Avoiding disastrous data-based decisions: The secret to meaningful workplace insights

Abstract

In a complex, ambiguous and uncertain business environment, the use of qualitative and quantitative data to inform strategic policy, decisions and actions is essential. Data increasingly plays a critical role in shaping workplace decisions that carry significant fiscal and team performance implications. Access to more data and processing power, faster and cheaper analytical software and the promise of AI should improve workplace decisions; however, data quantity and quality, time pressures and short attention spans frequently result in overconfidence, solution bias or paralysis and anxiety. This paper describes the key elements of effective decision making, including understanding the purpose, asking the right questions, validating and interrogating data to prosecute the problem and using artificial intelligence to complement human expertise, experience, resourcefulness and ingenuity. Different approaches and associated risks and opportunities in data-driven decision making are illustrated through a detailed corporate case study, insights from a research thesis and professional anecdotes. Practical recommendations are included to prompt corporate real estate (CRE) leaders to clarify their needs and cross-examine relevant sources of information when making important decisions. This paper concludes that in the current environment, critical and contextual thinking are increasingly important CRE capabilities.