a challenging one. Unfortunately, given the fast-paced, information age we live in, things are not going to get easier. How leaders make their decisions and the quality of those decisions are being disrupted. In fact, it is expected that 10 years from now, these patterns of decision-making will be completely different, though the effect will only be clear then.
The reasons are predominantly attributed to the external business environment in which companies operate. Inadvertently, it will impact the internal decision-making process. Discussions with international managers in Europe and Asia have indicated that there is a global pattern of change occurring that will yield more problems than opportunities.
For starters, managers will decide to be more risk averse; decisions will tend to be governed by a short-term horizon; individual preferences of managers will dominate company targets; and finally, the focus on customer needs will reduce. If these four challenges are not addressed, firms can expect a loss in competitiveness.
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